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  • Monday market in minutes

    Monday, April 1, 2024   /   by Amy Brown

    Monday market in minutes

    I love it when I see cheery numbers on the board after the doom and gloom of 2023. 

    Inventory is up! And I mean way up!

    We are up 26.2% in homes on the market today for a total of 2,079 homes for sale in Buncombe county versus the 1,647 homes that we had for sale in March of 2023.

    So let's talk about who is currently buying in the area and what they are looking for. 

    Statistics show that most buyers would like a 3-4 bedroom home. Also, consumers are realizing that homes in this area will cost at least $500,000 or more. Pending sales are down in all price point sectors except for the $500,000 and over category which is up 5.7% for a single family home and up 9.5% for a condo over last year's pending sales.
    AshevilleRegion (3) p sales.jpg
    With a rise in inventory and a limited buyer pool also means an increase in days on market giving buyers a bit more time to make a decision over the frenzy of the previous 3 years. While certain homes in popular neighborhoods will go under contract in less than 2 days, the average home in Buncombe county this year is on the market for 41 days until contract acceptance versus the 31 days of 2023.
    AshevilleRegion (3) dom.jpg

    In addition, when you have a rise in inventory but not a rise in the number of buyers, the percentage of original list price that a seller should expect to receive is going to go down, though in this case it is slight due to the popularity of the area and that it's the beginning of the buying season. 

    Condos are still receiving almost full list price but single family homes are receiving 95.8% of the original price that they listed for, down 1.7% from last year, but still a great number.
    AshevilleRegion (3) orig list price.jpg
    Now, let's talk money. Regardless of the size of the buyer pool, prices are still rising slightly or at the very least holding steady. As you can see below, the price difference by adding just one bedroom jumps by over $200,000 with any home having over 3 bedrooms being listed for at least $625,000. Condos have made the highest price change since last year with a 17.1% rise in price due to the desirability for low maintenance living and/or for a city walkable home. 
    AshevilleRegion (3) m list.jpg
    Keep in mind that these metrics are spread out over Buncombe county in its entirety encompassing rural and suburban areas such as Candler, Leicester, Weaverville, Black Mountain, Arden, and Fletcher. This is pushing the median price point in total down but the closer you get to the city expect a 3 bedroom home in Asheville to be more in that $600K range or higher. 

    When considering a move here, think about the topography of our city and understand that we live life in the forests and parks that surround us. So don't expect big, flat yards, large parcels, one level homes, and easy walkability in all areas. There are certain places where those characteristics are prevalent and I can help you identify those areas so that you can better tailor your search to your needs. If you do happen to find a home that has these features, grab it! It truly is a rarity. 

    And don't solely focus on Asheville; we have a lot of beautiful areas that are a very short drive from the city that you could find even more beautiful and just what you are looking for. 

    I am here to help you find the perfect space! Let's talk!

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    My tulip box at my home in Candler