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!