Published June 5, 2024
Asheville Real Estate Weekly Market Report - May 18th
.png)
Asheville Real Estate Weekly Market Report
May 18, 2024
Overview
The Asheville Region Weekly Market Activity Report, provided by the Canopy Realtor® Association, details housing market trends and metrics up to May 18, 2024.
This report covers various indicators including new listings, pending sales, inventory levels, sales prices, and affordability indices across multiple counties in the Asheville region.
Key Metrics for Week Ending May 18, 2024
New Listings: Increased by 17.4% to 311.
Pending Sales: Increased by 18.2% to 234.
Inventory: Increased by 30.9% to 2,575 homes.
New Listings: Increased by 17.4% to 311.
Pending Sales: Increased by 18.2% to 234.
Inventory: Increased by 30.9% to 2,575 homes.
Monthly Insights for April 2024
Median Sales Price: Increased by 8.3% to $414,845.
Average Sales Price: Increased by 12.9% to $526,930.
List to Close Duration: Steady at 93 days.
Percent of Original List Price Received: Decreased by 1.6% to 95.4%.
Months Supply of Homes for Sale: Increased by 50% to 3.0 months.
Median Sales Price: Increased by 8.3% to $414,845.
Average Sales Price: Increased by 12.9% to $526,930.
List to Close Duration: Steady at 93 days.
Percent of Original List Price Received: Decreased by 1.6% to 95.4%.
Months Supply of Homes for Sale: Increased by 50% to 3.0 months.
Historical Context
New Listings, Pending Sales, and Inventory: Reflects historical trends and current year-over-year comparisons, indicating growth in market activity.
Sales Prices: Both median and average sales prices have shown an upward trend over recent months, indicating a strong seller’s market.
Days on Market (DOM) and Cumulative Days on Market (CDOM): Increased, suggesting properties are taking longer to sell compared to previous years.
Housing Affordability Index: Decreased by 13.0%, showing reduced affordability in the region.
Months Supply of Homes for Sale: Steadily increasing, highlighting growing inventory relative to sales pace.
New Listings, Pending Sales, and Inventory: Reflects historical trends and current year-over-year comparisons, indicating growth in market activity.
Sales Prices: Both median and average sales prices have shown an upward trend over recent months, indicating a strong seller’s market.
Days on Market (DOM) and Cumulative Days on Market (CDOM): Increased, suggesting properties are taking longer to sell compared to previous years.
Housing Affordability Index: Decreased by 13.0%, showing reduced affordability in the region.
Months Supply of Homes for Sale: Steadily increasing, highlighting growing inventory relative to sales pace.
Detailed Metrics Breakdown
New Listings: Showed significant increases each week from late February to mid-May 2024, with a notable year-over-year increase of 13.2% for the three-month total.
Pending Sales: Fluctuated but ended with a small year-over-year increase of 1.4% over the three-month period.
Inventory: Showed a consistent increase each week, with a significant year-over-year rise of 30.8% on average over three months.
List to Close: The number of days from listing to sale has remained relatively stable over the past year.
Days on Market: Average days on market increased by 23.5% year-over-year.
Cumulative Days on Market: Showed a significant increase of 34.3% on average, indicating homes are staying on the market longer.
Median Sales Price: Continued to rise, with an 8.3% increase in April 2024 compared to the previous year.
Average Sales Price: Increased significantly, reflecting a 12.9% rise from the previous year.
Percent of Original List Price Received: Decreased slightly, indicating minor shifts in negotiation power towards buyers.
Housing Affordability Index: Declined, signaling decreased affordability for potential buyers.
Months Supply of Homes for Sale: Increased, showing more homes available relative to the rate of sales.
New Listings: Showed significant increases each week from late February to mid-May 2024, with a notable year-over-year increase of 13.2% for the three-month total.
Pending Sales: Fluctuated but ended with a small year-over-year increase of 1.4% over the three-month period.
Inventory: Showed a consistent increase each week, with a significant year-over-year rise of 30.8% on average over three months.
List to Close: The number of days from listing to sale has remained relatively stable over the past year.
Days on Market: Average days on market increased by 23.5% year-over-year.
Cumulative Days on Market: Showed a significant increase of 34.3% on average, indicating homes are staying on the market longer.
Median Sales Price: Continued to rise, with an 8.3% increase in April 2024 compared to the previous year.
Average Sales Price: Increased significantly, reflecting a 12.9% rise from the previous year.
Percent of Original List Price Received: Decreased slightly, indicating minor shifts in negotiation power towards buyers.
Housing Affordability Index: Declined, signaling decreased affordability for potential buyers.
Months Supply of Homes for Sale: Increased, showing more homes available relative to the rate of sales.
Conclusion
The Asheville housing market is experiencing substantial growth in listings, sales, and inventory levels, with rising prices indicating a robust market. However, the increase in days on market and the decline in affordability highlight challenges for buyers. The data suggests a competitive market with strong activity but also increasing supply, which may balance prices in the coming months.
For Buyers: If you're considering purchasing a home in Western North Carolina, now is a great time to explore your options. With a variety of new listings and increasing inventory, there are many opportunities to find your perfect home. Contact us today to start your home search and take advantage of our expert guidance in navigating this competitive market.
For Sellers: If you're thinking about selling your home, the current market conditions are highly favorable. With rising prices and strong demand, now is an excellent time to list your property. Get in touch with us to learn more about how we can help you maximize your home's value and achieve a successful sale.
Thank you for reading this week's market report. We are here to assist you with all your real estate needs in the Asheville region.
Warm regards,
Patrick Brooks
Industry Property Group
Keller Williams Professionals Realty
Phone: (828) 520-0936
Email: patrick@industrypropertygroup.com
Website URL
Feel free to reach out for any questions or to schedule a consultation.
We look forward to helping you with your real estate journey in Western North Carolina.
Industry Property Group
Keller Williams Professionals Realty
Phone: (828) 520-0936
Email: patrick@industrypropertygroup.com
Website URL
