Asheville and Buncombe County Market Analysis

2nd Quarter - 2017

The housing market in Asheville and Buncombe County continues to be a strong seller’s market for most price ranges.  There were 445 homes sold in Asheville (the highest 2nd quarter sales on record in the City of Asheville) and 703 homes sold in Buncombe County.

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The median home sale price in the 2nd quarter of 2017 was a record high of $300,000 and in Buncombe County the median price of $270,00 was also a record high.

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 the 2nd quarter of 2017, inventory in Asheville was under 6 months in all price ranges below $1,000,000.  This is a continuation of the inventory trend in the 1st quarter, which was the first time on record that all price ranges below $1,000,000 were under 6 months. In Buncombe County, inventory levels were under 6 months for all price ranges under $450,000. Inventory for most price ranges in Buncombe County was lower in the 2nd quarter of 2017 than previous years.

 
The Average Days on Market (DOM) in Asheville was 59 days in the 1st and 2nd quarters, up slightly from 55 days in 2016.  The average DOM in Buncombe County decreased slightly from 77 days in 2016 to 74 days in the 1st and 2nd quarters.  Days on market remain low in both the City and County, which is a by-product of low housing inventory.

 
Green Building continues to be the brightest spot in the market, with low inventory levels and high median price per square feet.

 

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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