Q1 Asheville, Buncombe, Burke, McDowell County Regional Quarterly Market Analysis

In January’s outlook, we suggested that trends were pointing towards a more balanced market with flatter prices. This shift in market trends isn’t a direct result of Helene’s impact–contrary to what might be assumed. Even as of July 2024, before the hurricane, we were noticing indications of a more balanced market as supply was on the rise. Looking back at the first few months of 2025, we continue to see a softening in the market. 

Buncombe County
Q1 of 2025’s numbers were just released and pending sales are down 3.9%, while closings are down 9.4%. In contrast to the decrease in closings, the pacing of new listings is on the rise. Inventories are up 40.7% from 2024. For the first time in many years, the median sales price was down 3.2% for March, compared to 2024. While this is just one month, seeing a negative number for median sales price has not been commonplace for years.

In a bright spot for Buncombe County, pending sales for March were up 4% compared to March of 2024. While Buncombe County is still operating as a seller’s market, the month’s supply of inventory increased to 3.7 months in March, up 54% from 2024 – fortifying the rationale of our shift towards a more balanced market in Western North Carolina.

Burke County

Inventories of homes for sale have also continued to rise in Burke County – from 174 homes in 2024 to 222 in 2025, or a 27.6% increase. Notably, pending sales and closings are exactly even to 2024. Pending sales in March were up 8.7% compared to 2024. The median sales price in Burke County grew from $240,000 in 2024 to $277,000 in 2025 – a 15.4% increase.

Since you might be tempted to view Burke County as a superiorly strong real estate market based on the above numbers, there is also some balance being brought into the equation. The days between the property listing date and the property closing date increased by 39%, from 82 days to 114 days. The month’s supply of inventory increased 22% from 2.7 months to 3.3 months.

Burke County is also considered a seller’s market, but the increasing inventories and the longer wait times between list date and close dates suggest that the Burke County market is also softening.

McDowell County

McDowell County’s market is mirroring surrounding counties' patterns toward a softening market. Inventory of homes for sale increased 37.5% from 2024 and Q1 sales are down 11.9%. The average sales price for the first quarter was down 17.8, and the median price was flat at 1.3%. The time between listing and closing increased from 121 days to 130 days.

At this stage, we would consider the McDowell County market to be balanced between buyers and sellers. The typical balanced market is considered to be achieved between 4 to 6 months of supply. McDowell County’s months’ supply is sitting at 5 months.

Conclusion

While Buncombe and Burke County are still considered a seller's market, McDowell County appears to have solidly stepped into balanced market territory. Are Buncombe and Burke County on their way to the same? Signs of softening are being seen across the Western North Carolina market. It will be interesting to see how the coming months further flesh out the trajectory of the overall market.