Q1 WNC Real Estate Market Guide

Q1 WNC Real Estate Market Guide

Introduction

Western North Carolina (WNC) is renowned for its picturesque landscapes, vibrant communities, and diverse real estate market. Whether you're looking for a bustling city atmosphere in Asheville or the tranquility of rural living in the surrounding counties, WNC offers something for everyone. This guide will help you navigate the real estate market in Buncombe County and its neighboring counties, providing valuable insights and tips to aid your home-buying journey.

Buncombe County

Buncombe County, home to Asheville, is a vibrant area with a robust real estate market. 

The median sales price in Q1-2024 was $447,990, reflecting a 3.3% increase from the previous year. 

Here are some key insights:

• Market Trends:

• Median Sales Price: $447,990 (+3.3%)

• Average Sales Price: $567,300 (+4.5%)

• Percentage of Original Price Received: 94.5% (-1.2%)

• Days on Market: 52 (+6.7%)

• Closed Sales: 741 (-0.5%)

• Inventory of Homes for Sale: 664 (+25.0%)

• Months Supply: 2.3 (+39.7%)

• List to Close: 108 days (-6.4%)

• Cumulative Days on Market: 56 (+15.7%)

• Notable Areas: Asheville is the heart of Buncombe County, known for its eclectic arts scene, historic architecture, and outdoor activities. Other notable areas include Black Mountain and Weaverville, each offering unique charm and amenities.

• Real Estate Tips: With a variety of neighborhoods to choose from, it's essential to work with a local realtor who understands the nuances of each area. Pay attention to factors like proximity to amenities, school districts, and community vibes when choosing your home.

Surrounding Counties

Burke County

• Market Trends:

• Median Sales Price: $239,500 (-2.2%)

• Average Sales Price: $273,842 (-4.3%)

• Percentage of Original Price Received: 93.7% (-1.8%)

• Days on Market: 41 (+4.5%)

• Closed Sales: 162 (-3.0%)

• Inventory of Homes for Sale: 165 (+54.2%)

• Months Supply: 2.6 (+65.0%)

• List to Close: 82 days (-6.3%)

• Cumulative Days on Market: 45 (-1.6%)

• Notable Areas: Morganton, known for its small-town feel and access to outdoor activities like hiking and fishing, is a key area in Burke County.

Haywood County

• Market Trends:

• Median Sales Price: $369,000 (+8.5%)

• Average Sales Price: $411,701 (+6.2%)

• Percentage of Original Price Received: 92.2% (-0.2%)

• Days on Market: 63 (+9.2%)

• Closed Sales: 191 (-7.7%)

• Inventory of Homes for Sale: 236 (+15.1%)

• Months Supply: 2.8 (+24.9%)

• List to Close: 110 days (+5.1%)

• Cumulative Days on Market: 73 (+17.1%)

• Notable Areas: Waynesville and Maggie Valley are prominent towns offering a blend of cultural attractions and natural beauty.

Henderson County

• Market Trends:

• Median Sales Price: $422,750 (+5.7%)

• Average Sales Price: $486,622 (+4.3%)

• Percentage of Original Price Received: 96.2% (+0.1%)

• Days on Market: 51 (+24.8%)

• Closed Sales: 356 (+3.2%)

• Inventory of Homes for Sale: 351 (+26.7%)

• Months Supply: 2.3 (+27.8%)

• List to Close: 103 days (+9.8%)

• Cumulative Days on Market: 59 (+36.1%)

• Notable Areas: Hendersonville is a vibrant town known for its apple orchards, wineries, and historic downtown.

Jackson County

• Market Trends:

• Median Sales Price: $406,500 (+16.8%)

• Average Sales Price: $534,269 (+22.3%)

• Percentage of Original Price Received: 90.1% (-5.8%)

• Days on Market: 77 (+19.1%)

• Closed Sales: 41 (-8.9%)

• Inventory of Homes for Sale: 83 (+33.9%)

• Months Supply: 4.2 (+32.2%)

• List to Close: 129 days (-0.2%)

• Cumulative Days on Market: 80 (+7.0%)

• Notable Areas: Sylva and Cullowhee are key towns, with Cullowhee being home to Western Carolina University.

Madison County

• Market Trends:

• Median Sales Price: $431,333 (+19.8%)

• Average Sales Price: $507,703 (+9.1%)

• Percentage of Original Price Received: 94.4% (+2.6%)

• Days on Market: 76 (+8.9%)

• Closed Sales: 60 (-4.8%)

• Inventory of Homes for Sale: 79 (+33.9%)

• Months Supply: 3.3 (+30.2%)

• List to Close: 141 days (+3.3%)

• Cumulative Days on Market: 94 (+26.6%)

• Notable Areas: Mars Hill and Hot Springs are popular for their college town atmosphere and hot mineral springs, respectively.

McDowell County

• Market Trends:

• Median Sales Price: $303,000 (+10.2%)

• Average Sales Price: $449,759 (+40.1%)

• Percentage of Original Price Received: 91.7% (-0.9%)

• Days on Market: 60 (+33.5%)

• Closed Sales: 100 (+19.0%)

• Inventory of Homes for Sale: 106 (+60.6%)

• Months Supply: 3.1 (+66.2%)

• List to Close: 120 days (+34.2%)

• Cumulative Days on Market: 65 (+40.1%)

• Notable Areas: Marion and Old Fort offer a mix of historical charm and outdoor adventures.

Mitchell County

• Market Trends:

• Median Sales Price: $228,250 (-7.9%)

• Average Sales Price: $326,295 (+9.3%)

• Percentage of Original Price Received: 85.8% (-1.9%)

• Days on Market: 81 (+6.1%)

• Closed Sales: 20 (-42.9%)

• Inventory of Homes for Sale: 53 (+6.0%)

• Months Supply: 4.7 (+49.5%)

• List to Close: 128 days (+9.3%)

• Cumulative Days on Market: 122 (+35.4%)

• Notable Areas: Spruce Pine and Bakersville are known for their arts and crafts communities.

Polk County

• Market Trends:

• Median Sales Price: $420,000 (+12.0%)

• Average Sales Price: $466,835 (-0.5%)

• Percentage of Original Price Received: 92.5% (-2.3%)

• Days on Market: 66 (+32.3%)

• Closed Sales: 61 (-11.6%)

• Inventory of Homes for Sale: 91 (+54.2%)

• Months Supply: 4.0 (+87.8%)

• List to Close: 111 days (+11.1%)

• Cumulative Days on Market: 78 (+28.5%)

• Notable Areas: Tryon and Columbus are famous for their equestrian culture and scenic beauty.

Rutherford County

• Market Trends:

• Median Sales Price: $259,950 (+8.4%)

• Average Sales Price: $336,455 (+9.1%)

• Percentage of Original Price Received: 92.1% (-0.4%)

• Days on Market: 54 (-0.9%)

• Closed Sales: 162 (+3.2%)

• Inventory of Homes for Sale: 162 (+3.2%)

• Months Supply: 2.3 (+39.7%)

• List to Close: 108 days (-6.4%)

• Cumulative Days on Market: 56 (+15.7%)

• Notable Areas: Rutherfordton and Lake Lure are known for their historic sites and picturesque lake views.

Swain County

• Market Trends:

• Median Sales Price: $332,400 (-19.7%)

• Average Sales Price: $548,259 (+13.1%)

• Percentage of Original Price Received: 94.4% (+3.2%)

• Days on Market: 74 (+2.4%)

• Closed Sales: 17 (+6.3%)

• Inventory of Homes for Sale: 38 (+137.5%)

• Months Supply: 5.8 (+113.4%)

• List to Close: 126 days (-9.5%)

• Cumulative Days on Market: 88 (+3.2%)

• Notable Areas: Bryson City and Cherokee offer a gateway to the Great Smoky Mountains and rich cultural heritage.

Transylvania County

• Market Trends:

• Median Sales Price: $487,000 (+18.8%)

• Average Sales Price: $667,884 (+18.6%)

• Percentage of Original Price Received: 92.7% (0.0%)

• Days on Market: 64 (+24.5%)

• Closed Sales: 114 (+15.2%)

• Inventory of Homes for Sale: 127 (+44.3%)

• Months Supply: 3.0 (+56.6%)

• List to Close: 105 days (+2.1%)

• Cumulative Days on Market: 66 (+27.5%)

• Notable Areas: Brevard is a vibrant town known for its music festivals and proximity to waterfalls.

Yancey County

• Market Trends:

• Median Sales Price: $317,000 (+3.6%)

• Average Sales Price: $435,162 (+13.4%)

• Percentage of Original Price Received: 90.5% (+1.1%)

• Days on Market: 85 (+27.9%)

• Closed Sales: 43 (-12.2%)

• Inventory of Homes for Sale: 66 (-4.3%)

• Months Supply: 3.6 (+5.2%)

• List to Close: 142 days (+23.1%)

• Cumulative Days on Market: 88 (+4.6%)

• Notable Areas: Burnsville is a charming town with a thriving arts scene and outdoor activities.

Western North Carolina is a fantastic place to buy real estate, offering a wide range of options from bustling cities to serene rural areas. Each county has its unique charm and market dynamics, making it essential to work with a knowledgeable realtor to find the perfect home for you.

For Buyers: If you're considering purchasing a home in Buncombe County or any of the surrounding areas, Industry Property Group with Keller Williams Professionals in Asheville, NC, is here to help. We offer expert advice and personalized service to ensure you find the home that best suits your needs and lifestyle.

For Sellers: If you're looking to sell your property, our team can provide you with a comprehensive market analysis and innovative marketing strategies to ensure you get the best possible price. Additionally, you can get your home value professionally assessed on our website at Industry Property Group Home Value.

Contact Industry Property Group today to start your real estate journey in Western North Carolina. We're dedicated to making your buying or selling experience smooth and successful. Reach out to us to learn more about how we can assist you!

Contact Information:

• Patrick Brooks

• Lead Broker, Industry Property Group - Keller Williams Professionals

• Phone: (828) 989-5175

• Email: patrick@industrypropertygroup.com

Thank you for your continued trust and partnership.

Best Regards,

Patrick Brooks
Industry Property Group - Keller Williams Professionals