Spring in Asheville: Here We Go Again!

By
Real Estate Agent with Carolina Mountain Sales NC #286533

 

Kurt the Bear Celebrates Spring at Open House in Asheville

The housing market in Asheville, NC is exploding. Sales of single-family homes in the area have already have exceeded sales from the first quarter of last year. Surrounding counties in Western North Carolina have seen similar increases in home prices.   The demand to live in WNC only continues to grow.

 

Record High Sales in Asheville, NC

Looking at sales in the first quarter of 2017, the data clearly show the rising costs of buying a home in Asheville.  Most notably, the median sales price of a single family home in the City of Asheville has now surpassed $300,000 for the first time ever!   

 

 

This chart shows the median sales price of single-family homes in the City of Asheville. Overall, the median sales price has increased over 11% from the first quarter of last year.

As of today, there are currently 1021 active listings for sale in Buncombe county, with a median asking price of $419,000.

 

 

The sharp increases in sales price, coupled with the low housing inventory, have made a lot of long-time, local residents hesitant to buy in what they only see as another "housing bubble".  Speaking with local real estate professionals, I know there are wide range of opinions on the future of our local market.  From what I see happening this Spring, there are no signs of slowing growth anytime soon.  Even with interest rates continuing to rise through 2017, the demand for housing in Western North Carolina remains strong. 

 

Can I Still Afford to Buy a House in Asheville?

Being a buyer in a seller's market is never fun.  Despite my best efforts, it's a struggle to help some of my clients who are priced out of a home they could've qualified for just a few months ago! 

To better understand the forces driving up housing costs in the Asheville area, one must only look to the basic economics of supply and demand.  More houses on the market = more options for buyers, and therefore greater negotiating advantage.  However, in a market with very few existing homes on the market, sellers have the advantage and buyers are often left feeling that they have no options...  Or worse, buyers find their dream home within their price range, not knowing that 4 other buyers have the same plan, and their offer isn't accepted. 

But wait, there's still good news!  As of today, interest rates on 30-year, fixed-rate mortgages have decreased for the 3rd week in a row and now are hovering back down near 4%.

In this fast-paced market, it's important to choose a Realtor® who has the knowledge and experience to help you navigate the homebuying process.  Contact me today to see how I can help!

 

Search for Homes in Asheville, NC

 

Asheville Skyline 

 

 

Comments (15)

Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Nice to hear that Asheville's market is booming right now Rachael.  I went thru a lull at the end & beginning of the year but things have really ramped up here in Charlotte too. Hopefully it continues thru 2017!

Apr 14, 2017 10:36 AM
Noel Mayer
Upper Montclair Weichert Realtors - Montclair, NJ
YOU WILL BE RIGHT AT HOME WITH NOEL

Thank you for sharing your first blog post and welcome to ActiveRain

Apr 14, 2017 02:44 PM
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

Welcome to ActiveRain Rachael Evans and I'm excited to read your introduction and your booming Asheville's market...

Apr 14, 2017 05:53 PM
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Impressive report on Ashville Rachael!

Welcome to Active Rain, looking forward to reading many more of your posts, let me know if there is anything that I can do to help as you get started here.
All the best of success to you.
Bob

Apr 14, 2017 11:07 PM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Rachael Evans and Welcome to the Rain where we all learn from each other and help each other.

Apr 15, 2017 06:56 AM
Sybil Campbell
Fernandina Beach, FL
Referral Agent Amelia Island Florida

Hi Rachael Evans, The market in Asheville is really hot right now isn't it?  By the way, welcome to Active Rain and congrats on your first blog post.  This is a great place to meet and interact with awesome professionals.

Apr 15, 2017 07:59 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Rachael welcome to ActiveRain, and congratulations on posting your first blog on this site.

Apr 15, 2017 03:09 PM
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker, eXp Realty - Kalispell, MT
Helping your Montana dreams take root

Welcome to ActiveRain and thank you for the insight into Asheville.

Apr 16, 2017 03:20 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Rachael, great first post, and valuable information for anyone looking to buy or sell in Ashville.  Welcome to ActiveRain!  

Apr 16, 2017 06:07 AM
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Lice Localism post ! Spring has been very good to us this year !!!!!!

Apr 16, 2017 07:29 AM
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Welcome to ActiveRain Rachael Evans.

This is The Best place to learn, share and build relationships with like-minded professionals.

Apr 16, 2017 11:48 PM
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

This is the biggest challenge we all face -

"Being a buyer in a seller's market is never fun. "

Apr 16, 2017 11:49 PM
CA COASTAL ESTATES Lauren Selinsky Perez CRS
California Coastal Estates - Aliso Viejo, CA
"Your Real Estate Broker" #oclauren

That is a great median price and for that area too.

I have a friend that just landed there Friday to see his daughter.

Lauren Selinsky

Apr 17, 2017 12:17 AM
CA COASTAL ESTATES Lauren Selinsky Perez CRS
California Coastal Estates - Aliso Viejo, CA
"Your Real Estate Broker" #oclauren

Welcome To ActiveRain.

Following you now.

Lauren Selinsky

Apr 17, 2017 12:17 AM
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

Rachael,

Welcome to our blogging community! 

Looking forward to learn more about you and your business!

Apr 19, 2017 11:49 PM