Market Reports

Fourth Quarter of 2022 (October - December)

Below, you will find market reports that we curate for folks looking to buy and sell property in Western North Carolina. Please let us know if you would like a more detailed report on one of these areas, or elsewhere in the region.


Fourth Quarter Overview


Low Inventory and Sustainable Demand

In a rapidly changing real estate landscape, we are seeing a number of external influences starting to take effect in the local housing market. Existing home inventory has slid to record lows during the 4th quarter of 2022, while demand has remained moderately high with inbound migration leading the way. Interest rates have continued to climb with little relief during the 4th quarter.

The Mid-Market (500K-999K) segment is most affected by these rate increases which has been revealed in sales numbers throughout the region. Cash buyers have continued purchasing luxury properties across the region in the 4th Quarter of 2022, with over half of all closed purchases being cash transactions.

Looking forward, 2023 should be a year in which our localized market sees stabilization into a more sustainable and normalized market moving forward.


Trending Upward

While we have seen a mixed bag with sell-through in both the luxury and mid-markets across the region in the fourth quarter, we see this as a normalization of the real estate market. The luxury market across WNC has been trending upward for many years and that continued in 2022.

The fourth quarter saw a slight dip in year-over-year sales, but was positive for the year. Moving into the first and second quarters of 2023, we foresee the Federal Reserve continuing its interest rate hikes which will in turn most likely inch mortgage rates slightly higher in the near term.

The fact is, from 1971 to 2022 the average mortgage interest rate has been 7.76%, which is more than a full percentage point above the current interest rate. Low inventory and sparse new construction starts should hold values steady heading into the first half of 2023. We’ll be keeping an eye on the financial markets — along with the Federal Reserve’s movement over the coming months — as both activities will be key indicators for the housing markets in 2023.


  • Buncombe County

    Homes Sold in Q4 of 2022

    Showings in Q4 of 2022


    Showings to Sales Conversion Rates for Q4 of 2022*

    0

    Homes Priced $500K - $999K

    0

    Homes Priced $1M+

    *This tells us, from October to December of 2022, the average percentage chance that a showing will become a sale. For example, a 10% conversion rate means that there are 10 showing to every 1 sale or a 10% chance that that showing will become the purchaser.


    Listing to Sales Price Ratio for Q4 of 2022*

    0

    Homes Priced $500K - $999K

    0

    Homes Priced $1M+

    *This is telling us, from October to December of 2022, the percentage of the original listing price that was actually paid for properties when all negotiation was completed and the transaction closed. 


  • Biltmore Forest

    Homes Sold in Q4 of 2022

    Showings in Q4 of 2022


    Showings to Sales Conversion Rates for Q4 of 2022*

    0

    Homes Priced $500K - $999K

    0

    Homes Priced $1M+

    *This tells us, on average, the percentage chance that a showing will become a sale. For example, a 10% conversion rate means that there are 10 showing to every 1 sale or a 10% chance that that showing will become the purchaser.


    Listing to Sales Price Ratio for Q4 of 2022*

    0

    Homes Priced $500K - $999K

    0

    Homes Priced $1M+

    *This is telling us what percentage of the original listing price was actually paid for properties when all negotiation is completed and the transaction closes. For example, a 10% conversion rate means that there are 10 showings for every 1 sale.


  • North Asheville

    Homes Sold in Q4 of 2022

    Showings in Q4 of 2022


    Showings to Sales Conversion Rates for Q4 of 2022*

    0

    Homes Priced $500K - $999K

    0

    Homes Priced $1M+

    *This tells us, on average, the percentage chance that a showing will become a sale. For example, a 10% conversion rate means that there are 10 showing to every 1 sale or a 10% chance that that showing will become the purchaser.


    Listing to Sales Price Ratio for Q4 of 2022*

    0

    Homes Priced $500K - $999K

    0

    Homes Priced $1M+

    *This is telling us what percentage of the original listing price was actually paid for properties when all negotiation is completed and the transaction closes. For example, a 10% conversion rate means that there are 10 showings for every 1 sale.


  • City of Asheville

    Homes Sold in Q4 of 2022

    Showings in Q4 of 2022


    Showings to Sales Conversion Rates for Q4 of 2022*

    0

    Homes Priced $500K - $999K

    0

    Homes Priced $1M+

    *This tells us, on average, the percentage chance that a showing will become a sale. For example, a 10% conversion rate means that there are 10 showing to every 1 sale or a 10% chance that that showing will become the purchaser.


    Listing to Sales Price Ratio for Q4 of 2022*

    0

    Homes Priced $500K - $999K

    0

    Homes Priced $1M+

    *This is telling us what percentage of the original listing price was actually paid for properties when all negotiation is completed and the transaction closes. For example, a 10% conversion rate means that there are 10 showings for every 1 sale.


  • Downtown Asheville Condos

    Homes Sold in Q4 of 2022

    Showings in Q4 of 2022


    Showings to Sales Conversion Rates for Q4 of 2022*

    0

    Homes Priced $500K - $999K

    0

    Homes Priced $1M+

    *This tells us, on average, the percentage chance that a showing will become a sale. For example, a 10% conversion rate means that there are 10 showing to every 1 sale or a 10% chance that that showing will become the purchaser.


    Listing to Sales Price Ratio for Q4 of 2022*

    0

    Homes Priced $500K - $999K

    0

    Homes Priced $1M+

    *This is telling us what percentage of the original listing price was actually paid for properties when all negotiation is completed and the transaction closes. For example, a 10% conversion rate means that there are 10 showings for every 1 sale.


  • Arden

    Homes Sold in Q4 of 2022

    Showings in Q4 of 2022


    Showings to Sales Conversion Rates for Q4 of 2022*

    0

    Homes Priced $500K - $999K

    0

    Homes Priced $1M+

    *This tells us, on average, the percentage chance that a showing will become a sale. For example, a 10% conversion rate means that there are 10 showing to every 1 sale or a 10% chance that that showing will become the purchaser.


    Listing to Sales Price Ratio for Q4 of 2022*

    0

    Homes Priced $500K - $999K

    0

    Homes Priced $1M+

    *This is telling us what percentage of the original listing price was actually paid for properties when all negotiation is completed and the transaction closes. For example, a 10% conversion rate means that there are 10 showings for every 1 sale.


  • Fairview – Fletcher

    Homes Sold in Q4 of 2022

    Showings in Q4 of 2022


    Showings to Sales Conversion Rates for Q4 of 2022*

    0

    Homes Priced $500K - $999K

    0

    Homes Priced $1M+

    *This tells us, on average, the percentage chance that a showing will become a sale. For example, a 10% conversion rate means that there are 10 showing to every 1 sale or a 10% chance that that showing will become the purchaser.


    Listing to Sales Price Ratio for Q4 of 2022*

    0

    Homes Priced $500K - $999K

    0

    Homes Priced $1M+

    *This is telling us what percentage of the original listing price was actually paid for properties when all negotiation is completed and the transaction closes. For example, a 10% conversion rate means that there are 10 showings for every 1 sale.


  • Henderson County

    Homes Sold in Q4 of 2022

    Showings in Q4 of 2022


    Showings to Sales Conversion Rates for Q4 of 2022*

    0

    Homes Priced $500K - $999K

    0

    Homes Priced $1M+

    *This is telling us what percentage of the original listing price was actually paid for properties when all negotiation is completed and the transaction closes. For example, a 10% conversion rate means that there are 10 showings for every 1 sale.


    Listing to Sales Price Ratio for Q4 of 2022*

    0

    Homes Priced $500K - $999K

    0

    Homes Priced $1M+

    *This tells us, on average, the percentage chance that a showing will become a sale. For example, a 10% conversion rate means that there are 10 showing to every 1 sale, or a 10% chance that that showing will become the purchaser.


  • The Foothills

    Homes Sold in Q4 of 2022

    Showings in Q4 of 2022


    Showings to Sales Conversion Rates for Q4 of 2022*

    0

    Homes Priced $500K - $999K

    0

    Homes Priced $1M+

    *This tells us, on average, the percentage chance that a showing will become a sale. For example, a 10% conversion rate means that there are 10 showing to every 1 sale or a 10% chance that that showing will become the purchaser.


    Listing to Sales Price Ratio for Q4 of 2022*

    0

    Homes Priced $500K - $999K

    0

    Homes Priced $1M+

    *This is telling us what percentage of the original listing price was actually paid for properties when all negotiation is completed and the transaction closes. For example, a 10% conversion rate means that there are 10 showings for every 1 sale.

These Market Reports are based on information from the Canopy MLS for the period(s) and area(s) as titled above those data sets.
We welcome feedback of any kind.
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