Summer 2024 Real Estate Report for the Asheville Region
The real estate market in June makes the upcoming months look more promising. Slowly but surely, the supply of inventory was higher in June 2024 compared to June 2023 for the Asheville region. This includes 13 counties: Buncombe, Burke, Haywood, Henderson, Jackson Madison, McDowell, Mitchell, Polk, Rutherford, Swain, Transylvania, and Yancey.
Currently, the median sales price is $531K and the median sales price is $438K. However, closing sales prices are down 12.9% from 2023. Last year’s closed sales were 989, and we now see the number at 861.
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 7.1%.
Pending Sales up 7.9%.
Inventory grew 31.5%.
Median Sale Price up 4.4% to $436,500.
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 a mere 4% over the past year. The average price last year was $505K, and it has jumped to $645K this year. New listings have increased 1.1%, and closed sales decreased 7.3%.
City of Asheville
The City of Asheville continues to see an increase in listings between 2023 and 2024. New listings are up 21.4%, with an inventory increase of 29.2%. Like a breath of fresh air, the median sales price actually decreased between June 2023 to 2024. It’s down 4.4%, $517K from $545K.
Madison County
In Madison County (north of Buncombe and Asheville), new listings and pending sales have decreased since last June. New listings are down 36.4% (48 down to 31), but the month’s inventory supply is up 2.7%. The median sales price has decreased by .2% between June 2023 and June 2024. Last May, it was $390,000. This year, it is $478,750.
Moving to Buncombe County?
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 reflect differences between June 2023 and June 2024.
