Buncombe County Market Update – May 2025: Signs of a Shifting Market

The Buncombe County real estate market is showing signs of transformation as we move through mid-2025. While inventory levels and new listings are up significantly, closed sales and home prices tell a more nuanced story—indicating that the once red-hot seller’s market is cooling into a more balanced playing field.

Inventory Surge Changes the Landscape

One of the most striking shifts this month is the 81.1% increase in inventory compared to May 2024. With 1,518 homes on the market, buyers now have considerably more options. This surge is also reflected in the months supply of inventory, which jumped from 2.9 to 5.9 months, a 103.4% increase. In real estate terms, a 5–6 month supply is generally considered a balanced market—no longer favoring sellers as heavily.

New Listings Climb, But Sales Are Sluggish

New listings are up 36.9% year-over-year for May, and up 24.9% year-to-date, showing strong seller interest. However, closed sales are down 20.6% for May and 10.8% year-to-date, while pending sales also dipped 7.9% year-to-date. This disconnect suggests that despite increased inventory, many homes are sitting longer and not converting to sales at the same pace as last year.

Pricing Trends Reveal Buyer Hesitation

While the year-to-date median sales price is up 5.1% to $493,890, the monthly median for May dropped 2.9% to $505,000. Additionally, the average sales price fell 11.1% from the same time last year, now sitting at $611,124. Sellers are also receiving less of their original asking price—now 95.8%, down from 97.8% in May 2024.

This cooling of pricing power, paired with a 21.7% increase in average days on market, points to growing buyer caution and a need for pricing strategies to adjust accordingly.

What This Means for Buyers and Sellers

  • For buyers, this could be the best environment we’ve seen in years. More options, less competition, and the potential for price negotiations make it a strong time to re-enter the market.

  • For sellers, preparation is key. Homes are taking longer to sell, and pricing too aggressively could lead to extended days on market or price reductions. Working with a local expert to develop a smart listing strategy is more important than ever.

 

Final Takeaway:
The Buncombe County housing market is no longer sprinting—it's pacing itself. The substantial inventory increase suggests a healthier, more sustainable market environment, but sellers will need to adjust expectations. Buyers, on the other hand, might finally be able to take a breath and explore the growing selection of homes at a more manageable pace.