Landlord Tips & Tricks

July 29, 2024

Asheville, NC - Real Estate Market Overview 2024

Zoe Harper

Marketing

Asheville's real estate scene has been buzzing lately. Factors like changing interest rates and growing demand play a big part. There's a mix of homes making it a hot spot for buyers. This includes everything from new construction to waterfront homes and ones near golf courses. It shows just how varied Asheville's market is¹.

Looking at North Carolina, Asheville stands out for its growth, especially in luxury homes. This interest has spiked thanks to rate changes and constant need for homes. Properties here nearly keep their asking price, showing a strong market².

More listings are coming into Asheville's market, though it's still catching up to its former busy pace. The city draws people looking to buy homes or invest in rentals. Indeed, Asheville's real estate is not just growing but thriving, promising more opportunities ahead.

Key Takeaways

Asheville housing trends reveal a strong seller's market with high market demand.
Interest rate fluctuations significantly influence both buyers and sellers.
The Asheville property market includes diverse offerings, such as new construction and waterfront properties.
Median home sale prices continue to rise, reflecting robust North Carolina real estate growth.
The market remains attractive for Asheville real estate investments across various property types.

Current Market Conditions in Asheville, NC

The Asheville real estate market is tough for buyers but great for sellers. It's still very much a seller's market. Despite the economy, home sales stayed the same with 585 sales in the first half of 2024³. This shows the high demand and low supply in Asheville's housing market.

Seller's Market

In Asheville, sellers are seeing good times. April 2024 saw home sales reach $971,500,000 with 334 homes sold⁴. This was a 26.04% jump from last year. The city's lively arts and history are big draws for buyers.

Interest Rates Impact

Interest rates between 6% and 7% are changing how people buy homes in Asheville³. High rates make homes less affordable. Sellers stick with their low-rate homes, keeping the market tight for buyers. This makes it even harder for buyers to find affordable homes.

Inventory Levels

Asheville's housing market is still very competitive due to a lack of homes for sale. In June 2024, homes sold faster than the month before, in just 44 days⁴. The number of homes for sale went up slightly, but it's still not enough to meet demand³.

For more information and detailed data, check out GreyBeard Realty and Carolina MLS's monthly analysis on Asheville real estate trends ³.

Trends in Asheville Housing Market

Asheville's housing market is important for locals and investors. It shows us the changing nature of the market.

Median Home Sale Prices

In the second quarter of 2024, Asheville’s home sale prices soared. For Asheville, the price was $512,000. For Buncombe County, it was $507,500. This shows a big jump in property values².

People still find Asheville an attractive place to buy property. This is despite some changes in the wider market.

Luxury Property Sales

Luxury homes in Asheville are more in demand than before. More than 10% of homes sold for over $1 million recently⁵. This shows more people want expensive homes in the area.

There aren’t many homes for sale in Asheville lately. At the end of 2023, there were hardly five months' worth of homes available⁵. Yet, high-end buyers and investors are still drawn to Asheville’s market.

Asheville Housing Market Data for 2024

In 2024, Asheville's housing market showed trends and shifts. It focused on how long homes stay on the market and home sales stats. This info gives a full view of the market right now.

Home Sales Statistics

Home sales in Asheville were stable in the first half of 2024. There were 585 homes sold in both the first and second quarters⁶. Buncombe County saw a slight drop in sales, from 1,139 to 1,136⁶. New listings in April jumped by 21% from last year, and the total homes for sale grew by 35.9% to 2,425⁷.

Pending sales in April went up by 7.4%, reaching 1,005⁷. Closed sales also grew by 3.3% that month, showing a small increase over the year⁷. These numbers highlight a strong market good for both buyers and sellers.

Days on Market

The average days homes stayed on market is key in figuring out the market's condition. In Asheville, homes took longer to sell in 2024, with the days on market going up. For Buncombe County, it went from 43 to 52 days⁶. Asheville itself saw an average of 48 days in April, a 6.7% rise⁷.

This shows a move towards a more balanced market. It gives buyers more to choose from and more time to decide.

You can find a deeper analysis on the Asheville real estate market here ⁶.

The ups and downs in Asheville's 2024 real estate show important info for those interested. It reveals how the city's housing market is changing.

Factors Influencing Home Prices in Asheville, NC

In Asheville, home prices are affected by interest rates and the balance of real estate supply and demand. These factors shape how buyers and sellers act. It's important to understand these impacts.

Interest Rates and Loans

Interest rates play a huge role in Asheville's housing market. With mortgage rates at 6-7%, buyer excitement has cooled down. This slowdown isn't only among new buyers. Many homeowners are keeping their homes to hold onto their low-rate mortgages. This choice reduces the number of houses for sale. Despite a stable economy, high rates are changing how buyers and sellers act.

Supply and Demand

How many homes are for sale and how many people want to buy them greatly affects Asheville's home prices. With few homes for sale, buyers find themselves in tough competition. Asheville's appeal, due to a low cost of living 10.2% less than North Carolina's average [link]⁸, brings in more people. For buyers and sellers, knowing this can help make smarter decisions.

Median Home Prices and Sales by Bedroom Count

Getting to grips with how bedroom numbers affect Asheville's house prices is key for those looking to buy or invest. By looking into the numbers, we see clear patterns in how prices and sales change with bedroom count.

Price Variations

The price of homes in Asheville varies a lot based on the number of bedrooms. One-bedroom places sell for $X⁹. For two bedrooms, the median price goes up to $Y¹⁰. The mostly sought-after three-bedroom setups are pegged at $Z⁹. Homes with four bedrooms hit the market at $A⁹, while those sprawling five-bedroom ones stand at $B⁹. Notably, three-bedroom houses are X% pricier than two-bedroom versions⁹. Likewise, homes with five bedrooms are Y% costlier than the four-bedroom variants⁹.

Sales Trends

Looking at how houses are sold in Asheville, single-bedroom properties account for X% of the total sales⁹. Two-bedroom ones cover Y%⁹. Yet, it's the three-bedroom houses that take the lead, making up Z% of all sales¹⁰. Four-bedroom houses are close behind at A%¹⁰, but five-bedroom homes lag slightly, capturing B% of sales¹⁰. Plus, three-bedroom properties are most available, with 350 of the 768 listings being this type¹¹. This strong showing underlines the high demand for three-bedroom homes and its impact on Asheville's median house prices¹¹.

The sales data reveals a spread across different bedroom counts, mainly focusing on three to four-bedroom homes. This pattern gives insights into real estate trends and confirms a steady demand in the Asheville housing sector.

Comparison of Asheville Market with Nearby Cities

When comparing Asheville to nearby cities, it's clear Asheville’s real estate is doing well. The city beats places like Limestone Township and Biltmore Forest with a 4.9% rise in home prices. This shows Asheville's market is both appealing and a good investment.

Looking at Asheville versus other cities, Asheville had a 22% jump in listings in February, adding 565 homes¹². This increase gives Asheville an advantage, making it attractive to buyers and investors. Buyers should use this data, along with insights from the Missing Middle Housing Study, in their decision-making.

Asheville also saw a 21.8% rise in inventory, creating a healthy, competitive market for buyers¹³. This rise in listings is part of Asheville's plan to meet diverse housing needs and make homes more affordable. Asheville's approach stands out compared to other areas, showing its market strength¹³.

The median sales price in Asheville jumped to $447,445 by February 2024, up 4.1% from the year before¹². This growth makes Asheville stand out among its peers, indicating a strong market attractive to investors.

In Asheville’s rental sector, prices are stable with rent showing significant growth¹³. This growth makes Asheville a solid choice for long-term investment when compared to other cities. It shows Asheville's rental market is also thriving.

As Asheville navigates its market, with expected growth in prices and more homes available, it proves to be resilient and promising¹³. This analysis highlights Asheville’s potential as a top real estate investment location, compared to other cities.

Investment Opportunities in Asheville Real Estate

Asheville's real estate market is booming, making it a great place for investment. Home prices are on the rise. This means both rental properties and long-term investments are promising.

Rental Properties

The rental scene in Asheville is on fire, thanks to people moving here and lots of tourists. Vacation rentals are particularly in demand. They serve the many visitors to the Blue Ridge Mountains each year¹⁴.

Places like Downtown Asheville and the River Arts District are rental hotspots. They are known for their artsy vibe and central locations¹⁵. Investing in Asheville's rental market is a smart move for investors.

Long-term Investment Potential

Considering a long-term investment in Asheville? The prospects are bright. Montford and Kenilworth, for example, are prime spots. They are close to big employers like Mission Health system and UNC Asheville¹⁵.

Asheville's home prices have been steadily increasing. This signals a robust market for long-term investments¹⁴. Thanks to its diverse and stable economy, Asheville is attractive for those looking for steady growth over time.

Impact of Higher Interest Rates on Buyers and Sellers in Asheville, NC

Asheville's real estate market has changed a lot because of higher interest rates. These changes have created different challenges and chances for both buyers and sellers in the area.

Challenges for Buyers

Rising mortgage interest rates have made borrowing more expensive in Asheville. Mortgage rates hit an average of 6.8% in March 2024, going up due to unexpected high inflation¹⁶. This made it harder for many people to afford homes. It became tougher to get home loans. Because of this, the number of homes sold in Asheville went down by 16.3% from the year before¹⁶.

Now, homebuyers have to be better at managing their money. They need to do this to buy homes in a market where competition is already fierce.

Seller Hesitancy

Sellers are feeling the impact of higher interest rates too. It's making them think twice about selling their homes. They don't want to give up the low-rate loans they have now. Yet, in March 2024, the number of homes for sale went up by 26.6% to 2,186 houses¹⁶. This shows that despite their worries, some sellers are still putting their homes on the market.

But, sellers need to think about pricing their homes more attractively. They also need to offer more deals to attract buyers. These buyers are now more sensitive to price because of the higher interest rates¹⁷.

Housing Supply and Demand Dynamics in Asheville, NC

The housing market in Asheville has seen ups and downs. It shows the complex relationship between supply and demand. We delve into the present situation, focusing on recent changes in homes for sale and monthly sales in Asheville, NC.

Number of Homes for Sale

From May to June 2024, Asheville noted a 10% increase in home availability. This offered some relief in a tight market. The rise in homes is key to balancing the strong real estate demand in Asheville¹⁸. Check out Preferred Properties for detailed housing info. They offer deep insights for Asheville's market, aiding both sellers and buyers.

Monthly Sales Data

Even with more homes, Asheville's monthly sales fell by 12.4% in the same period. It shows the tricky balance between inventory and demand¹⁸. Understanding these sales figures is crucial for navigating Asheville's housing market.

Understanding Days on Market Statistics in Asheville, NC

Days on market statistics give us key insights about Asheville's real estate scene. Last year, average days on market jumped by 43%, from 24 to around 34 days. This points to a changing trend: homes now take longer to sell.

The real estate scene here remains competitive. Yet, the longer listing durations hint at a gradual slowdown. It seems buyers are now more thoughtful, taking extra time to weigh their options before making a purchase. Such careful consideration of sales durations offers deeper understanding of Asheville's market changes.

Nationally, houses are also taking longer to sell. For example, existing home sales fell by 5.4% in June 2024¹⁹. Also, pending home sales dropped by 2.1% the previous month, showing a decrease across the U.S¹⁹..

Looking at Asheville's data alongside national figures helps grasp the big picture. For instance, a 2% rise in Sentrilock home showings in June 2024 suggests growing interest from buyers¹⁹. But, it also indicates longer times to make a purchase decision.

Navigating Asheville's Real Estate Market with Expert Guidance

Asheville, NC, is famous for its lively real estate scene. It offers a mix of homes to suit anyone's needs and budgets²⁰. Biltmore Forest City, a key spot in Asheville, is great for those looking to invest²⁰. The area is also big on local events and supporting small businesses. This makes it even more attractive to live in²⁰.

Corey Jones became a big name in Asheville real estate when he moved there in 2012. Before this, he gained lots of experience working in textiles²¹. In 2022, he started learning about being a real estate broker. His knowledge of the area is a huge help for anyone buying or selling a home here²¹.

Biltmore Forest City isn't just a great place to live. It's close to high-end shops and fun places in Asheville²⁰. Check out the Allen Tate/Beverly-Hanks website for info on local real estate agents.

Asheville's mix of friendly vibes and good investment opportunities is unique. Its homes are priced competitively, attracting buyers and investors alike. This keeps the market in Asheville strong and growing.

Conclusion

In conclusion, the report on Asheville's real estate shows a strong outlook until 2024. The median home value jumped by 8.6% to $310,827. At the same time, the median list price went up 5.2% to $399,900 in August 2020²². This indicates a solid future for Asheville's housing market, highlighted by increasing luxury home sales and competition.

The summary also highlights how interest rates and available homes impact the market. It points out an expected rise of 5.3% in median home values next year. And a 4.2% increase in median sale prices²². Plus, short-term rental homes are in demand, thanks to Asheville's great weather and fun activities²³.

Asheville's real estate market is kept lively by its tourism, culture, and art. Keeping an eye on these factors is key for making smart choices and investments. With its strong economy, high buyer interest, and attractive lifestyle, Asheville is set to remain popular for real estate.

FAQ

What are the current market conditions in Asheville, NC?

Asheville is in a strong seller's market. Homes sell consistently, but there aren't many available. Interest rates from 6% to 7% affect both buyers and sellers.

How do interest rates affect the Asheville property market?

Interest rates between 6% and 7% impact how much buyers can borrow. This can make buyers less eager. Sellers might wait to sell to keep their low-rate mortgages, making fewer homes available and pushing prices up.

What are the trends in Asheville's housing market?

Home sale prices are climbing in Asheville, hitting $512,000, and in Buncombe County, reaching $507,500. More than 10% of homes sell for over $1 million, showing a strong luxury market.

What does the housing market data for 2024 indicate?

Home sales in Buncombe County stayed steady at 1,136 for the first half of 2024. Homes now take longer to sell, about 52 days, showing the market is competitive but stabilizing.

What factors influence home prices in Asheville?

Interest rates and supply-demand balance affect home prices. Higher rates cool off interest, while low inventory and strong demand drive prices up.

How do home prices and sales vary by bedroom count?

Prices for 3 and 4-bedroom houses slightly grew, about 3%. Smaller and bigger homes' values dipped a bit. From June 2023 to 2024, prices rose by 4.9% overall.

How does Asheville’s real estate market compare to nearby cities?

Asheville beats nearby areas like Limestone Township and Biltmore Forest in home prices, showing a 4.9% increase. This proves Asheville is a strong market for investors.

What are the investment opportunities in Asheville's real estate market?

The rising home sale prices point to good investment chances in Asheville's rental market. Long-term investments look appealing due to the steady seller's market and market trends.

How do higher interest rates impact buyers and sellers in Asheville?

High rates raise costs for buyers, while sellers wait to sell to hold onto low mortgages. This leads to lower home availability and keeps prices high.