Asheville Market Insight, September 2024

September saw a continued slowing of real estate in Western North Carolina. With new listings, pending sales and closed sales all falling off the year over year pace, our Asheville MSA inventory and months supply hit numbers we haven't seen since the Spring of 2020. As you may recall, we had several weeks of what amounted to a real estate freeze in the Spring of 2020 due to the pandemic and we haven't had that much inventory until now. Another indicator that buyers are clawing back some negotiating power is the percent of original list price received statistic. It slipped to 94.5% in September. Interestingly, prices continue to move northward in our area as demand remains intact. 

Keep in mind that there can be real estate trends on a national and regional level but when we really dive into it, it's best to analyze markets on a hyper-local basis. So while a stat like 94.5% list price to received price is what we're seeing over our four county area, you may see something different from zip code to zip code, neighborhood to neighborhood or price point to price point. This is where an experienced advisor comes into play and can really give you an edge as a buyer or a seller.

I'll have more information on how Hurricane Helene has directly affected our market in next month's post.