From Staff Reports 

ASHEVILLE, N.C — Asheville homes are averaging 88 days on the market — the longest stretch since 2015 — driven by high mortgage rates, overpriced seller expectations and a shift toward a balanced buyer’s market, the Asheville Citizen Times reported on July 29.

The following are market factors and conditions, based on the ACT’s report:

• High interest rates: Stubbornly high mortgage rates, tied to broader economic headwinds and energy cost spikes, have — reportedly — caused buyers to hesitate and pause purchases.

• Unrealistic seller pricing: Many sellers continue listing properties based on peak historical values, failing to realize prices have adjusted downward and requiring late price drops.

• Balanced inventory: Inventory has risen to more than six months in many local brackets, giving purchasers more leverage, negotiating power and choices than in previous years.

• Mispriced vs. correctly priced: Homes properly valued from day one still move relatively quickly, while over-inflated listings sit for months.

As of Aug. 1, average mortgage rates in the Asheville area hovered around 6.77 percent to 6.85 percent for a 30-year fixed loan, and approximately 5.94 percent to 6.10 percent for a 15-year fixed loan.