Asheville housing market shifts toward balance as supply surges

Asheville-area housing moved deeper into balance in June, with supply rising fast enough to blunt the seller’s edge that defined much of the past few years. In the 13-county region tracked by Canopy MLS, months of supply climbed to 6.2 from 3.7 a year earlier, a 67.6% increase that Canopy described as balanced territory. The Asheville Metropolitan Statistical Area, which includes Buncombe, Haywood, Henderson and Madison counties, posted 6.0 months of supply, up from 3.4 and nearly double the level seen a year earlier.

The shift has been visible in prices and in the pace of sales. In June, the region’s median sales price was $420,000, down 3.7% from a year earlier, while the average sales price slipped 2.9% to $513,036. Sellers were still getting most of their list price, with the original list price to sales price ratio at 94.2%, but homes were taking longer to move. Days on market rose to 55 from 41 a year earlier, a 34.1% increase.

Buncombe County showed a similar cooling pattern in the first quarter of 2025. Through March, Canopy MLS data showed months of supply at 3.7, up from 2.4 a year earlier. Inventory rose to 975 homes for sale from 693, an increase of 40.7%, while days on market stretched to 63 from 51. That combination points to more choices for buyers in Asheville, Weaverville, Black Mountain and other Buncombe County markets, and more competition for sellers who had grown used to multiple offers.

Canopy tied part of the reset to Hurricane Helene, which struck the region on Sept. 28, 2024 and disrupted the fall market. By the end of October 2024, new listings were down 43.5% from a year earlier, pending sales were down 39.7% and overall activity had fallen 27.1% from October 2023. More than 300 homes were withdrawn or taken off the market, with an estimated value of $272 million, and Canopy MLS suspended reporting during the fourth quarter.

Dave Noyes, a Canopy MLS and eXp Realty broker, said the market is no longer a strong seller’s market, but the median price holding at $415,000 year to date should reassure owners who are worried about falling values. The longer-run price backdrop still shows a market that has climbed far beyond pre-pandemic levels. The Federal Reserve Bank of St. Louis’ Asheville MSA house price index stood at 517.65 in the fourth quarter of 2025, offering a benchmark for how far local home values have run over time even as the latest data point to a slower, more balanced market.