.jpg)
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 buyers and sellers may be on the horizon.
Buncombe County
Buncombe County continues to see a mix of encouraging and cautionary signals. On the positive side, the average sales price rose 4.7% year-over-year to $568,000 in Q1, while the median price climbed 3.5% to $448,000. The list-to-close period also improved, dropping from 115 to 107 days.
However, total closings dipped slightly (down 1.2% compared to Q1 2023), and inventory continues to build. The months’ supply of inventory increased from 1.6 to 2.2 months year-over-year. While Buncombe remains a seller’s market, this upward trend in supply suggests early signs of balance. A fully balanced market typically requires 4–5 months of inventory.
McDowell County
McDowell County saw dramatic shifts, with the average sales price soaring 40% compared to Q1 2023. However, this figure was heavily influenced by nine million-dollar-plus transactions, including a $4 million property. A better reflection of the overall market is the median sales price, which rose 10% to $303,000.
Inventory levels are climbing here as well. The monthly supply of homes rose from 1.9 months in 2023 to 3.1 months in 2024. Active listings increased by 59%, jumping from 66 to 105 properties. McDowell County remains a seller’s market but is trending toward greater balance.
Burke County
In Burke County, new listings increased 16% in Q1 2024 compared to the prior year, while closings dipped 4%. As a result, inventory rose significantly—up 48% from 107 homes to 158 year-over-year.
Despite this inventory growth, Burke County is still a seller’s market with 2.4 months of supply. However, the market is softening. The median sales price declined 2% compared to Q1 2023, signaling the potential for a more balanced market ahead. .jpg)
Conclusion
The Western North Carolina real estate market is beginning to moderate. While interest rates around 7% have caused some homeowners to stay put, stability in pricing and growing inventory levels suggest a gradual move toward balance. Prices remain above 2023 levels overall, and while the region is still operating as a seller’s market, conditions are shifting toward more equal footing between buyers and sellers.
To learn more about today’s market conditions or to get expert guidance, contact GreyBeard Realty—your trusted local partner in Western North Carolina real estate.