The Asheville housing market is experiencing dynamic shifts in 2024. With increased prices and expanding inventory, it has become more balanced, providing opportunities for both buyers and sellers. Located in the beautiful Blue Ridge Mountains of North Carolina, Asheville offers attractions for tourists and real estate investors alike. But what are the current trends and future forecast for this market? Let's delve into the key metrics and gain a comprehensive understanding of the Asheville housing market.
Current Asheville Housing Market Trends in 2024
The Asheville housing market encompasses several counties, including Buncombe, Burke, Haywood, Henderson, Jackson, Madison, McDowell, Mitchell, Polk, Rutherford, Swain, Transylvania, and Yancey. According to the Canopy Realtor® Association, new listings have witnessed a subtle increase of 0.4%, indicating a steady flow of properties entering the market. Additionally, pending sales have seen a noteworthy surge of 7.4%, reflecting a heightened demand for properties. This proactive and competitive market environment is further exemplified by the 5.5% rise in closed sales, reflecting a positive trend in completed real estate transactions.
Asheville Housing Market Competitiveness and Pricing Trends
Asheville has witnessed a substantial increase in median sales price, reaching $395,000, indicating appreciation in property values. The average sales price has also experienced a significant uptick of 12.5%, reaching $502,438. Although there is a slight decrease in the percent of the original list price received, the overall stability and attractiveness of the Asheville housing market are emphasized, with sellers achieving 93.2% of the list price.
Asheville Supply and Demand Dynamics
The inventory of homes for sale in Asheville has increased by 9.4%, providing buyers with a broader array of options. However, the months supply of inventory has also seen an increase of 21.1%, reaching 2.3 months. This suggests a slightly more balanced market, offering reasonable negotiating positions for both buyers and sellers.
Future Market Outlook for Asheville
The days on market until sale have slightly increased, indicating a slightly extended timeframe for properties to be sold. However, the average list price has shown an 11.8% increase to $560,575, suggesting that the market anticipates sustained growth in the coming months.
Asheville Housing Market Forecast 2024
According to Zillow, the average home value in Asheville stands at $453,415, reflecting a noteworthy increase of 4.8% over the past year. Properties in Asheville typically go to pending status in approximately 37 days, indicating a dynamic and fast-paced market. Looking ahead, the Metropolitan Statistical Area (MSA) forecast for Asheville paints a promising picture. It indicates a growth of 0.2% by February 29, 2024, followed by a robust 1% increase by April 30, 2024, and an impressive 5% surge by January 31, 2025. This forecast suggests sustained growth and stability in the Asheville housing market.
Asheville Real Estate Investment Overview
Investing in real estate in Asheville offers great potential for long-term returns. The city is home to several universities, creating a large and diverse student market. Additionally, the demand for affordable homes is high, as smaller homes appeal to couples looking for starter homes and retirees. Furthermore, the city's geography limits its growth potential, making it an attractive option for real estate investment. The diversified job market and potential for short-term rentals also contribute to the appeal of investing in Asheville real estate. Moreover, North Carolina's landlord-friendly environment provides added security for property owners.
In conclusion, the Asheville housing market presents a promising outlook for 2024. With a balanced market, competitive pricing trends, and diverse investment opportunities, now is a good time to consider buying a house in Asheville. However, individual circumstances and preferences should be taken into account. Stay updated on market trends and consult with real estate professionals to make well-informed decisions.