Tuesday, April 11, 2023 / by Amy Brown
Wrapping your head around Asheville home prices
I was thinking this morning how difficult it is to be a buyer looking in Asheville today. This area has changed so much since I was a child. Back in the 1980s we were a small, country town that no one had heard of. There were cows in the front yard of my high school and not a Wal-Mart in sight.
Today, Asheville is an artsy, bohemian vacation destination and now that it has been discovered by the masses it is one of the top places to live in the U.S. Because of that, you need to look at it from a different perspective.
The reason that you buy here is for what you aren't purchasing. You buy here because of the mild weather, friendly folks, outdoor activities, and peaceful surroundings. You buy here for our culinary culture, accepting community, and the feel of stepping back in time.
Once a destination has "hit the map" you need to expect to pay top prices for the location. Asheville is on the same price level as Manhattan, San Diego, and Los Angeles. We are premier.
Home prices are only getting less affordable especially as inventory decreases and demand rises.
We have hit a historical low for affordability with an index of 69. Last year at this same time the housing affordability index was 102 with the higher the number indicating the more affordable the market is.
Inventory has also been on a steady decline as we enter one of the lowest points of supply in over a decade.
What all of this data and metrics indicate is very simple. This is not an area that will experience a decline. Prices will only continue to rise in the coming years. The most affordable that a home is going to be is TODAY.
So make some concessions whether it's on area, square footage, land parcel, features, or price and consider the larger picture of what it means to live here in these beautiful mountains. Every day is a journey of beauty and discovery...that's what you are paying for.
Grab your piece of the dream and start living your best life now!
Today, Asheville is an artsy, bohemian vacation destination and now that it has been discovered by the masses it is one of the top places to live in the U.S. Because of that, you need to look at it from a different perspective.
The reason that you buy here is for what you aren't purchasing. You buy here because of the mild weather, friendly folks, outdoor activities, and peaceful surroundings. You buy here for our culinary culture, accepting community, and the feel of stepping back in time.
Once a destination has "hit the map" you need to expect to pay top prices for the location. Asheville is on the same price level as Manhattan, San Diego, and Los Angeles. We are premier.
Home prices are only getting less affordable especially as inventory decreases and demand rises.
We have hit a historical low for affordability with an index of 69. Last year at this same time the housing affordability index was 102 with the higher the number indicating the more affordable the market is.
Inventory has also been on a steady decline as we enter one of the lowest points of supply in over a decade.
What all of this data and metrics indicate is very simple. This is not an area that will experience a decline. Prices will only continue to rise in the coming years. The most affordable that a home is going to be is TODAY.
So make some concessions whether it's on area, square footage, land parcel, features, or price and consider the larger picture of what it means to live here in these beautiful mountains. Every day is a journey of beauty and discovery...that's what you are paying for.
Grab your piece of the dream and start living your best life now!
