Asheville Region February 2025 Housing Market Report: Decline in Sales, Rising Prices Amid Continued Recovery

Asheville Mountain Sunrise by Clayton Manche

Canopy MLS ASHEVILLE, N.C. —  Home sales across the Asheville region experienced a seasonal slowdown in February, with closed sales dipping 14.1 percent year-over-year, totaling 583 homes sold. Month-over-month, sales declined 9.8 percent, as buyers took a more measured approach to home purchases. This sales data, provided by Canopy MLS, includes transactions for single-family homes, condos, and townhomes.

Contract Activity Remains Steady Amid Seasonal Trends

Despite the decline in closings, contract activity remained relatively stable, slipping just 1.5 percent year-over-year, with 732 homes going under contract. Compared to January, contract activity was down slightly by 1.9 percent.  Buyer interest, measured by showing activity, reflected typical seasonal patterns, declining 20.4 percent across the region. The highest level of buyer engagement was seen in Asheville, where listings averaged 3.2 showings per home, followed by Hendersonville, where listings averaged 2.5 showings per home.

New listings continued to strengthen inventory levels, rising 1.4 percent year-over-year, as 957 homes were added to the market. Month-over-month, new listings saw a 5.6 percent increase, signaling seller confidence ahead of the spring selling season.

The steady flow of new listings pushed inventory levels higher in February, with the number of homes for sale increasing 31.9 percent, surpassing 2,800 homes across the 13-county region tracked by Canopy MLS. This equates to a 3.6-month supply, representing a 38.5 percent increase from last year and bringing the market closer to a balanced state.

"Despite broader economic uncertainty and the challenges posed by higher mortgage rates, the Asheville housing market continues to show signs of resilience and recovery. The steady increase in new listings and growing inventory signal renewed confidence among sellers, while buyer activity—though tempered—remains steady”, said Dave Noyes, a Canopy MLS Board of Director and Designated Managing Broker with eXp Realty.  “As the region continues to rebuild, we’re seeing encouraging momentum that points toward a more balanced and sustainable market in the months ahead."

Home Prices Hold Steady Amid Market Shifts

Despite ongoing market fluctuations, home prices remained stable. The median sales price edged up 1.8 percent year-over-year to $400,000, while the average sales price rose 5.1 percent, reaching $494,080. The original list price to sales price ratio dipped slightly by 0.3 percentage points to 93 percent, reflecting increased buyer leverage in the current market.

As expected during the slower winter selling season, homes took longer to sell. The list-to-close timeline, which tracks the full selling process from listing to closing, extended 17.5 percent year-over-year, averaging 121 days, up from 103 days in February 2024.

Additionally, the Days on Market (DOM) metric—which measures how long a home remains listed before going under contract—climbed 30.4 percent, with homes averaging 73 days on market, compared to 56 days last year.

"As the spring selling season approaches, we expect home prices to remain relatively stable, with gradual growth as market conditions normalize. With inventory levels rising and sellers showing renewed confidence, buyers have more opportunities and negotiating power than in previous years. For those considering a purchase, now is a great time to explore the market, as increased inventory and moderating price trends create favorable conditions for buyers," said Noyes.

Asheville MSA Housing Market Sees Decline in Sales, Rising Prices Amid Recovery

Home sales across the Asheville Metropolitan Statistical Area (MSA) followed regional trends in February, with closed sales down 12 percent year-over-year, as 389 homes were sold. Compared to January, sales declined 6.3 percent, reflecting the slower winter market.

Contract activity, a key indicator of future sales, remained relatively steady, rising 0.6 percent year-over-year, with 467 homes going under contract. However, month-over-month, contract activity fell 6.2 percent, suggesting that sales in the coming months may remain sluggish. New listings increased slightly by 1.6 percent, with 586 homes hitting the market, offering buyers a wider selection as the prime selling season approaches. The MSA continues to move towards balance with inventory and supply rising 35 percent and 47.8 percent year-over-year respectively, boosting inventory to slightly more than 1,700 and 3.4 months of supply.

Despite market fluctuations, home prices continued to rise. The median sales price climbed 6.7 percent year-over-year to $440,000, while the average sales price increased 9.1 percent, reaching $534,214. The average list price surged 17.1 percent to $650,200, signaling strong seller expectations. Meanwhile, the original list price to sales price ratio dipped slightly by 0.4 percentage points to 93.8 percent, still providing sellers with a strong incentive to list their homes.Like the broader region, homes across the Asheville MSA took longer to sell. The list-to-close timeline, which measures the full selling process, increased 16.5 percent year-over-year to 120 days, up from 103 days last February. Additionally, days on market (DOM)—which tracks how long homes remain listed before going under contract—rose 27.3 percent, averaging 70 days, compared to 55 days a year ago.

Noyes continued, "While the Asheville MSA continues to recover from Hurricane Helene, we’re seeing steady new listing activity and a slightly stronger seller’s market than other areas in the region. Buyers who have been waiting for the right moment should take advantage of growing inventory and more negotiating power. As affordability challenges persist, working with a knowledgeable agent, with access to Canopy’s Down Payment Resource (DPR) tools can help buyers find more affordable opportunities, in this evolving market."

County Summaries 

Buncombe County — The Buncombe County housing market saw notable shifts in February 2025, with new listings increasing 9.6 percent year-over-year, as 321 homes entered the market. Despite this increase in supply, closed sales declined sharply by 18.0 percent, with only 201 transactions completed, reflecting a more cautious buyer pool. Pending sales also fell 11.3 percent, indicating that market activity may remain slow in the near term.

Home prices, however, continued to climb despite declining sales. The median sales price surged 16.3 percent year-over-year to $500,000, while the average sales price rose 11.3 percent to $589,738. The average list price saw a significant jump of 22.4 percent, reaching $733,039, suggesting that sellers are setting higher expectations, as buyers seek homes closer to job centers and amenities. However, the percentage of original list price received dipped slightly to 92.9 percent, down 0.9 percentage points, indicating that buyers mya have increased  negotiating power.

As expected during a slower market, homes took longer to sell. The list-to-close time increased 14.2 percent to 121 days, while the Days on Market (DOM) metric rose 26.3 percent, with homes averaging 72 days before securing a buyer. Inventory levels continued to expand, with 841 homes for sale, up 31.6 percent from the previous year, while months of supply grew to 3.2 months, a 45.5 percent increase, signaling a shift toward a more balanced market.

Haywood County — The Haywood County housing market saw a modest increase in new listings, with 90 homes entering the market, a 1.1 percent rise year-over-year. Pending sales showed strong momentum, increasing 20.9 percent compared to last year, as 81 homes went under contract. However, closed sales declined 9.8 percent, with 55 homes sold.

Unlike other counties in the MSA, Haywood County saw a slight dip in median sales price, which fell 2.7 percent year-over-year to $320,000. Some cooling of prices is expected as inventory and supply grows. However, the average sales price remained steady, increasing 1.5 percent to $381,664. The average list price surged 18.9 percent, reaching $525,584. Meanwhile, the percentage of original list price received improved to 92.7 percent, suggesting some stabilization in pricing negotiations.

Homes took longer to sell, with the list-to-close timeline increasing 10.2 percent to 119 days, while the days on market (DOM) rose 20.7 percent to 70 days. Inventory levels expanded significantly, with 292 homes for sale, up 36.4 percent year-over-year. The months' supply of inventory jumped 48.0 percent to 3.7 months, bringing the market closer to balance and offering buyers more options.

Henderson County — The Henderson County housing market remained active and competitive in February 2025, with closed sales increasing 5.3 percent year-over-year, as 120 homes were sold. Pending sales surged 17.5 percent, indicating continued buyer interest, while new listings declined 8.2 percent, with only 157 homes added to the market. This tightening supply could contribute to upward pressure on home prices in the coming months.

Home prices continued to rise, with the median sales price climbing 8.9 percent year-over-year to $448,750, and the average sales price increasing 11.1 percent to $519,552. However, the percentage of original list price received declined slightly to 95.4 percent, reflecting some softening in seller leverage as inventory levels rise. The months' supply of inventory expanded by 47.8 percent, reaching 3.4 months, as the number of homes for sale grew 46.4 percent to 508 properties, offering buyers more options than in previous months.

As expected at this time of year, homes are taking longer to sell. The list-to-close timeline increased 30.7 percent to 115 days, while days on market (DOM) rose 31.3 percent, averaging 63 days before securing a buyer.

Noyes continued, “Both Henderson and Haywood Counties continue to show strong demand, even as inventory grows. With more choices for buyers, those looking to purchase may want to act now before competition intensifies in the spring market.”

Madison County — The Madison County housing market experienced a significant slowdown in February, with closed sales plummeting 40.9 percent year-over-year, as only 13 homes were sold. Pending sales also declined by 15.0 percent, reflecting weaker buyer activity. Meanwhile, new listings dropped 25.0 percent, with just 18 homes added to the market, suggesting that some sellers may be hesitant to list in the current environment.

Despite the decline in sales, home prices remained resilient. The median sales price increased 9.4 percent year-over-year to $462,500, while the average sales price dipped slightly by 3.9 percent, landing at $456,462. The average list price surged 22.8 percent to $677,495, indicating that sellers still have high expectations despite evolving market conditions. However, homes took significantly longer to sell, with the days on market (DOM) jumping 65.1 percent to 104 days. The months' supply of inventory expanded 51.6 percent to 4.7 months, providing more choices for buyers and pushing the market closer to a balance.

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