Asheville and Buncombe County Market Analysis

2nd Quarter - 2018

The housing market in Asheville and Buncombe County had fewer home sales in the 2nd quarter of 2018 compared to the same period in 2017.  The number of home sales was down 9.4% in the City of Asheville and 5.7% in Buncombe County .This is a continuation of the 1st quarter trend, which also had fewer sales in the 1st quarter of 2018 compared to the 1st quarter in 2017.

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The median home sale price continues to be on the rise, increasing between 2017 and the end of the 2nd quarter 2018 by 8.5% in Asheville and by 5.8% in Buncombe County.  The median sale price in the 2nd quarter or 2018 was the highest on record in both the City and in the County, with a median sale price of $325,000 in the City and $290,000 in the County.

Inventory levels are some of the best indicators of the health of a housing market. When inventory levels are more than 6 months it is a buyer’s market and there is downward pressure on prices and when inventory levels are less than 6 months, it is a seller’s market and there is upward pressure on prices.In Asheville, In Asheville, inventory levels are below 6 months in all price ranges below $600,000, and below 6 months in all price ranges below $400,000 in Buncombe County.  In the lower and middle price ranges, inventory levels were slightly higher in the 2nd quarter, and here were some significant increases in inventory levels in the higher price ranges. The increase in inventory levels in the higher price ranges in Asheville is due to a combination of fewer sales and more homes on the market, while in Buncombe County, the increase in inventory is mostly due to more homes on the market- the number of sales staying relatively flat and even increasing in some price ranges. 

 
The Average Days on Market (DOM) rose in both Asheville and Buncombe County between 2017 and the 1st quarter of 2018 by 8.7% in the City and by 11% in the County.

 

For a complete market analysis, including charts and graphs, view the entire report here. If you have any questions or would like a price evaluation of your house, please contact one of our agents or call us at (828) 707-9556.

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