Asheville area real estate market analysis – third quarter 2021

Press release from Mosaic Community Lifestyle Realty:

Number of homes sold. Strong demand was a defining feature of the 3rd quarter in 2021. More homes sold in the first three quarters in 2021 in Buncombe County and the City of Asheville than in any previous year, with 2,579 home sales in Buncombe County (not including Asheville), and 1,241 sales in Asheville for the first through 3rd quarters combined.
Inventory levels. The supply of homes for sale did not keep pace with demand, creating extremely low inventory in Asheville and Buncombe County. When inventory levels are less than 6 months, it is a seller’s market and there is upward pressure on prices. In the 3rd quarter, housing inventory in Asheville and Buncombe County was below 6 months in all price ranges below $1,500,000. Compared to the 3rd quarters of previous years, inventory in 2021 was lower in almost every price range.
Median home sale price. Historically low inventory levels kept prices high in Asheville and Buncombe County. In the 3rd quarter of 2021, the median home sales price was $395,000 in the City and $400,000 in the County, representing the highest quarterly median home sale price on record in Buncombe County. In the City of Asheville, the median home sale price in the 3rd quarter was slightly lower than the 2nd quarter, when the median home sale price was $422,000.
Average Days on Market (DOM). As expected with strong demand, low supply and tight inventory, the Average Days on Market (DOM) of home sales in the first three quarters of 2021 hit record lows in Asheville and in Buncombe County. In Asheville, DOM was 39, and in Buncombe County the Average DOM was 45.
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