Spring Real Estate Snapshot Shows Asheville Market Still Strong

As spring blooms in Asheville, the real estate market in the city and its surrounding areas continues to showcase resilience, remaining a seller’s market with a slight easing of prices. Brokers and builders in the region shared insights into current trends and developments.

New Listing in Black Mountain

A recent listing by GreyBeard Realty in Black Mountain features a three-bedroom, two-bathroom home priced at $649,000. The property, spanning under 1,500 square feet and resting on a third of an acre, highlights the ongoing demand for real estate in the area.

“There’s a little less competition, but there’s still quite a bit of competition. The Fed did not drop interest rates yesterday. It’s looking like the spring will most likely kind of stay kind of where the spring is right now,” said a broker with GreyBeard Realty, emphasizing the stability of the market.

Robust Demand for Custom Home Builds

Jag Construction, known for its custom home builds in Asheville, continues to experience strong demand, especially for high-end properties on challenging in-fill lots. These properties, requiring thorough engineering and due diligence, are pushing home builds into the million-dollar range.

“We’re seeing a lot more cash buyers who can afford a million-dollar house,” stated Tim Nylander, project manager for Jag Construction, highlighting the market shift towards luxury properties.

Changing Landscape of Housing Costs

Over the past decade, Asheville has witnessed a significant increase in housing costs, with median and average home sale prices on the rise. The escalating prices have led to challenges for prospective buyers seeking affordable options below $400,000 in the region.

Median Home Sale Prices for 2024:

• Buncombe: $448,490
• Haywood: $369,000
• Henderson: $423,000
• Madison: $435,000
• McDowell: $303,000
• Polk: $420,000
• Transylvania: $489,000

March 2024 Average Home Sale Prices:

• Buncombe: $568,243
• Haywood: $411,701
• Henderson: $486,855
• Madison: $514,740
• McDowell: $449,759
• Polk: $466,835
• Transylvania: $670,927

Rise of Tiny Homes and Affordable Housing Solutions

With the soaring costs of traditional housing, the trend of tiny homes and affordable housing solutions is gaining momentum. Builders like Jeremy Stauffer of Nanostead are catering to the demand for compact living spaces that provide both functionality and affordability.

Stauffer showcased a 400-square-foot home in Montford, priced at around $225,000, catering to clients looking for alternative housing options. The shift towards smaller dwellings reflects a growing interest in sustainable and cost-effective living.

Exploring Alternatives Outside Buncombe County

Asheville’s rising real estate prices have led some buyers to seek more affordable options outside Buncombe County, where housing costs are comparatively lower. The trend of purchasing land or properties in surrounding areas is emerging as a viable solution for budget-conscious buyers.

Conclusion

Despite a marginal softening of prices, Asheville’s real estate market remains robust, catering to diverse buyer preferences and budget constraints. The evolving landscape of housing trends signifies a shift towards innovative solutions and alternative living arrangements in response to escalating costs.

As spring unfolds in Asheville, the real estate sector continues to showcase resilience and adaptability, reflecting the dynamic nature of the market.