March Real Estate Market Update for the Asheville, NC Area
March 11, 2025
It’s almost spring, and Western North Carolina is just starting to show new blooms and leaves on trees. This is one of our favorite times of year! Warm weather (and Daylight Savings Time) means more outdoor recreation, more tourism, and more real estate market activity.
Note: In the graphs below, the Asheville MSA (Metropolitan Statistical Area) includes Buncombe, Haywood, Henderson, and Madison Counties.
Interest Rate Update
Interest rates have been dipping over the last couple of weeks. Today, we had a lender quote 6.625% for one of our buyers. It’s great to see rates below 7 percent!
Inventory
It has certainly felt like the listing season has arrived early this year, and the data below confirms that. February brought an increase in homes for sale across all of Western North Carolina.
Months Supply
Months supply (or absorption rate) is still just under 4 months. This is just about a perfectly balanced market, meaning homes are selling for close to asking price while buyers have several options to choose from.
New Listings
February marked the beginning of listing season for 2025, with modest increases in new listings Asheville and Buncombe County. If history is any guide, we’ll see larger increases in March, April, and May.
Closed Sales (Units)
Closed sales in February were in line with 2024 and 2023, suggesting that the market is recovering quickly from Helene.
Negotiation
Negotiation is still happening, with sales prices averaging right around 95-96% of list price. The market is definitely much more balanced than it was just 2 years ago.
Home Prices
Home prices are still climbing. Since the end of 2022, we’ve seen incremental growth across the broader market. Note the Black Mountain line (in blue) bounces around a lot, but Black Mountain is a smaller market and just 1 or 2 sales can skew the data.
Land Sales
Land sales dipped in February. We think some of this is due to pending special assessments in gated communities, and contractors being pre-occupied with storm clean-up. Now that most neighborhoods have a plan for assessments and clean-up and contractors are back to building homes, we expect interest in land to pick back up this spring and summer. However, with more homes on the market, some buyers intending to purchase land may opt for an existing home instead.
Talk to a Local Agent About the Asheville Real Estate Market
Please feel free to contact us to speak with a local Asheville real estate agent about the real estate market in Asheville, NC and the surrounding areas.
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