Strong local real estate market intensifies through second quarter

High demand fuels increase in Black Mountain home prices

Chip Craig
Guest contributor
The Valley Echo
Aug. 2, 2021

Chip Craig

As we move through the summer months, we find ourselves on the other side of the second quarter real estate numbers. While first quarter numbers told the story of a real estate market that was bursting at the seams, the real estate market has only intensified as spring transitioned to the summer. 

In Buncombe County, as a whole, the average closed price was up from $378,708 to $482,261—a 27% increase. 

Closed price to original list price has been over 100% for the past two months, and continues to sit at a very strong 98.8%, year-to-date. It’s very much a red hot seller’s market. Properties are selling very close to list price and beyond as multiple offer scenarios are a regular occurrence. 

Number of days on the market decreased from 62 in 2020 to 43 in 2021. Inventories have decreased an astonishing 52% from 2020—down from 1,209 homes in 2020 to 581 in this year. 

Similarly, the average sale price in Black Mountain increased 38%, from $316,971 in 2020 to $438,800 in 2021. Home sales increased 56% through June, up to 139 compared to 89 in 2020.

Sales-to-list price, year to date in Black Mountain, is also at 100%. 

The Asheville area market is a reflection of supply and demand at the core. Demand is far exceeding supply and continues to drive the elevating prices. The only softening the market is experiencing compared to last year is that the number of new listings has increased 12.2% compared to the same period last year. 

Time will tell what the market will do next, but for now, the market’s story centers around a high demand for Asheville area real estate amidst a tight supply, elevating prices, multiple offer situations and very quick transitions from listing to closing for home sellers.