Asheville Market Update and Analysis

The question that has been reverberating across our brokerage walls and in GreyBeard agents’ conversations with friends and clients over the past few months is one you might have yourself – how has Hurricane Helene impacted the Asheville and Western NC real estate market? While the full answer will take time to reveal itself, today’s data offers important hints about the trajectory of sales. In this iteration of our Asheville real estate market analysis, we expand on Helene's implications for our region and what early numbers reveal.

Buncombe County

The inventory of homes in Buncombe County increased from 719 in December 2023 to 797 in December 2024 – a 10.8% rise. It is becoming clear that the market has shifted toward a more balanced state between buyers and sellers, though it remains a seller’s market.

We anticipate this trend will continue as sellers add more listings. New listings in December rose 22.9% compared to 2023 (179 to 220). Along with more inventory, the average home price increased 6.2% to $636,973, while the median sales price rose 2.1% to $479,900.

Closings, however, were down 11.2% year-over-year. Before Helene, closings were only down 2.6%, suggesting the hurricane caused much of the decline. Even so, pending sales in December 2024 were up 8.3% compared to the prior year, signaling recovery.

Looking forward, we expect inventories will continue to rise. If that trend holds, home prices should flatten in 2025.

Burke County

Helene’s impact varied by region, and Burke County experienced fewer disruptions. Closings increased 1.6% in 2024 compared to 2023. Meanwhile, inventory rose significantly, with 207 homes for sale versus 148 the prior December—a 39.9% jump.

Counterintuitively, the average home price still climbed 10%, from $301,089 to $331,087. As inventory continues to expand, we anticipate the Burke County market will move toward balance, and prices should level off in 2025.

McDowell County

Buncombe County’s eastern neighbor also saw Helene-related market disruption. McDowell County closings fell 2.9% in 2024. Before the hurricane, closings were trending 10.6% higher than in 2023, showing how the storm stifled momentum.

Inventory rose modestly by 3.3%. With a supply now at 4.1 months, McDowell is approaching the 4–5 months considered a balanced market. Even with rising supply and fewer closings, the average price rose 18.6%, though that figure reflects a handful of high-priced sales. Median price growth was more modest, up 1.7% year-over-year, from $295,000 to $300,000.

Conclusion

Our Asheville real estate market analysis confirms that Hurricane Helene left its mark on Western NC housing. The storm impacted homes, businesses, and infrastructure, with some residents still displaced and rebuilding. Despite this, the region has shown resilience. Much of the impact appears to have been an initial shock, with the market now trending toward balance. Prices remain high, but we expect them to flatten in the year ahead as inventories rise and demand adjusts.