| Good Monday morning from Asheville, |
| A few things have shifted in the same direction at once this fall: home prices are softer, mortgage rates have climbed back above 7%, and the Mortgage Bankers Association now says rates are likely to stay there through 2027. That combination changes the math for sellers, buyers, and homeowners who are weighing whether to stay put or make a move. This week we dig into what it means here in the mountains, in plain numbers. |
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By the numbers
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$458,266
Asheville median home value, July 2026
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7.5%
30-year mortgage rate reached last week
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21%
U.S. home sellers who dropped asking price
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IN THIS ISSUE
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Asheville prices are down. Here is what the number actually tells you. |
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Rates hit 7.5% last week and the forecast is not encouraging |
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Higher rates change what it takes to sell, not just to buy |
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Renovate to stay or sell and move? A question more Asheville homeowners are sitting with. |
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The lead 路 LOCAL MARKET
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Asheville prices are down. Here is what the number actually tells you.
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| The median Asheville home value has slipped to $458,266, a 5.2% decline over the past year, according to Zillow's July 2026 data. |
| That drop is real, but it is not a freefall. Inventory is still tight at 3.24 months of supply as of June, down from 4.8 months a year ago, which is the main reason prices have not fallen faster or further. Homes are sitting a little longer too: the average is now 66 days on market versus 62 days last year. What this looks like in practice is a market where sellers have lost a little pricing power but buyers are not swimming in options. |
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Why it matters: If you have been waiting to list because you feared a crash, the data here suggests a gradual softening, not a cliff, and your window to sell into remaining low inventory is still open.
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Read at Zillow →
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RATE WATCH
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Rates hit 7.5% last week and the forecast is not encouraging
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| The 30-year mortgage rate reached 7.5% last week, and the Mortgage Bankers Association now projects rates will stay above 7% through all of 2027. |
| The MBA's chief economist cited persistent inflation and global volatility as the reasons bond investors keep demanding higher yields, which in turn keeps mortgage rates elevated. One nuance worth knowing: the Fed's short-term rate decisions and mortgage rates are not the same thing. Mortgage rates follow the 10-year Treasury yield, not the Federal Funds Rate, so a Fed pause does not automatically bring relief at the closing table. A separate Redfin analysis found that housing costs could return to something like normal within five years if rates drop to around 6% and home-price growth holds near 2.1%, but that scenario requires things to cooperate. |
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Why it matters: Every $100,000 you borrow at 7.5% instead of 6% adds roughly $100 per month to your payment, so if you are buying or helping a family member buy in WNC right now, the rate environment deserves more of your attention than the listing price.
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Read at HousingWire →
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SELLER STRATEGY
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Higher rates change what it takes to sell, not just to buy
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| When mortgage rates climb, sellers feel it too: fewer qualified buyers, longer days on market, and more pressure to price sharply from day one. |
| Nationally, 21% of home sellers dropped their asking price during the four weeks ending September 20, the highest share for that time of year on record per Redfin. That pattern is consistent with what we are seeing locally, where days on market have ticked up and buyers are taking their time. Builders are facing the same squeeze: Ashton Woods reported rising cancellations and noted that buyers still want to purchase but are having trouble qualifying at current rates. |
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Why it matters: A price reduction after sitting on the market typically signals distress to buyers and tends to net you less than pricing it right on day one would have.
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Read at Keeping Current Matters →
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LIFE PLANNING
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Renovate to stay or sell and move? A question more Asheville homeowners are sitting with.
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| The age-in-place versus relocate decision has real financial weight, and it is worth thinking through before costs or health force the issue. |
| Senior homeowners nationally are holding record equity, $15.34 trillion in aggregate as of Q2 2026 per the National Reverse Mortgage Lenders Association, which means many older homeowners have more options than they realize. The Keeping Current Matters piece on this topic covers the key considerations: what modifications actually cost, how your current home's layout serves you long-term, and whether your equity would work harder somewhere else. In a mountain town like Asheville, where terrain can make aging in certain homes tricky, this conversation is worth having early rather than in a hurry. |
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Why it matters: Equity is patient until you need it fast, and knowing what your home is worth now gives you time to plan rather than react.
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Read the full story →
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Quick hits
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Tip of the week
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Pull your property tax value before year-end
Buncombe County's assessed values do not always track with what the market is doing, and a softer sales environment is exactly when it is worth checking whether your assessment has kept pace with the decline. If your assessed value is higher than what comparable homes are actually selling for right now, you may have grounds to appeal before the next cycle. Your county assessor's office is the place to start, and the window to file varies by year, so check the deadline now rather than in January.
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How was this issue?
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Until next week,
Priya, broker-in-charge
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| P.S. If you want a current read on what your specific neighborhood is doing, not just the Asheville-wide average, just reply to this email. Happy to pull the numbers for you. |