June 2, 2022

Contact: Kim Walker, 704-940-3149

CHARLOTTE, N.C. – Home sales across the Asheville region have continued to cool, as sales in April declined 14.8 percent year-over-year, as 1,005 homes sold across the region.  This time last year there were nearly 1,200 closed sales across the 13-county region.  Month-over-month sales are down 6.8 percent compared to March 2022, as buyers continue to react to rising mortgage rates and price changes. Sales transactions included in this report are for single-family and condo/townhome only, according to data from Canopy MLS. 

Contract activity also slipped again in April, falling 8.8 percent year-over-year as 1,191 homes went under contract during the month, setting the tone for a much weaker spring market than last year, as buyer activity continues to slip.  In April 2021, a little over 1,300 homes were under contract, amidst heavy competition for homes. Month-over-month pending sales are down 5.3 percent compared to March 2022.

New listing activity declined 9.3 percent year-over-year as sellers brought 1,355 homes to market in April compared to 1,494 listed in April 2021. Activity compared to the previous March 2022 increased 4 percent month-over-month.  

Debbie Williams, a Canopy MLS Board of Directors member and Executive Vice President of Beverly Hanks & Associates said, “We are starting to see the effects of rising rates coupled with rising prices, leading to weaker sales than last spring.  And even though sales are not as robust as they were during 2021’s frenzied spring market, current sales numbers actually signal a return to a slower pace of sales that reflects a healthier market, similar to spring housing activity the region experienced in the years leading up to the pandemic. Buyers who are still in the market are more measured about their purchase, which means the market will not be as hectic and competitive as it’s been in the recent past.”

Inventory continues to be critically challenged, with 1,276 homes for sale at report time in or 1.1 months of supply. This time last year the region had almost double the number of homes for sale and about 1.6 months of supply. The slower pace of sales has allowed inventory to tick up a bit since March 2022 when there was just 0.9 months of supply (27 days of supply). 

Prices are rose in April. Both the median sales price ($375,000) and the average sales price ($448,559) rose by 13.6 percent and 9.7 percent year-over-year, while the average list price rose 15.1 percent year-over-year to $536,175.  Though overall sales activity is slower, sellers still control the market, as indicated by the original list price to sales price measure increasing year-over-year to 100.7 percent in April, as sellers receive all of asking prices and more for their homes. Sales were still moving at a fast pace, as homes averaged 29 days on market until sale in April 2022, compared to 48 days on market in April 2021. 

The Asheville region includes Burke, Buncombe, Haywood, Henderson, Jackson, Madison, McDowell, Mitchell, Polk, Rutherford, Swain, Transylvania and Yancey counties.  

Asheville MSA

Sales across the Asheville MSA also declined, falling 18.8 percent year-over-year as 646 homes sold across the four counties compared to the nearly 800 closed sales in April 2021. Pending contracts were also down 13.9 percent year-over-year as 768 homes went under contract compared to almost 800 homes under contract last spring, while sellers listed 890 homes for sale compared to 1,037 homes for sale in April 2021, a 14.2 percent year-over-year decline. Prices continue to be pressured by very low inventory. Both the median sales price ($406,000) and the average sales price ($494,955) rose 14.4 percent and 12.1 percent year-over-year respectively, while the average list price rose 193.4 percent year-over-year to $586,897. This brought the original list price to sales price ratio to 101.7 percent as sellers receive well over asking prices, while their homes sale quickly, averaging 25 days on market until sale in April 2022.

Williams added, “Even as we start to see less overall sales activity around the region, we expect demand to continue to be steady in the metro-area, as buyers traditionally seek to be closer to job centers and amenities of the area.  Inventory appears to be low because homes are being sold as quickly as they’re listed, so prices unfortunately will continue to increase, but we believe that those increases will moderate.” 

Buncombe County homes sales slipped 20.2 percent year-over-year as 348 homes sold versus 477 that sold in April 2021.  Pending contract activity fell 10.7 percent year-over-year as 426 homes entered the pipeline of sales in April, compared to 477 that were under contract in April of last year. New listings also declined a signal that seller confidence has fallen.  New listing activity is down 14.6 percent year-over-year as 484 homes were listed during the month, compared to 567 listed in April 2021. Inventory at report time showed 385 homes for sale or 0.9 months of supply (27 days of supply). Low supply continues to pressure prices.  Both the median sales price ($450,000) and the average sales price ($567,274) rose 16.9 percent and 14.9 percent year-over-year respectively, while the average list price rose 13.4 percent to $639,347. The list price to sales price measure of 102.3 percent showed sellers in Buncombe receiving all of asking price and more during the month of April 2022. Homes continued to sell quickly, as indicated by days on market showing homes averaged 27 days on market until sales compared to 46 days on market this time last year. 

Haywood County homes sales declined 13.3 percent year-over-year as 98 homes sold in April compared to 113 that sold in April 2022. Contract activity also declined 25.3 percent year-over-year as buyers brought 109 homes under contract versus the near 150 homes that were under contract in April 2021. New listings showed seller interest is down. Sellers in Haywood listed just 138 homes for sale versus 175 that were listed in April 2021, a decline of 21.1 percent year-over-year. At report time in early April there were 154 homes listed for sale or 1.4 months of supply. Supply continues to impact prices in the market.  Both the median sales price ($302,500) and the average sales price ($366,883) rose 0.5 percent and 6.2 percent year-over-year respectively, while the average list price rose 24.7 percent year-over-year to $454,571.  This brought the original list price to sales price metric to 99.5 percent, as sellers received nearly all of asking prices for their homes, while homes were on market an average of 34 days until sold, compared to 43 days on market in April 2021. 

Henderson County home sales declined 17.6 percent year-over-year as 183 homes sold versus 222 that sold in April 2021. Contract activity also showed buyer demand falling 21.4 percent in April as 195 homes went under contract compared to 248 that were under contract in April 2021.  New listing activity declined 15.4 percent year-over-year as sellers listed 225 homes for sale compared to 266 that were listed a year ago. Inventory in April showed 182 homes for sales or 0.9 months of supply (27 days of supply), which will continue to impact prices. Both the median sales price ($403,423) and the average sales price ($444,161) rose 17.1 percent and 11.8 percent year-over-year respectively, while the average list price rose 32.5 percent to $573,900. This brought the original list price to sales price measure to 102.2 percent as sellers in Henderson County receive above asking prices for their homes.  Homes were not on the market long, as days on market until sale averaged 16 days in April 2022 versus 41 days in April 2021.   

Madison County

(Due to small sample size of homes for sale, percentages of change can look extreme.)

Home sales in Madison declined 32 percent year-over-year as 17 homes sold versus 25 that sold in April 2021. Pending contract activity increased 81 percent year-over-year as 38 homes sold during the month versus 21 that sold in April 2021. New listing activity also increased, 48.3 percent year-over-year as 43 homes were listed compared to 29 listed in April 2021.  Inventory showed 46 homes for sales or 1.6 months of supply. Buyers in the area saw some relief in prices, which are still affordable and declined in April.  Both the median sales price ($283,505) and the average sales price ($299,624) declined 2.2 percent and 16.1 percent year-over-year respectively, while the average list price rose 25.7 percent year-over-year to $493,788.  This brought the original list price to sales price ratio to 96.6 percent as sellers receive close to asking prices, while their homes averaged 30 days on market until sale in April 2022, compared to 38 days on market this time last year.  

Other counties around the region

Burke County sales increased 7.6 percent year-over-year as 85 homes sold versus 79 in April 2021.  Pending contract activity showed buyer demand is still strong, rising 23.4 percent year-over-year as 95 homes went under contract during the month.  New listing activity showed sellers listed 90 homes for sale, which is unchanged compared to last April 2021.  Inventory at report time showed 66 homes for sale compared to 106 homes for sale in April of last year or 0.8 months of supply (24 days of supply). Prices remained affordable but were mixed in April. The median sales price of $205,000 rose 2.8 percent year-over-year while the average sales price of $249,924 declined 3.8 percent year-over-year.  This brought the original list price to sales price measure to 100.8 percent as sellers in Burke continue to receive all of asking price for their homes while their homes sold quickly, as indicated by homes averaging 29 days on market until sold in April versus 25 days on market in April 2021. 

(Due to small sample size of homes for sale, percentages of change can look extreme.) Jackson County had 26 homes sold during the month of April, an increase of 4 percent year-over-year while 27 homes went under contract, a decline of 15.6 percent compared to last year, when 32 homes were in pending contract status.  New listing activity is down 19 percent year-over-year as sellers listed 34 homes for sale compared to 42 listed in April 2021. There were just 47 homes for sale or 1.8 months of supply. Prices were mixed. The median sales price ($336,950)  declined 9.5 percent year-over-year while the average sales price ($452,304) rose 2.6 percent year-over-year. The average list price of $563,906 rose 6.9 percent year-over-year, which brought the original list price to sales price measure to 96.7 percent in April 2022, as sellers in Jackson County received nearly all of asking prices. Homes were on market an average of 49 days until sale compared to 71 days on market in April 2021.   

McDowell County had 47 homes sold in April 2022, an increase of 4.4 percent year-over-year compared to 45 that sold in April of last year. Pending contract activity showed buyer demand declined 22 percent year-over-year as 46 homes went under contract versus 59 in April 2021.  New listing activity showed seller confidence at the same level as last year, rising 1.9 percent year-over-year as 54 homes sold compared to 53 listed in April 2021.  Inventory at report time showed 48 homes for sale or 1.1 month of supply.  Low supply impacted prices last month which rose.  Both the median sales price ($285,000) and the average sales price ($365,182) rose 49.2 percent and 34 percent year-over-year respectively, while the average list price increased 65.4 percent year-over-year to $512,222. This brought the original list price to sales price measure to 99.2 percent as sellers in McDowell received nearly all of asking price for their homes last month, while homes averaged 39 days on market until sale compared to 35 days on market in April 2021.

(Due to small sample size of homes for sale, percentages of change can look extreme.)

Mitchell County had 14 homes sold in April 2022 versus 13 that sold in April 2021. Pending contract activity was up 29.4 percent year-over-year as 22 homes went under contract compared to 17 in April 2021. New listing activity increased, 3.6 percent as sellers brought 29 homes to market versus 28 that were listed during the same period last year. Inventory at report time showed 35 homes for sale or 1.9 months of supply. Prices rose during the month. Both the median sales price ($327,500) and the average sales price ($328,771) rose 111.3 percent and 13.2 percent year-over-year respectively, while the average list price increased 5.1 percent to 317,531. This brought the original list price to sales price measure to 97.6 percent, as sellers receive nearly all of asking prices while homes were on market an average of 86 days versus 106 days on market in April 2021.   

Polk County had 24 homes sold in April a decline of 48.9 percent year-over-year, while pending contract activity also declined 10.3 percent year-over-year as buyers drove 35 homes under contract during the month of April versus 39 that were under contract in April 2021.  New listing activity was unchanged compared to last year as sellers listed 42 homes for sale.  Inventory was down and showed 59 homes for sale or 1.7 months of supply. Prices were mixed, with the median sales price of $433,500 rising 20.4 percent year-over-year, while the average sales price of $420,375 declined 7.3 percent year-over-year.  The average list price of $659,643 was up 34 percent compared to last April’s list price.  This brought the original list price to sales price ratio to 95.5 percent as sellers receive nearly all of asking prices, while their homes average 56 days on market until sale compared to 68 days on market in April 2021.     

Rutherford County homes sales in April 2022 were unchanged compared to last year, as 75 homes sold during the month, while pending contract activity showed buyer demand rose 26.3 percent year-over-year as 101 homes sold during the month versus 80 that sold in April 2021.  New listing activity rose 21.2 percent year-over-year as sellers listed 103 homes for sale versus 85 listed in April 2021.  Inventory at report time showed 87 homes for sale or one month of supply, which will impact prices. The median sales price was unchanged compared to last year at $265,000 while the average sales price rose 15 percent year-over-year to $337,209. This brought the original list price to sales price measure to 98.2 percent as sellers receive nearly all of asking prices in the county, while homes sold rather quickly in April, as days on market until sale average 21 days versus 57 days on market in April 2021.

(Due to small sample size of homes for sale, percentages of change can look extreme.)

Swain County had only seven homes sold during the month of April 2022, while 11 homes went under contract during the month. Sellers only listed 15 homes for sale compared to two last year. Inventory, surprisingly increased 91.7 percent to 23 homes for sale or 3.7 months of supply.  Prices were mixed. The median sales price ($352,500) rose 28.2 percent year-over-year while the average sales price ($392,679) decreased by 23.5 percent. The average list price declined 42.1 percent year-over-year to $396,460. This brought the original list price to sales price ratio to 92.2 percent while homes were on market 47 days compared to 111 days in April 2021. 

Transylvania County had 55 homes sold in April 2022, a decrease of 8.3 percent year-over-year compared to 60 that closed in April of last year.  Pending contract activity8 shows buyer interest has declined 8.2 percent year-over-year as 67 homes went under contract versus 73 in April 2021. New listing activity was also down, falling 13.1 percent year-over-year as seller confidence also continues to decline. Inventory at report time showed 90 homes for sale versus 130 that were for sale in April 2021, while months of supply showed just 1.5 months of homes for sale at the current sales pace. Supply has continued to impact prices in the county which rose in April.  Both the median sales price ($430,000) and the average sales price ($483,567) rose 32.1 percent and 19.1 percent year-over-year respectively, while the average list price declined 20.4 percent year-over-year to $525,187. This brought the original list price to sales price ratio to 100.3 percent as sellers continued to receive all of asking prices for their homes.   Homes in Transylvania County sold relatively quickly, averaging 34 days on market until sale in April 2022 versus 47 days on market this time last year.  

Yancey County had 26 homes sold during the month of April 2022, a decline of 16.1 percent year-over-year, while pending contract activity showed buyer demand falling 42.4 percent compared to last April, as 19 homes went under contract versus 33 in April 2021. New listing activity decreased 19.4 percent year-over-year as 25 new listings were added to the market versus 31 in April 2021.  Inventory at report time showed 54 homes for sale or 1.8 months of supply. Prices rose during the month.  Both the median sales price ($385,000) and the average sales price ($444,869) rose 37.5 percent and 22.9 percent year-over-year respectively, while the average list price increased 55.2 percent compared to last year to $518,332. This brought the original list price to sales price ratio to 98 percent while homes averaged 39 days on market until sale versus 116 days this time last year.

For more residential-housing market statistics, visit www.CarolinaHome.com and click on “Market Data.”  For an interview with an Asheville-area Realtor®/broker, please contact Kim Walker.

Canopy MLS is a wholly-owned subsidiary corporation of Canopy Realtor® Association and is the private broker cooperative used by Realtors® to bring buyers and sellers together with access to thousands of residential listings in a multicounty service area, including Charlotte, the mountains area of North Carolina, South Carolina, and beyond. Canopy MLS, which has 21,000 subscribers, provides the most trustworthy, timely, accurate and complete property data along with proprietary tools for showings, market stats, predictive analytics, and more. Canopy MLS is used by its members to support consumers in their residential real estate transactions, whether selling, buying, investing or renting.