Sections of the Asheville-area housing market are now considered to have more favorable conditions for buyers as homes are staying on the market longer and inventory has risen, a shift from what had long been a “seller’s market,” local experts say.
In the city of Asheville, sales remained steady, with 898 homes sold between Jan. 1 and Sept. 30, compared to 901 sold during the same period in 2024, according to the third quarter market report compiled by Mosaic Community Lifestyle Realty. Sales in Buncombe County slumped, dropping from 1681 homes sold in 2024 to 1554 in 2025, a 8% decline.
Homes listed above $450,000 in Buncombe County are now considered to be in “buyer’s market” territory, meaning the market is presenting more favorable conditions for those looking to purchase homes, said Mike Figura, owner of the Asheville-based Mosaic Community Lifestyle Realty.
A buyer’s market is a housing market where there is more than six months of inventory listed, and more homes for sale than there are current buyers. All homes priced above $450,000 in Buncombe County currently stand at over six months of inventory, according to the Mosaic Realty market report. As of Sept. 30, 1,073 homes were listed on the market in Buncombe County and 642 were listed in the city of Asheville.
Months of inventory indicates how long it would take to sell every home currently on the market in one price range given sales pace. Areas of the Asheville housing market, even listed as low as $250,000, are currently sitting around six months of inventory, indicating a balanced market.
Homes are sitting on the market for an average 68 days in Buncombe County and an average of 60 days in Asheville. On average, homes are only selling for 97% of their list price through the year, meaning some buyers may be able to find discounts while bidding for homes, Figura said.
“We’re seeing more price reductions. We’re seeing more homes selling under list price,” Figura said.
Prices have risen in Asheville, but only slightly in Buncombe County
In Asheville, median sale prices rose from $488,000 at the end of 2024 to $512,000 during the third quarter of 2025, a 6% increase. In Buncombe County, median sale prices rose from $477,000 to $480,000.
Activity in the market is likely to increase once interest rates improve, as buyers are staying on the sidelines waiting for better long-term conditions, Figura said. The Federal Reserve may soon take action to address consumer concerns.
In September, the Fed cut rates by a quarter of a percent, bringing the current benchmark interest rate to a range of 4% to 4.25% in September, USA Today reported. The decision had been the subject of public scrutiny as President Donald Trump pressured the rate drop, but the Fed signaled that two more interest rate cuts could come by the end of 2025. Still, national economic anxiety over tariffs and the job market has may contribute to a lack of activity, Figura said.
“I think people are maybe waiting for interest rates to drop more,” Figura said. “There are a lot of people sitting on the sidelines.”
Will Hofmann is the Growth and Development Reporter for the Asheville Citizen Times, part of the USA Today Network. Got a tip? Email him at WHofmann@citizentimes.com. Consider supporting this type of journalism with a subscription to the Citizen Times.
