Real Estate Market Update for the Asheville, NC Area
October 19, 2026
Leaf season is officially here, and the fall colors are really showing off! Along with the beautiful colors, we are seeing a lot of activity in the real estate market. October is always a busy month, with lots of out-of-town buyers here to tour homes and lots.
Note: The numbers below (with the exception of the mortgage rate chart) are through September. In the graphs below, the Asheville MSA (Metropolitan Statistical Area) includes Buncombe, Haywood, Henderson, Madison, and Transylvania Counties.
Interest Rate Update
As of October 19, 2026, the national average for a fixed rate 30-year mortgage is 7.40%, up 20 basis points since our last update, but down from the spike in early October. Still, interest rates are at the highest level we’ve seen since November 2023.
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
September brought an increase in the number new listings across the Asheville area. This was expected, as homeowners that didn’t list in the spring or summer often list their homes in September in anticipation of the busy leaf season. For the rest of the year, the number of new listings will drop each month until next spring. 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
September saw a slight bump in the number of homes for sale, not just the number of new listings. If you’re in the market for a new home, the existing inventory and the new listings in September offer a lot of great options! This is also not unusual. Some years, inventory increases slightly in September. Inventory will drop after October.
Months Supply (Absorption Rate)
Our months supply of homes (absorption rate) increased just slightly to about 6.5 months of inventory, except in Black Mountain, where the absorption declined from 7.1 months to 6.6. This is still mostly a balanced market, but slightly skewed towards a buyers’ market.
Closed Sales (Units)
The number of closed sales was relatively unchanged across the Asheville MSA in September (down only 2 sales from August). Asheville actually saw a slight increase in closed sales, while Black Mountain and Buncombe County experienced declines.
Negotiation
The average closed price to list price ratio in our area is around 93%. Buyers and sellers should expect to negotiate in most cases.
Days on Market
“Days on market” remained relatively stable, at just over 60 days across the region. 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 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. This metric was unchanged from last month.
Average Home Price (Month-over-Month)
Average home prices continue to bounce around, with some big changes month over month. The average home price in the Asheville MSA has risen to $620k and Buncombe County is up to $697k.
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. This increase continued in September, with prices inching up slightly.
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. The Asheville MSA experienced a modest bump in luxury sales in September with 63 closed sales (compared to 61 in August). Asheville remained flat (21 sales).
Average Price Per Square Foot
Interestingly, the average price/square foot decreased across the 4 markets we are tracking. This was only for one month, and keep in mind that this metric was up in August across all 4 markets. The decline in September was likely just a return to the mean. As a general rule, the price per square foot across our entire market is within the $300 – $350 range. However, this is not always true in certain neighborhoods, small homes, or in luxury properties.
Land Sales
Land and vacant lot sales remain soft, but there was an uptick across the market in September. Black Mountain saw its best month (7 closed sales) since May. Buncombe County nearly doubled its total from last month (40 sales in September versus 22 in August).
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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