Real Estate Market Update for the Asheville, NC Area
August 18, 2026
Wow, it’s hard to believe summer is almost over! Around mid-August, we typically see a slowdown in tourism. Families go back to school, summer camps close, and a lot of people get back into their normal routine. We’ll see more closings and pending contracts through August, before a likely lull in September. Then, October historically brings another round of tourism and real estate activity.
Note: The numbers below (with the exception of the mortgage rate chart) are through May. In the graphs below, the Asheville MSA (Metropolitan Statistical Area) includes Buncombe, Haywood, Henderson, Madison, and Transylvania Counties.
Interest Rate Update
As of August 18, 2026, the national average for a fixed rate 30-year mortgage is 6.73%, up about 5 basis points since our last update.
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 third straight month. June and July numbers were more in line with historical norms. The busy listing season is over, and the number of new listings should 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 rose only slightly in July, as closed sales start to catch up with new listings. We should see inventory levels begin to decline in September or October.
Months Supply (Absorption Rate)
Our months supply of homes (absorption rate) is right around 6 months of inventory, except in Black Mountain (7.2 months). This is still skewed towards a buyers’ market. Buyers definitely have some leverage in most cases, but well-priced homes in desirable locations are still moving quickly (with some receiving multiple offers). So if you find the perfect home, don’t wait to come to see it! We’ve seen several instances recently where buyers viewed a home and took several days (or even weeks) to make an offer. Then, they found themselves competing with other buyers.
Closed Sales (Units)
The number of closed sales dropped slightly across the Asheville MSA in July. Keep in mind June was the best June since 2022, so it’s not surprising that we saw a moderate decrease in July.
Negotiation
The average closed price to list price ratio in our area is around 93.5%. Sellers continue to negotiate, especially on homes that have been on the market for a couple of months. In the chart below, you can see that Black Mountain (the dark grey line) bounces around a lot due to the small sample size.
Days on Market
“Days on market” remained relatively stable, to just over 60 days across the region. This is good trend to see, especially after this metric spiked in March.
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 continue to hover around $450k – $500k in Buncombe County. The chart below shows a lot of variation month to month, but the trend over the last 4 years has been relatively flat.
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 and Asheville have been in the $480k – $485k range.
Average Home Price (Month-over-Month)
Average home prices continue to bounce around, with some big changes month over month. But overall, the trend line for our area is showing stable pricing across the broader market.
Average Home Price (Previous 12 Months Activity)
Looking at the trailing 12 months shows a slight decrease in average price.
Luxury Home Closed Sales
One reason for the increase in average sales is due to the increase in luxury home sales this year. For the purpose of this discussion, luxury sales are those that closed at $1,000,000 or higher. Across the Asheville MSA, luxury sales dropped in July, but we were coming off a record month in June, so it was a still a big month historically.
Average Price Per Square Foot
Across the Asheville MSA, average price/square foot has hovered just under $300 for about 3 years now. Buncombe County has been trending in the $285 – $315 range, and Asheville has been around $310 – $340. After a few months of decreasing price per square foot during the winter, the trend since March has been up.
Land Sales
While we did see a slight bump in land sales region-wide and in Buncombe County, the land market remains soft. Buyers continue to focus on existing homes due to the cost of new construction, the number of existing homes available, and the fact that most home sellers are willing to negotiate.
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