Let’s take a look at how real estate prices are doing around Asheville and Western North Carolina now that the second quarter of 2019 is in the books. Here we go:
Market cools: To set the stage, let’s remember the overall real estate trend for Asheville so far in 2019 – a general cooling of a red-hot market that in 2015 and 2016 saw fast-rising prices in a strong seller’s market, where cash offers and bidding wars were common.
Asheville median home sale price: The median sale price of a home in Asheville increased 4.7 percent from the first quarter of the year to hit $309,000. That number is down compared to the second quarter of 2018, but that’s the median home sale price in Asheville hit an all-time high at $310,000.
Buncombe median home sale price: In Buncombe County, the median home sale price hit $319,500, an all-time high, in the second quarter of 2019. That number is up 16.2 percent from the first quarter of this year, and up 10.2 percent over the same quarter in 2018. This is also the first time since 2013 that the county median home sale price beat the city’s. What’s happening? There has been an increase in the overall number of sales in the county, and an increase the sale of properties over $300,000.
Asheville/Buncombe sale activity: The number of home sales in Asheville hit an all-time high in the second quarter of 2019, with 453 sales. There were 732 sales in Buncombe County, up 8.3 percent from the same quarter in 2018. The overall home sale activity is a good sign, because that number had been trending down over the past year or so for both the city and county.
Days on market: The average days on market for a home to sell has been gradually increasing since the red-hot days of 2016, but in Asheville, the days on market moved down compared to the first quarter of the year, to 73 days. In Buncombe County, the average days on market was down compared to the first quarter of the year, to 83 days. Once again for reference: the days on market back in 2016 were 54 in the city and 77 in the county.
Around the region: When you look around Western North Carolina, the real estate market varies widely. Haywood County is hot, hot, hot, with an increase in the pace of sales and a whopping 18 percent increase in the median sales price. Meanwhile over in Madison County, there’s not much activity at all, with a total of 50 homes sold. Down in Henderson County, a strong demand and low supply equals a strong seller’s market there.