Asheville’s Spring Real Estate Market

Home prices continue to increase nationwide, but the good news is that inventory increased slightly in May. The cost of houses will likely continue to increase despite inventory demand since prices of building materials have also continued to rise.

Demand appears to be moving to areas outside of Asheville proper. It’s a pendulum effect. Prices soared in the city, and inventory was scarce. So where do the people go? The next available area closest to the city.

Listings, inventory, pending sales, and inventory for the Asheville region have increased. Supply and demand are slowly balancing out. Here’s a snapshot of recent stats.

• New Listings up 8.6% to 1,424.
• Pending Sales up 5.4% to 1,016.
• Inventory grew 32.8% to 2,712 units.
• Median Sale Price up 7.4% to $435,000.

The city of Asheville is in Buncombe County. It’s helpful to consider nearby counties for comparison. You might even be drawn to areas outside the city or county based on the information.

Buncombe County

Buncombe County includes the following areas: Arden, Asheville, Avery Creek, Barnardsville, Bent Creek, Biltmore Forest, Black Mountain, Fairview, Montreat, Royal Pines, Swannanoa, Weaverville, and Woodfin.

The median sales price within Buncombe County has increased by 9.9% over the past year. The average price last year was $473,000, and it has jumped to $520,000 this year. New listings have increased 7.7%, and closed sales increased 2.4%.

City of Asheville

Surprisingly, Asheville has seen a slight increase in inventory since May 2023. New listings are up 10.3%, with an inventory increase of 22.7%. The median sales price has continued to increase (+9.4%). The average sales price was $479,750 in May 2023. This May, it jumped to $525000. Closed sales, however, are down by 3.9% from 178 to 171.

Madison County

In Madison County (north of Buncombe and Asheville), people have sold more than last year. New listings are down 25% (36 from 48), yet inventory is up 12.1%. The median sales price has increased (+22.8%) between May 2023 and 2024. Last May, it was $390,000. This year, it is $478,750. Closed sales are also up in Madison County by 15.8%.

Are you interested in learning more about the current market? Contact our team with your questions and concerns. Whether you’re selling, buying, or monitoring the market, Quinn Anderson Real Estate Solutions is here to help.

*Data source: Asheville Region Monthly Indicators report. All data reflects differences between May 2023 and May 2024.