Asheville, North Carolina, is rich in natural beauty. It is dubbed as the "Paris of the South" and sometimes, the "Beer City." Plus, it lies along the Blue Ridge Mountains and the Great Smoky Mountains. Aside from the unique food selection and natural wonders, what does Asheville, NC, have to say in real estate? Read below:
Quick Facts:
- 93,350 population
- The cost of living is 106, higher than the entire North Carolina average of 90.6.
- The median home price is $385,650 to $399,000.
- The price per square foot is $271.
- Usually, the number of days in the market is 44-49 days and 28 for hot homes.
- In Asheville, North Carolina, hot homes can sell 5% higher than the listing price.
- The city is currently a seller's market.
Asheville, NC, in a Nutshell
Asheville's community is something everyone can fall in love with. The people are warm and inviting. Not only that, but the place is also accessible to airports, malls, and medical facilities - as well as good schools.
Below are the best neighborhoods for real estate:
- Windswept Dr/Alexander Dr
- Riverside Dr/Hill St
- College St/Patton Ave
- Amboy Rd/State St
Public Schools
Asheville, NC, hosts 41 public schools and 14 private schools. Here are some of the top public schools in the area:
- F Delany New School For Children
- Ira B Jones Elementary
- Invest Collegiate - Imagine
- Nesbitt Discovery Academy
- Enka High
How's the economy?
Employment in Asheville, is a mix of white- and blue-collar jobs. People work in the fields of:
- Foodservice
- Sales jobs
- Healthcare
- Office works
Moreover, the city is a perfect place for aspiring artists! People can also try investing in outdoor businesses and utilize the natural beauty of the area.
According to some real estate sites, the area is car-dependent.
Meanwhile, the weather in Asheville varies from 28F to 83F and is rarely below 14F or above 89F.
Real Estate in Asheville, NC
As stated above, the median home price is $385,650 to $399,000. Thus, the most expensive neighborhood is Grove Park-Sunset, with a listing price of $1.2M. Meanwhile, the most affordable area is Beverly Hills, with a listing price of $329K.
Asheville, NC Inventory
According to Freestone Properties, during the 2021 summer, the Asheville market experienced:
- Market growth
- Bidding wars
- Increased prices
Thus, the global pandemic resulted in historically low-interest rates and low inventory. Recently, this August, the city revealed that experts saw a slight increase in stock.
While experts saw a slight increase, homes are selling fast in Asheville, North Carolina. As a result, the market cannot maintain a higher level of in-stock inventory.
For sellers, it's great news because the competition is not too tight. They can negotiate with their clients - to their advantage.
But buyers are forced to act and decide quickly so that they can close a contract. Hence, the situation limits their options.
Here are some numbers to clarify the data above:
On August 1, 2021, home supply was only about 1.5 (single-family homes and condo/townhomes.) And while Ashville experienced a drastic drop in its inventory, there was a slow increase. That is to say, in July 2021, there was a +13.3%.
Asheville, NC, Real Estate Trends
The most common homes in the city are second homes. Hence, Asheville is not into new construction but is now becoming the option due to the growing demand for houses.
Furthermore, buyers choose second homes because they turn it to Airbnb or short-term rentals. Experts also saw a surge in house demand among millennials for primary houses.
2021 Real Estate Prediction
Experts don't see a significant change in the market. But, they foresee that the holiday seasons will push sellers to post new listings and homeowners to sell their houses.
Moreover, the growing demand for homes will result in buyers deciding to build a new home - which is a lot different of a process. That is to say, land sales, especially in the mountain areas, will most likely become the latest trend for buyers.
Final Thoughts
The recent pandemic has a major role in Asheville's inventory report. That will not be easily solved, but buyers, sellers, and agents can take advantage of land sales and new constructions. This charming town is only getting more popular.
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