Set in North Carolina's majestic Blue Ridge Mountains, Asheville has long proven a favorite destination for an eclectic collection of travelers. Many come to immerse themselves in the city's thriving arts and music scene, partake in its diverse culinary offering, or use the city as a base for exploring the region's historic sites and state and national parks.
In recent years, however, many short-term visitors have made the leap to homebuyer status, seeking a more permanent arrangement, whether via a primary or second residence. Many buyers are seeking luxury accommodations — a condo in the heart of the city, a comfortable home in one of the city's celebrated neighborhoods, or land and a large estate in outlying Buncombe County.
Indeed, over the past three years, Asheville and surrounding communities were among the most sought-after places to buy a home, not just in North Carolina but the entire U.S. But with economic uncertainty, including ever-shifting mortgage rates and a growing concern heading into 2024, where does the current stand?
Below, we look at the Asheville luxury real estate market, including current trends and insight, and the future for buyers and sellers in this mesmerizing, one-of-a-kind city.
The Current State of the Market
In 2024, Asheville's luxury real estate market demonstrates a dynamic interplay of various factors, shaping the experience for buyers and sellers alike.
Inventory and Sales Dynamics
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Inventory of Homes: Currently, the inventory of homes for sale shows an increase of 7.4%, with 2,446 homes available in 2024​​.
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Sales Trends: While the number of sales in December was down from 2022, the Asheville market is witnessing a slow but steady climb in median and average prices. The market continues to thrive, with high demand for luxury properties.
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Price Appreciation: Both median and average sales prices have shown significant growth, indicating a market that has appreciated over the past year​​.
Interest Rate Influence
Mortgage rates have recently dipped below 7%, a relief for potential buyers. This decrease follows a period of rates being over 8%, opening up more favorable conditions for well-qualified buyers​​.
Market Outlook
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Buyer-Seller Dynamics: The market is currently balanced, offering opportunities for both buyers and sellers. Buyers enjoy a variety of options due to increased inventory, while sellers benefit from the overall appreciation in property values​​.
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Price Trends: Contrary to some expectations,
home prices are not dropping but continue to rise, with Asheville experiencing an upward trend in home prices​​.
Looking Ahead: Forecast for 2024
As we
navigate through 2024, the Asheville luxury real estate market is expected to remain vibrant and competitive. The market's future holds:
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Moderate Price Appreciation: Home prices are likely to continue their upward trajectory, albeit at a more moderate pace compared to previous years​​.
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Competitive Environment: The market favors sellers due to high demand and relatively low inventory. Buyers need to be proactive and prepared to make competitive offers swiftly​​.
Key Considerations for Buyers and Sellers in 2024
For Buyers
- Market Preparedness: Buyers should be financially ready and act quickly to secure their desired properties in this competitive market​​.
- Professional Guidance: Collaborating with experienced real estate agents is essential for navigating Asheville's dynamic market and making well-informed decisions​​.
For Sellers
- Leveraging Market Conditions: Sellers can capitalize on the strong market to obtain favorable prices for their properties​​.
- Effective Property Presentation: Competitive pricing and showcasing properties attractively are crucial for appealing to potential buyers​​.
Embracing Asheville's Luxury Real Estate Market
Asheville's luxury real estate market in 2024 presents a unique blend of opportunities and challenges for both buyers and sellers. The city's allure, coupled with its evolving market dynamics, makes it an exciting time for those looking to engage in luxury real estate transactions. Whether you are seeking to buy a dream home or sell a prized property, understanding the current trends and preparing for the market's future is key to success in Asheville's luxury real estate scene.
Ready to buy or sell Asheville real estate?
If you're interested in discovering even more about Asheville, including neighborhoods both in the city and those in wider Buncombe County,
contact Mark Fields Real Estate today to start your real estate journey and uncover your perfect home in one of the country's most celebrated and sought-after luxury real estate markets.
*Header image courtesy of Mark Fields Real Estate
