Asheville, North Carolina, is a beautiful mountain town nestled in the Blue Ridge Mountains of Western North Carolina. With its vibrant downtown area, historic neighborhoods, and stunning natural beauty, Asheville has become a popular destination for both tourists and homeowners alike. The real estate market in the greater Asheville area has experienced significant growth over the last decade, and the trend is expected to continue in the years to come. This article will examine the current state of the Asheville real estate market, focusing on data from 2013 to 2023.

Current Real Estate Market

The Asheville real estate market is currently experiencing a period of strong growth. According to Zillow, the median home value in Asheville was $310,827 in August 2020, representing an 8.6% increase from the previous year. The median list price for homes in Asheville was $399,900 in August 2020, a 5.2% increase from August 2019. In addition, the median sale price for homes in Asheville in August 2020 was $365,000, which is an 8.5% increase from the previous year.

Real estate values have been rising steadily in the Asheville area for several years. According to the Asheville Regional Association of Realtors, the median sales price for a single-family home in Buncombe County (which includes Asheville) was $292,500 in 2019, representing a 15% increase from 2018. In addition, the average days on market for homes in the Asheville area decreased from 63 days in 2018 to 50 days in 2019.

Forecasted Real Estate Market

The future of the Asheville real estate market is expected to remain strong in the coming years. According to Zillow, the median home value in Asheville is forecasted to increase by 5.3% over the next twelve months. The median list price for homes in Asheville is projected to increase by 3.2%, and the median sale price is expected to increase by 4.2%.

The Asheville Regional Association of Realtors also predicts that the median sales price for a single-family home in Buncombe County will continue to increase in the coming years. They predict that the median sales price will reach $310,000 in 2020, representing a 6.2% increase from 2019. In addition, the average days on market is expected to remain steady at 50 days in 2020.

Conclusion

The Asheville real estate market has experienced strong growth over the past decade, and the trend is expected to continue in the years to come. The median home value in Asheville is forecasted to increase by 5.3% over the next twelve months, and the median sales price for a single-family home in Buncombe County is expected to reach $310,000 in 2020. With its vibrant downtown area, historic neighborhoods, and stunning natural beauty, Asheville remains a desirable place to live and invest in real estate.


Suzanne Arthur with TALG


Sources:

https://www.zillow.com/asheville-nc/home-values/

https://www.ashevillehomesearch.com/market-statistics/

https://www.realtor.com/realestateandhomes-search/Asheville_NC/overview