It has been a little over a month since the mountains of Western North Carolina received over three months' worth of precipitation in a single day, resulting in historic flooding. The region experienced widespread outages and devastation. Naturally, the real estate market was also heavily impacted. While some areas were left untouched or [...]
Inventory of homes for sale in Buncombe County rose 21% year-over-year at the end of Q2. Despite the increase, the county remains a seller’s market. Average sales prices climbed 7.3% to $616,150, while the median sales price increased 3.3% to $475,000.
Burke County’s housing inventory doubled compared to last year—rising from 98 to 199 active listings. A balanced market typically reflects 4–5 months of supply; Burke is currently at 3 months. Average home prices increased 4.1% and the median rose 3.3% year-over-year.
McDowell County’s housing market also experienced growth, with inventory up 34% compared to last year. At 3.5 months of supply, the county remains a seller’s market but is showing early signs of balance. The average sales price is up 31%, skewed by several multi-million-dollar sales at Lake James. 
The Western North Carolina real estate market remains a seller’s market overall, but indicators point toward an approaching balance. Rising inventory in Buncombe, Burke, and McDowell Counties, combined with shifting pricing ratios and longer market times, suggests the region could be transitioning to a more balanced market in the months ahead.
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After a strong start to 2024, the first-quarter Western North Carolina real estate market is showing mixed signals. Interest rates remain steady around 7%, and many homeowners are hesitant to leave properties secured with lower rates. That said, indicators suggest that a shift toward a more balanced market between [...]
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There is an air of optimism as we march into the beginning stages of 2024. This is due, in large part, to the news that interest rates have begun to decline from a high 7% to the mid-6% range. While sellers in our market have continued to benefit from low inventories over the past year, the market itself slogged along as fewer sellers sold [...]
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Buncombe, McDowell, and Burke County Market Trends
The fall leaf season is here, and while the seasons are seeing their colorful shift in our beautiful mountains, real estate trends remain on a similar trajectory as the trends we observed in Q2. Overall, we are seeing fewer new listings. Prices remain relatively stable despite lowered demand [...]
As the summer months heat up, the typical seasonal increases in inventory have occurred in the Greater Asheville Area real estate market. However, supply is still low. Second-quarter real estate numbers have largely mimicked the previous quarter in a home sales landscape of persistently [...]
After a few record-setting years for the Western North Carolina real estate market, the latter months of 2022 and early 2023 have left many questioning if the narrative might be shifting, if only slightly. Inventories have remained low which has kept prices relatively stable in our market, even amidst the ongoing backdrop of economic and [...]
Hindsight is 20/20, and with 2022 in the rearview mirror, the climate of the Western North Carolina real estate market is becoming clearer as we kick off the first quarter of 2023. In 2022, we began to see increasing signs of an overheating market that was beginning to cool amidst the backdrop of sharply rising interest rates – not to [...]
As we close out the 3rd quarter and enter the final stretch of 2022, it likely comes as no surprise that the impact of rising interest rates is becoming more evident in our market. While there are signs of softening demand in the Western North Carolina real estate market, low [...]
While the Western North Carolina real estate market is still in a strong position, there is no doubt that a lot has changed since Q1 of 2022. Since our last update, interest rates have continued to climb, inflation and recession concerns have persisted, and global and economic [...]
