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Continued Climb in the 2nd Quarter Asheville/Buncombe Housing Market

Asheville’s residential real estate market is closely watched by both out-of-towners looking to purchase in Asheville or Buncombe County and by current residents wanting to know how to get the most out of their investment.  We do the legwork for you and bring you a detailed market analysis every quarter so that you can stay abreast of the housing market in the area.

Real Estate Market Summary

The housing market in Asheville and Buncombe County continued to climb in the second quarter of 2016 with 436 homes sold in Asheville and 472 homes sold in Buncombe County during the last quarter.

 

Chart Q2 2016 Market Analysis

The median home sale price in Asheville climbed 7.2% from last year at the same time to $260,000.  In Buncombe County the median home sale price is 8% higher than the same time period last year at $243,000.

Asheville/Buncombe Housing Inventory

Inventory levels, or number of houses on the market, is one of the best indicators of the health of the housing market.  When inventory levels are more than 6 months, it is a buyer’s market.  When they are less than 6 months, it is a seller’s market.  

As of July 2016, inventory in Asheville was under six months in the price range below $700,000.  This represents lower inventory levels in Asheville in the middle/upper price ranges compared to previous years.

Table 3 Q2 2016 Market Analysis

In Buncombe County, inventory was under six months in the price range under $350,000.  Additionally, inventory in every price range was lower in the 2nd quarter of 2016 compared to the 2nd quarter of 2015.  

Table 2 Q2 2016 Market Analysis

Table 4 Q2 2016 Market Analysis

The average days on the market in Asheville decreased to 56 Days on Market in the 2nd quarter of 2016, the lowest on record since 2003.  The average days on the market in Buncombe County decreased to 84 Days on Market, the lowest since 2007.  The peak in Days on Market in the years 2009 to 2015 was artificially inflated by an estimated 30 days because during those years, the MLS software counted days when a property was under contract but had not closed.

Chart 5 Q2 2016 Market Analysis

Mosaic Realty specializes in having a deep understanding of the housing market in Asheville and Buncombe County.  We carefully analyze the residential real estate market each quarter and compare it to previous years so that we are best positioned to help you make an informed decision about your sale or purchase of real estate.

For more information on real estate in Asheville, please contact Mike Figura at mike@mymosaicrealty.com  or call him anytime at (828) 337-8190.

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