Asheville housing market shifts as realistic pricing helps homes sell
The real estate market in Asheville, North Carolina, is undergoing a transformation as both buyers and sellers adapt to new pricing dynamics, extended selling periods, and elevated interest rates. Local real estate agents report that the market is stabilizing, with sellers who set realistic prices seeing successful transactions.
Real estate brokers Ian and Kelsey Clark recently experienced this trend firsthand when a property they listed on Rolling Meadow in Fletcher went under contract within just two days. The home was priced at $450,000, a figure that was approximately $15,000 less than comparable homes in the area. Ian Clark noted the importance of this pricing strategy in attracting potential buyers. “We’re very fortunate for the first showing to get it under contract,” he remarked.
The Clarks have observed that some sellers still cling to the inflated expectations set during the COVID-19 housing boom, a period characterized by limited inventory and soaring prices. Ian Clark recalled that during that time, home prices surged by around 20% annually. While the market has cooled since then, it is now described by industry experts as a “balanced market,” allowing for more equitable opportunities for both buyers and sellers.
Gaia Goldman from Howard Hanna Beverly-Hanks commented on the benefits of a balanced market, stating, “In a market that is balanced, buyers and sellers each have an opportunity to do well in the transaction and achieve their objectives.”
Recent data indicates that sellers are increasingly revising their price expectations. In Buncombe County, of the approximately 1,800 homes on the market, around 210 are seeing weekly price reductions, which accounts for roughly 9% of the total inventory. Goldman noted a particular case where a high-end property initially listed at $2.75 million lingered on the market for several months before its price was adjusted to $2 million, ultimately leading to a sale. “That is a mark of a market that is adjusting to the new reality,” Goldman stated.
The average time it takes to sell a home in Buncombe County is now about 75 days. In a broader region that includes Henderson, Buncombe, Transylvania, Haywood, Rutherford, Yancey, and Madison counties, the average selling time extends to 121 days. Although these longer selling periods and increased borrowing costs may seem daunting, the Clarks report that this year has been their most successful since they entered the real estate business in 2020, with 60 homes sold. Their experience highlights the critical need for setting a listing price that aligns with current market conditions, rather than relying on inflated prices from the earlier pandemic boom.