2nd Quarter of 2024 Market Update | Greater Asheville Area, Buncombe, Burke, and McDowell Counties

The Western North Carolina real estate market has been a seller’s market for years, driven by historically low inventory. While Asheville and the surrounding region remain competitive, new signs of balance are emerging as months’ supply of inventory increases in Buncombe, Burke, and McDowell Counties. McDowell County, in particular, is showing notable shifts in list-to-sales price ratios and average days on market.

Buncombe County

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

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

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. More tellingly, median prices rose 14% to $306,000, while list-to-sales ratios slipped from 95% to 92%, and days on market increased from 37 to 62—clear indicators of a market beginning to cool.

Conclusion

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.