Asheville Housing Market Update: Inventory, Prices, and Trends
Asheville, North Carolina, also known to locals as “The Land of The Sky” is home to scenic mountain views, locally owned shops, art galleries, appetizing restaurants, and lively entertainment venues. Its picturesque landscape of the Blue Ridge mountains and quaint small-town feel is really what makes any visitor want to become a full-time resident. However, the housing market is ever-changing, and you’ll need to keep up with it if you want a chance at landing your dream home in this edgy and inviting mountain town.
If you want to buy or sell a home quickly, and for the best price, you must be aware of the current state of the housing market. Continue reading to learn all about the Asheville housing industry, and determine if now is the right time to enter the market.
A Growing Population
Asheville is the largest growing city in Western NC. Currently, the metropolitan area population is 366,000 residents — which is a 1.67 percent increase from last year’s metrics. With all it has to offer, such as an abundance of indoor and outdoor activities, it’s no wonder why so many people are eager to call Asheville their new home.
However, from a real estate perspective, more people moving to an area means increased competition among homebuyers. To avoid the added stress, make sure you consult with a local lender as soon as possible so you’ll have your finances in order and know exactly what you can afford.
The Redbud Group has preferred lending partners! Contact our team to be connected.
Is Asheville in a Sellers or Buyers Market?
Much like many other cities across the United States, Asheville is currently in a seller's market. This means prices are trending higher and homes are selling faster due to there not being enough available inventory to meet the needs of interested buyers. This imbalance between supply and demand causes sellers to have an advantage in the market, as buyers must compete with each other through bidding wars.
The good news is that buyers are not completely out of options! When you hire a Redbud Group REALTORS®, you can rest assured knowing that they will go above and beyond to help you find the perfect home — without all the hassle that comes with buying in a seller's market. Contact us today to speak with an agent!
Average Sale vs. List Price of Homes
Much like other markets worldwide, price tags on homes in Asheville are continuing to rise year-over-year. The average sale price of homes in Asheville is currently $468,656, which has increased nearly seven percent from last year’s average of $439,388.
On the other hand, the average list price, which is the amount of money a home was originally put on the market for, is $533,965. In comparison to this time last year when listing prices in Asheville averaged $459,356, we have seen a 16.1 percent increase. Though this is great news for sellers, you must take advice from your agent when pricing your home, as your list price can greatly affect your buyer turnout.
Average Days Spent on Market
This month, the average number of days homes were active on the market was 25 just days. When looking at last year’s numbers, we see a 16.7 percent decrease. This is great news for home sellers, as your property will sell rather quickly — especially with the help of a Redbud Group REALTORS®!
How Much Inventory is Available?
Unfortunately for buyers, we have seen a decrease in the inventory of homes for sale this month. Currently, our metrics report that there are 2,181 active listings in Asheville. Compared to this time last year, we see a 13.7 percent decrease. This suggests that sellers are no longer panic selling their properties, but rather choosing to wait on the sidelines as buyers continue to absorb available inventory.
Pro Tip: To give yourself the best chance of finding your dream home with limited inventory, remember to work closely with your local real estate agent and lender!
Experience Buying or Selling With a Redbud Group REALTORS®
Whether you’re buying or selling a home, you’re going to want to work alongside an agent who will always put you first. Here at The Redbud Group, your goals are our goals. We prioritize your needs above our own from the beginning to the end of every transaction — to ensure you have the stress-free home sale you deserve.
If you’re ready to begin your home-buying or selling journey, don’t hesitate to contact us. Use the button below or visit our website to speak with a real estate agent® today!
