The information provided below comes from our Regional Multiple Listing Service database, and represents the best available information for looking at real estate market trends. It looks only at Single Family, Site-Built homes (which account for over 75% of all residential property sold in our area.) This report is intended to give you a basic overview of the recent trends in our real estate market, and it should not be used to determine the value of any individual property. For a professional market analysis for your individual home, please call me at 828-216-4230! Steve Heiselman, Town and Mountain Realty. p.s., NEVER RELY ON COMPUTER GENERATED AUTOMATIC ESTIMATES OF VALUE!
While our local real estate market is still strong, and we are still seeing a growth in prices, there are signs that things may be cooling off a bit. Appreciation is slowing, and the number of homes sold annually has declined. If 2019 continues the trend of recent years, any appreciation we have should happen over the 2nd and 3rd quarters this year.
Single Family Site-Built homes in Buncombe County had a median sales price of $320,000 for 2018. This was a 6.6% increase from 2017, and was a 52% increase since the end of the housing market recession in 2011.
On a quarterly basis, it is clear that appreciation isn't a straight line. Growth in median sale prices generally happens in the 2nd and 3rd quarters each year, and is followed by a slight decline for a couple of quarters. Overall, price growth has been a "two steps forward, and one step back" sort of process.
The average price per square foot for homes in Buncombe County was $194 per square foot in 2018, and was up 6.5% from 2017, and was up 55% from 2011
Annual Appreciation Rates peaked a couple of years ago. The Median Sales Price rate of appreciation has declined for the past two years, while the appreciation rate for Price per Square Foot has varied a bit more. For 2018 both were at their lowest rate since 2014. However, both are still above historic rates which averaged 4% per year prior to the mid-2000's.
Over the past 6 years, the number of newly listed homes in Buncombe County has remained fairly constant. The number of homes sold annually peaked in 2016, and has been declining slightly over the past two years. 2018 saw the fewest number of homes sold since 2014.