Q2 Market Analysis | Buncombe, Burke, and McDowell Counties

In April’s Q1 market update, we reported on the market softening trends that we observed signs of as early as July 2024. A red-hot seller’s market was seeing movement towards a more balanced market. As we approach a year after this notable transition, the numbers reveal a perpetual trajectory towards a buyer’s market in Buncombe County’s long-time seller’s market, but McDowell and Burke County are not necessarily following suit.

Buncombe County Market

In Buncombe County, 184 more listings were added to the market than were taken off the market (changed to under contract status). New listings increased by 11% and total inventory increased by 78% (1,589) compared to June 2024. The month’s supply of inventory doubled to 6.2 months. Closings were down 9.2% compared to June 2024. The increase in inventory and the decrease in closings have forced a downward pressure on prices. The median price is down 6.9% compared to 2024, year-to-date numbers.

Burke County Market

Closer to Lake James, Burke County has remained a seller’s market and isn’t showing the significant increase in inventory that Buncombe County has experienced. The month’s supply is 3.3 months, only a slight increase from 2024. New listings year-to-date are down 5.5% from 2024, and closings are flat. As a result, we are not seeing the same downward price pressure. The median price is up 9.8%, and the average price is up 6.1%. We don’t have a definitive reason for the difference between the Buncombe and Burke County markets. Some may speculate that it could relate to the impact of Hurricane Helene from last September, which had a more notable impact on Buncombe County than in Burke County.

McDowell County Market

McDowell County is pacing as a neutral market with a 6.5-month supply of inventory. New listings increased by 20% (66), and homes that went under contract rose by 15% (47) compared to 2024.  Homes sold increased by 19% over 2024—a really surprising increase compared to last month and other counties. The average sales price was up 7% compared to 2024, making the average sales price of a home in McDowell County $26,000 more than in 2024. 

Conclusion

It’s a bit difficult to find a common thread when comparing Buncombe, Burke, and McDowell counties to one another coming out of Q2. Trends have less commonality compared to past months. Buncombe’s market continues to soften toward a buyer’s market, Burke County is showing signs of a robust seller’s market, and while McDowell County has a higher month's supply than Buncombe County, the average price also rose 7%. We will continue to monitor these trends over the next month to see if these opposing trends continue across counties. 

If you are interested in learning more about what these market trends could mean for your prospects when buying or selling your home in Buncombe, Burke, McDowell, or any surrounding counties, contact our GreyBeard Realty team. You can also browse the latest Asheville homes for sale to get a pulse on the market, along with other Western North Carolina real estate listings.