March Real Estate Market Update for the Asheville, NC Area
April 3, 2025
It’s 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. Recently, we had a lender quote 6.625% for one of our buyers. It’s great to see rates below 7 percent! For now, rates seem to be holding steady at around 6.75%. Keep in mind the chart below shows national averages. Well-qualified borrowers may find better rates.
Inventory
If you follow any real estate website that offers automatic listing notifications, you’ve probably noticed an increase in inventory. This is right on schedule. We always see more inventory this time of year, and we expect that to continue until around June.
Months Supply
Months supply (or absorption rate) is right at 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. It’s a great time to go home shopping, because our agents will be able to show you several options in your price range and within your criteria.
New Listings
In the chart below, there was a significant increase in inventory in March (compared to February). This is a normal seasonal increase and is consistent with March numbers from prior years. It’s officially listing season!
Closed Sales (Units)
Closed sales in March were just a little below 2024 and 2023, suggesting that the market is performing well after Helene. With added inventory this spring, we’re anticipating a flurry of closed sales before summer.
Negotiation
Negotiation is still happening, with sale prices averaging right around 95% 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 increased in March. Winter is always a slower time for land sales, so it was hard to know what to expect for land sales this spring. Our land market is down compared to Covid-era sales, and now we’re working through Helene clean-up; so we’ll certainly continue monitoring land sales as we approach the busy season.
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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