The real estate market started on a positive note in the first month of the year. National sales for existing homes were down for January 2024. Pending sales, however, were up 8.3% from December 2023. According to the National Association of Realtors, this is the largest increase since June 2020.
Homebuyers and sellers are becoming more active now that mortgage rates have dropped and are stabilizing. As we head into Spring, the number of newer houses is anticipated to rise in the next several months, providing buyers with more options.
Listings, inventory, pending sales, and inventory for the Asheville region have increased. Supply and demand are slowly balancing out. Here’s a snapshot of recent stats.
- New Listings up 0.4% to 728.
- Pending Sales up 7.4% to 796.
- Inventory grew 9.4% to 1,938 units.
- Median Sale Price up 10.2% to $395,000.
The city of Asheville is in Buncombe County. It’s helpful to consider nearby counties for comparison. You might even be drawn to areas outside of Buncombe County based on the information.
Buncombe County
Buncombe County has seen a fair share of increases despite frustration among buyers. New Listings (+ 6.5%), Inventory (+8.6%), and Median Sales Price (+3.5%) have all seen some percentage increase. Average Sales Price is up 13.1% from $518,408 to $586,179.
City of Asheville
Asheville has seen a decrease in New Listings (-0.8%), but there has been an increase in Inventory (+8.1%). Median Sales Price decreased (-0.2%), but Average Sales Price increased (+10.2%). The Average Sales Price was $561,909, and it is now $619,433.
Madison County
In Madison County (north of Buncombe and Asheville), we see that there are fewer New Listings (-38.5%), but Inventory has increased (18.8%) since January 2023. The Average Sales Price has increased 19.7% from $414,825 to $496,621.
Are you interested in learning more about the current market? Contact our team with your questions and concerns. Whether you’re selling, buying, or monitoring the market, Quinn Anderson Real Estate Solutions is here to help.
*Data source: Asheville Region Monthly Indicators report. All data reflects differences between January 2023 and January 2024.