Real Estate Market Update for the Asheville, NC Area
March 23, 2026
As we move into the spring of 2026, the Asheville real estate market is continuing its transition toward a more balanced state. While the rapid price appreciation of previous years has leveled off, the market remains active, characterized by a seasonal increase in inventory and buyers gaining some negotiating power.
Note: The numbers below (with the exception of the mortgage rate chart) are through February. In the graphs below, the Asheville MSA (Metropolitan Statistical Area) includes Buncombe, Haywood, Henderson, Madison, and Transylvania Counties.
Interest Rate Update
As of March 23, 2026, the national average 30-year fixed rate is hovering around 6.43%. While higher than the historic lows of the past, rates have stabilized significantly from their 2024 peaks, providing more predictability for monthly payments. We recently saw rates as low as 5.99%, but uncertainty in financial markets (due to world events) is driving rates up in the short-term. Please contact us so we can recommend the best mortgage lenders in the Asheville area, including our own in-house Howard Hanna Mortgage team.
Inventory
At the end of February, inventory was down significantly from last summer. This is our typical trend, and the market should see a steady rise in homes for sale over the next 2-3 months.
Months Supply (Absorption Rate)
Our months supply (absorption rate) is now about 4-5 months of inventory. Back in the summer of 2025 (which was sluggish due to the aftermath of Helene), months supply was around 7 months.
New Listings
New listings were up in February (compared to January), signaling the beginning of the listing season in the Western North Carolina real estate market. This metric will continue to increase until May or June, with the “listing season” really getting ramped up around early April. If you’re considering selling this year, now is the time to get your home ready. Contact us if you’d like to discuss getting your home ready for the market. We can help determine which spring projects will result in the highest return.
Closed Sales (Units)
February saw a decline in closed sales compared to January, which is expected. Fewer contracts are written in January, which means fewer closings in February.
Negotiation
The average closed price to list price ratio in our area is still around 93%. Buyers certainly have some leverage in this market, especially for homes that been on the market for a couple of months or that have already seen a price reduction. For newly listed homes that are priced well, we are still seeing the occasional multiple-offer situation (or “bidding war”).
Days on Market
On average, listed homes stay on the market for 3-3.5 months before they go under contract. Homes in good condition and priced correctly are the most likely to sell in less time.
Home Prices
Median home prices have been mostly flat over the last 12 months, while average sale prices have been more volatile – up one month and down the next, but usually in small increments. From December to January, median prices barely changed, while average prices increased slightly.
***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
The land market remains soft but were relatively stable compared to January. A lot of the softness in the land market is due to high building costs and limited availability of lots in certain area. But mostly, buyers are opting to buy existing homes rather than go through a lengthy building process. This also means that sellers are usually willing to negotiate, and there are a number of good building lots and lots with great views on the market. Early spring is a great time to walk vacant lots!
Talk to a Local Agent About the Asheville Real Estate Market
Please 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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