June 2025 Asheville Housing Market Snapshot
- By Jen C
- Posted
Blog :: 2025
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May 2025 Housing Market Statistics
May 2025 Housing Market Update
In Buncombe County, The City of Asheville, and the Asheville Region.
Buncombe County – May 2025 Summary
New Listings: Up 36.9% (698 homes) compared to May 2024.
Closed Sales: Down 20.6% (285 homes).
Average Sales Price: Dropped 11.1% to $611,124.
Inventory: Rose 81.1% to 1,518 homes for sale.
Months Supply of Inventory: Increased from 2.9 to 5.9 (up 103.4%). 6 months is considered a balanced market
Days on Market Until Sale: Increased 18.9% to 44 days.
City of Asheville – May 2025 Summary
New Listings: Rose 41.7% (367 homes).
Closed Sales: Dropped 9.8% (157 homes).
Average Sales Price: Declined 17.0% to $616,034.
Inventory: Up 90% to 819 homes.
Months Supply of Inventory: Jumped from 2.9 to 6.1 (up 110.3%). 6 months is considered a balanced market
Days on Market Until Sale: Increased significantly to 46 days (+35.3%).
Asheville Region – May 2025 Summary
(Covers 13 counties including Buncombe)
New Listings: Up 28.5% (1,844 homes).
Closed Sales: Fell 13.8% (839 homes).
Average Sales Price: Decreased 7.5% to $504,917.
Inventory: Increased 57.3% to 4,488 homes.
Months Supply of Inventory: Jumped from 3.4 to 5.8 (up 70.6%). 6 months is considered a balanced market
Days on Market Until Sale: Increased to 53 days (+20.5%).
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Sellers: How to Navigate Asheville's Shifting Market
Price to Today’s Reality, Not Yesterday’s Peak
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Many sellers are anchored to 2021–2022 peak prices. That market is gone.
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Median sale prices have softened or plateaued in parts of Buncombe. Price reductions are increasingly common, especially for homes over $700k.
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Price just under key thresholds ($499k instead of $510k) to boost search hits on Zillow, Realtor.com, etc.
Location-Based Strategy
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Homes in rural or mountain areas (Leicester, Fairview, Barnardsville) take longer to sell now unless they offer strong value or unique appeal.
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Highlight walkability for in-town homes (West Asheville, Montford, North AVL) and view/privacy for rural homes.
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Reframe location-based challenges: e.g., “30 mins to downtown, but only 10 mins to Weaverville & Blue Ridge Parkway.”
Condition is King
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Buyers in a cautious market are more selective. Even minor flaws = deal-breakers.
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Invest in:
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New interior paint (neutral colors)
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Updated fixtures
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Landscaping cleanup
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Staging is worth it, especially in more expensive or vacant homes.
Refocus on Buyer Needs
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Some buyers’ agents are struggling to find homes that feel “worth it.”
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Offer bonus commission on stale listings for buyer agents.
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Have Broker-only tours with catered food from local restaurants.
Final Advice:
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This isn't just a market slowdown—it's a market shift.
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The sellers who adapt fastest—will still thrive.
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Buyers are out there—they're just pickier, slower, and more value-conscious. Speak their language.
How has this affected Asheville's commercial market?
Note From James
In the 200 days since Hurricane Helene, it seems like I've been asked a different version of the same question nearly every day: “How has this affected Asheville's commercial market?”
While the answer's more complex than a single newsletter can cover, six months after the storm, some data is beginning to emerge.
Using data collected from CoStar Group (which is not always perfect and requires some nuance to interpret), I looked at sales and leasing activity from the Fourth Quarter of 2024 (October–December of last year), and compared it to our most recent First Quarter of 2025 (January-March).
The results show a market that surged in the immediate aftermath of the storm, followed by a more measured return to our ongoing recovery.
Across the office, retail, industrial, and flex sectors of Buncombe County, I found:
- The total number of transactions is down 13.5% (32 transactions in Q1 vs. 37 in Q4)
- Total dollar volumes are down 20% ($42.7M vs. $53.7M)
By sector, the Q424-Q125 sales trends show:
- Office: Dollar volume down 24%, number of transactions unchanged
- Industrial: Up across the board, with 6 sales this quarter vs. 3 in Q4
- Retail: Volume down 48%, transactions down 37%
- Flex: Volume down 40%, transactions unchanged
When it comes to prices, the numbers seem mostly aligned between the pre-Helene and post-Helene markets. If adjustments are happening due to the storm or other economic factors, it's too early to tell.
On the leasing side, there appears to have been a drop in the first part of 2025 as well.
For the first three months of the year, the total square footage of leased space fell from 553,634 SF in Q4 to 270,336 SF in Q1 - a 51% decline.
While it's not specifically communicated, I would bet that the large amount of leasing that happened in late 2024 is a reflection of the urgent reshuffling of displaced tenants who were suddenly forced to relocate, and now the market has settled.
When it comes to additional leasing metrics, most are down across every sector this quarter - square footage, average rents, and the overall number of deals. The only exception is retail, which held steady with 25 transactions in both quarters.
So, back to the original question: “How has this affected the commercial market?”
Six months in, the fog is beginning to lift in Buncombe County. I think we're seeing a market that isn't frozen, but recalibrating to a pace more aligned with its old self.
The post-flood hyperdrive has dissipated, and a steadier path forward is coming into sight. I look forward to looking at our year-over-year metrics about a year from now.
We can make predictions, but hopefully, some pleasant surprises show a recovered market that's in full swing, back on its familiar trajectory of growth and progress.
Sincerely,
Spring Cleaning Checklist
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December 2024 Asheville Real Estate Market Update
Key Statistics:
Average Sales Price: Increased by 1.8% year-over-year to $522,723 in the Asheville region.
New Listings: Up 13.0% from December 2023, signaling more options for buyers.
Closed Sales: Decreased slightly, down 4.9%.
Days on Market: Homes took 62 days on average to sell, up 47.6%.
Inventory: Active listings grew, with months of supply increasing by 25.0%.
Asheville’s real estate market continues to see price growth and expanded inventory, making it a promising time for both buyers and sellers.
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