Monday, February 20, 2023 / by Amy Brown
Monday market in minutes
We are in one of the strangest real estate markets since 2004. With the job market shift to a work from home ability more people are leaving larger metropolitan areas and flocking to our beautiful mountains and the peace and recreation that they provide.
When looking at the entire region as a whole, which encompasses 13 counties (Buncombe, Henderson, Haywood, Burke, Madison, Yancey, Jackson, McDowell, Mitchell, Polk, Rutherford, Swain, and Transylvania) we are at the lowest inventory level since 2004 with only 1742 properties available for sale.
But what makes it even stranger, is that sales have rebounded back to 2019-2020 levels keeping prices high.
The average home price region wide is $448,252, up 10.7% from this same time last year. The average SOLD home price in the city of Asheville is $560,812, while the average LIST price is $696,293.
With buyers still flocking to the area, competition remains high.
Let's address for a moment what an "average home" means for our area. And "average home" is NOT going to look like where you currently live. The average home in the Asheville area was built between 1920-1950. The average square footage is approximately 1700 sf. The house will more than likely have heat sources that are unfamiliar to you such as furnaces, boilers, or radiators. It may or may not have air conditioning. It will NOT be on a large parcel of land.
I say this, not to scare you, but to manage expectations. The draw for the area is not the houses but the beauty of the outdoors, the mountain scenery, and a lifestyle surrounded by nature. What you are paying for is the outside, not in. When looking for a home, expect to renovate some or part of the house.
Keep in mind, that the charm that drew you to this historic city is still here, it just comes in a more nostalgic package. Be prepared to make compromises and expect the unexpected. The key to a successful experience in your real estate sale lies in hiring an agent with relationships to the tradespeople in the market that can bring your home into the 21st century.
I have lived here all of my life. I have the contacts that you need!
When looking at the entire region as a whole, which encompasses 13 counties (Buncombe, Henderson, Haywood, Burke, Madison, Yancey, Jackson, McDowell, Mitchell, Polk, Rutherford, Swain, and Transylvania) we are at the lowest inventory level since 2004 with only 1742 properties available for sale.
But what makes it even stranger, is that sales have rebounded back to 2019-2020 levels keeping prices high.
The average home price region wide is $448,252, up 10.7% from this same time last year. The average SOLD home price in the city of Asheville is $560,812, while the average LIST price is $696,293.
With buyers still flocking to the area, competition remains high.
Let's address for a moment what an "average home" means for our area. And "average home" is NOT going to look like where you currently live. The average home in the Asheville area was built between 1920-1950. The average square footage is approximately 1700 sf. The house will more than likely have heat sources that are unfamiliar to you such as furnaces, boilers, or radiators. It may or may not have air conditioning. It will NOT be on a large parcel of land.
I say this, not to scare you, but to manage expectations. The draw for the area is not the houses but the beauty of the outdoors, the mountain scenery, and a lifestyle surrounded by nature. What you are paying for is the outside, not in. When looking for a home, expect to renovate some or part of the house.
Keep in mind, that the charm that drew you to this historic city is still here, it just comes in a more nostalgic package. Be prepared to make compromises and expect the unexpected. The key to a successful experience in your real estate sale lies in hiring an agent with relationships to the tradespeople in the market that can bring your home into the 21st century.
I have lived here all of my life. I have the contacts that you need!
