Asheville & Black Mountain Area Real Estate Statistics

Our latest market update starts below and was published on October 14, 2021. You can also skip down to our section of real-time Real Estate Statistics for the Asheville Area.

The 3rd quarter of 2021 has been more of the same for the Asheville real estate market. We’re seeing homes continue to sell quickly, prices continue to rise, and competition among buyers for the most choice properties. New listings are hitting the market at a rate more in line with pre-pandemic levels, but they are not remaining on the market long enough for any real increase in inventory to happen. Demand remains incredibly strong for homes in our area.

Homes are Coming on the Market (But Inventory Remains Low)

Our last few market updates have mentioned low inventory, and that continues to be the case in the Asheville market. However, as well discuss in a bit, more homes have come on the market in the first 3 quarters of 2021 as compared to 2020. It’s just that those homes are selling quickly and do not remain on the market long enough to create higher levels of in-stock inventory.

This translates into a month and a half supply of homes available for sale. In order words, if no new listings came on the market, there would be zero homes to buy in just over a month’s time. That’s great news for sellers, who are enjoying minimal competition when putting their homes on the market. The good news for buyers is that homes are coming on the market, but buyers need to be ready to act quickly to secure a purchase contract.

The Number of New Listings has Rebounded

As shown in the chart below, the number of homes listed dropped drastically in 2020 due to the outbreak of the coronavirus, which happened right during the normal peak of the listing season. But this year, the number of homes listed has recovered, at least enough to be more in line with pre-pandemic numbers. The market is still short of the inventory levels needed to satisfy demand, but things are better in that regard than they were in 2020.

Demand for Homes Continues to Soar

Not surprisingly, the number of home sales has continued to grow, fueled by continued demand and now finally some new listings. The much-needed increase in the number of homes listed has been met with plenty of buyers ready to submit contracts.

Record Sales Continue

We predicted in our last update that new listings would continue to sell quickly and for close to or over asking price into the fall, as buyers scramble to find homes before the holidays. Of course, that was an easy prediction to make.

If you’re considering selling your home this season, here are a couple of key metrics that show what a homeowner selling a home in the Asheville market might expect. The first is the ratio of sale price to list price. This metric is trending up, with sellers negotiating very little (if at all) off of their asking price. Multiple-offer situations (bidding wars) and contracts for over asking price are not unusual.

Sales prices continue to rise as well, yet they have remained almost flat between August and September. This is a very short time period, so it’s hard to say if this is just a momentary pause. We’ll be sure to revisit this metric when we do our end-of-the-year update.

One of the most attractive metrics for home sellers is the quick selling times we are seeing in this market. In our last update (July 2021), the median days on market was just below 2 weeks on the market. Now, that is down to just 1 week! Homes are moving quickly, so buyers need to act fast to make a purchase. In many cases, they may need to make an offer sight-unseen. And sellers can spend less time preparing for showings and more time packing up before moving day.

Land Sales Are Still Strong

Pending land sales across the Asheville area have continued to rise over the last year. Other than a slight dip in sales in June, land sales have remained very high. If you’re considering land, we highly recommend visiting after the leaves have fallen. It’s much easier to walk around land in the late fall and winter. And you can get a much better visual idea of the land’s topography and view potential.

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Asheville & Black Mountain Area Real Estate Trends and Statistics

At Freestone Properties, we’re a little bit geeky. We love statistics, especially when they help to identify trends in the market. The statistics in this section of our website are updated in real-time. We’ve included many different charts and graphs based on geographic area, price range, square footage range, and other factors. The graphs are interactive, so hovering your mouse over the graphs will show the detailed figures.

We hope you find this information useful if you’re considering selling your home or considering moving to the Asheville area. Keep in mind that statistics such as days on market, sale-to-list-price ratio, price per square foot and other figures can vary greatly depending on a lot of factors. Each property is different, so contact us to discuss a specific property.