Real Estate Market Update for the Asheville, NC Area
June 6, 2025
Finally – the summer selling season is here in Western North Carolina! Many schools are out, summer camps are open, and we’re excited for the return of summer tourism! Across the mountain region, towns and counties are gearing up for the return of millions of seasonal visitors, declaring WNC “Open for Business.”
On the real estate front, we’re already seeing more pending sales and showings on listed properties.
Note: In the graphs below, the Asheville MSA (Metropolitan Statistical Area) includes Buncombe, Haywood, Henderson, and Madison Counties.
Interest Rate Update
30-year mortgage rates continue to hover in the high 6’s (this is a national average). Well-qualified borrowers will likely be able to find better rates, so please contact us if you need some referrals to mortgage lenders.
Inventory
New inventory continues to come on the market, which we expect every spring. Our inventory usually peaks some time in June. This year, we’ve reached inventory levels not seen since prior to Covid. So buyers have options and there are some great homes on the market right now, with even the most desirable Asheville area neighborhoods offering at least some inventory.
Months Supply
The added inventory in May has pushed our months’ supply to around 6 months region wide. Generally speaking, more than a 4 months’ supply can be considered a buyer’s market. It’s more important for sellers to price their homes correctly and have them in show-ready condition as much as possible.
New Listings
May brought additional new listings to the market, and we’ve certainly seen a spike since March. As we mentioned last month, a lot of this inventory is due to listings being withdrawn from the market after Helene and re-listed this spring. So we have some Helene-related “surplus” right now.
Closed Sales (Units)
Closed sales in May were up (for the 3rd straight month). With added inventory to choose from and the selling season finally here, we expect this number to continue to rise through the summer. This would be consistent with the seasonality of our market.
Negotiation
Negotiation is still happening, with sale prices averaging right around 95% of list price.
Home Prices
Median home prices may finally be flattening out. Since the end of 2022, we’ve seen incremental growth across the broader market. As of the end of May, prices over the trailing 12 months were nearly flat. Average homes prices dropped just a little.
With very small increases and decreases over the last several months, the market certainly has the feel of flattening out.
***Note the Black Mountain line (in blue) bounces around a lot, but Black Mountain is a small market and just 1 or 2 sales can skew the data in either direction.
Land Sales
Land sales increased in March but decreased in April, then remained mostly flat in May. With added housing inventory, it’s not surprising that land sales are down. We are often asked about the pros and cons of building a new home versus buying an existing home. Buying an existing home is almost always more affordable, and it’s definitely easier. When we have more homes available, we typically see fewer lot sales.
Talk to a Local Agent About the Asheville Real Estate Market
Please feel free to contact us to speak with a local Asheville real estate agent about the real estate market in Asheville, NC and the surrounding areas.
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