Asheville and Buncombe County Real Estate Market Overview – 4th Quarter
The real estate market in Asheville and Buncombe County ended 2019 with low inventory that is being outpaced by the demand, a trend we’ve been seeing for awhile now. Inventory levels in Asheville are under six months in every price point below one million dollars while Buncombe County inventory levels are below six months below $700,000. These numbers indicate that Asheville and Buncombe County are still seller’s markets. In addition to looking at the inventory levels to determine the state of the market, we look at three other indicators: the number of new listings, the number of closed sales, and the median sales price.
The overall number of New Listings in Asheville decreased by 1.6% from 2018 to 2019. The decrease in number of New Listings is an indicator that the Asheville real estate market continues to be challenged by high demand and low supply. However, if we only compare December 2018 vs. 2019 we see a 6.8% increase in new listings in Asheville so we finished the year on an uptick. Buncombe County actually exhibited a 3.4% increase from 2018 to 2019. The December numbers show an even higher increase at 6.6%. Sellers are taking note of the buyer trend of moving out of the city, contributing to the increase in new listings.
The Closed Sales in Asheville increased by 8.6% from 2018 to 2019. Buncombe County had an even higher increase in Closed Sales at 10.4%. Comparing December numbers we see a higher percentage increase from 2018 to 2019 to a 20.6% increase in Asheville and a 24.4% increase in Buncombe County. As inventory remains low, and therefore highly competitive, we see buyers moving farther out of Asheville, which is reflected in a higher percentage increase of Closed Sales in the county.
The Median Sales Price in Asheville increased by 3.4% from 2018 to 2019. In Buncombe County we saw a 5% increase. We’ve actually been experiencing a steady climb in Median Sales Price in both the city and the county since 2012, which is a reflection of the increasing demand in our area. Comparing December 2018 to 2019 we see a 14.5% increase in Asheville and a 13.8% increase in the county. While the buyers are moving out from the city to find something more affordable, the median sales price in the county will continue to climb as a result of the influx of demand.
Interested in learning more about the real estate market in WNC? All of our Agents are area experts and, since real estate is local, especially so in Asheville, we encourage you to reach out. Our agents are always happy to help whether you’re considering a move here or have lived here for years, they can help facilitate your real estate journey. Contact our office at (828) 232-4030 or [email protected] Check out our agent page to learn more about our Agents and see if you connect with anyone.