Real Estate Market Update for the Asheville, NC Area
September 21, 2026
The busy summer tourism season is over, and we’re looking forward to some much needed cool weather in the Asheville area!
Note: The numbers below (with the exception of the mortgage rate chart) are through August. In the graphs below, the Asheville MSA (Metropolitan Statistical Area) includes Buncombe, Haywood, Henderson, Madison, and Transylvania Counties.
Interest Rate Update
As of September 21 2026, the national average for a fixed rate 30-year mortgage is 7.20%, up 47 basis points since our last update. This is the highest level we’ve seen since January 2025. Stubborn inflation and geopolitical conflict are the main culprits for this increase.
Please contact us so we can recommend the best mortgage lenders in the Asheville area, including our own in-house Howard Hanna Mortgage team. If you have already been pre-approved with a lender, did you know Howard Hanna Mortgage can offer a free second opinion to make sure you’re getting the best loan product and the best terms for your specific situation?
New Listings
After peaking in April, the number of new listings dropped for the fourth straight month. August saw limited new inventory across the Asheville area. In fact, this August brought the lowest number of late-summer listings since August of 2023. After an incredible listing season, the number of new listings will continue to decline through the rest of the year, with the exception of a possible bump in October. Of course, there will always be a few new listings every day, so be sure to sign up for automatic listing notifications so you don’t miss a new listing.
Inventory
As is typical for late summer, inventory turned slightly downward in August, as closed sales caught up with new listings. This downturn should gain steam and continue until late winter/early spring 2027.
Months Supply (Absorption Rate)
Our months supply of homes (absorption rate) dropped just slightly to about 6 months of inventory, except in Black Mountain (7.1 months). This is still a somewhat balanced market, but slightly skewed towards a buyers’ market.
Closed Sales (Units)
The number of closed sales dropped slightly across the Asheville MSA in August, which is typical for August. Still, August was a busy month and in line with what we’ve seen in the post-Covid era (2023 and later). However, we haven’t yet reached pre-Covid sales levels. This is also a national trend, with home sales relatively flat over the last 3 years.
Negotiation
The average closed price to list price ratio in our area is around 93% and is close to 95% in Black Mountain. Most sellers are willing to negotiate in this market.
Days on Market
“Days on market” remained relatively stable, at just over 60 days across the region. Black Mountain homes are selling in just under 60 days. This means well-priced homes (from the outset of the listing) are likely to sell without a price reduction.
Home Prices
Median home prices and average home price are slightly down from their Covid-era peaks, but have been mostly stable over the last year.
Median Home Price (Month-over-Month)
***Note the Black Mountain line (in dark grey) bounces around a lot because Black Mountain is a small market and just 1 or 2 sales in a month can skew the data in either direction.
Median home prices rose month-over-month across all the markets we’re tracking below (Asheville MSA, Buncombe County, Asheville, and Black Mountain).
Median Home Price (Previous 12 Months Activity)
It can be easier to see the trends in home prices when viewing the previous 12 months of activity (as opposed to month over month). Across the Asheville MSA, the median price has been $450k for several months now. Buncombe County’s median price is $475k, while Black Mountain is $500k, and Asheville is $480k.
Average Home Price (Month-over-Month)
Average home prices continue to bounce around, with some big changes month over month. All the areas in the chart below showed substantial price increases in August.
Average Home Price (Previous 12 Months Activity)
Looking at the trailing 12 months shows a decline in average home prices until October 2025, and then a gradual increase since then. The exception is Asheville, which has been relatively flat since October 2025.
Luxury Home Closed Sales
The luxury market continues to be hot. For the purpose of this discussion, luxury sales are those that closed at $1,000,000 or higher. Black Mountain tied a record high for luxury home sales in a month (6) and Buncombe County tied a record high for luxury sales in the month of August (39 in August 2026 and August 2024).
Average Price Per Square Foot
Across the Asheville area, average price/square foot increased in August to $358 in Asheville, $344 in Black Mountain, $336 in Buncombe County, and $302 across the Asheville MSA. After a few months of decreasing price per square foot during the winter, the trend since February has been up.
Land Sales
Land and vacant lot sales remain soft. The downturn in the chart below lines up with Hurricane Helene (in September 2024). There was a modest recovery in the land market starting in March 2025, but it has remained modest. While Helene certainly has played a role in the land market slowing down, the myriad of options in the existing home market is also a key factor. Rising building costs, long building times, and strict building regulations in the mountains often make buying an existing home more attractive.
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