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July 12th, 2019 by Marco Santarelli
How is The Asheville Real Estate Market 2019?
Real estate can be a worthy investment opportunity. With research, a plan and the right price, just about anyone can be a real estate investor. If you are looking at investing in the Asheville real estate market as a potential investment opportunity, you must read till the end. Asheville, North Carolina sits in the Blue Ridge Mountains in the western part of the state.
This area is often overlooked in favor of larger cities like Charlotte or Durham. However, the area has its own attractions whether you’re a tourist or considering Asheville real estate investment. Asheville proper is home to around ninety thousand people. The Asheville housing market is larger than this, though, when you take the five county metropolitan area into account.
The larger Asheville real estate market is home to over four hundred thousand people. If you are an investor, Asheville real estate has a track record of being one of the best long term investments. There are a number of reasons to consider investing in the Asheville real estate.
Is Asheville going to be one of the hottest real estate markets for investors in 2019? To answer this question, let’s take a look at the latest Asheville housing market trends and find out the prospects of investing in the Asheville real estate in 2019.
Asheville Real Estate Market Forecasts 2019 & 2020
The median home value in Asheville is $282,700 on Zillow. Asheville home values have gone up 3.7% over the past year and Zillow’s Asheville real estate market prediction is that the prices will rise 0.8% by May 2020. The median list price per square foot in Asheville is $231, which is higher than the Asheville Metro average of $195.
The median price of homes currently listed in Asheville is $355,000 while the median price of homes that sold is $279,300. The median rent price in Asheville is $1,600, which is higher than the Asheville Metro median of $1,500.
Here is the Asheville real estate price appreciation graph by Zillow. It shows us the current home price appreciation forecast of 0.8% till May 2020.
Asheville Housing Market Forecast 2019 – 2021
The Asheville housing market forecast for the 3 years ending with the 3rd Quarter of 2021 is also positive. The accuracy of the Asheville housing market trend prediction is 88%. Accordingly, LittleBigHomes.com estimates that the probability for rising home prices in Asheville, NC is 88% during this period. If this Housing Market Forecast is correct, home values will be higher in the 3rd Quarter of 2021 than they were in the 3rd Quarter of 2018.
Check this page each quarter for updates to the Asheville, North Carolina Real Estate Forecast.
Asheville Real Estate Market Trends
Asheville real estate market trends indicate an increase of $750 (0%) in median home sales and a 0% rise in median rent per month over the past year. The average price per square foot for this same period rose to $211, up from $204. Trulia has 827 resale and new homes for sale in Asheville, NC, including open houses, and homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process.
The median sales price for homes in Asheville for Mar 27 to Jun 26 was $299,750 based on 552 home sales. Average price per square foot for Asheville was $212, an increase of 5% compared to the same period last year. The median rent per month for apartments in Asheville for Jun 5 to Jul 5 was $1,600.
As per the real estate company named Redfin, the Asheville housing market is somewhat competitive. Homes in Asheville receive 1 offers on average and sell in around 63 days. The average sale price of a home in Asheville was $324,000 last month, up 3.0% since last year. The average sale price per square foot in Asheville is $196, up 1.0% since last year. Homes typically receive 1 offer. Homes for sale in the Asheville housing market sell for about 3% below list price and go pending in around 63 days. Hot homes for sale in Asheville, NC can sell for around list price and go pending in around 40 days.
Asheville Housing Market Statistics
There are 1,543 homes for sale in Asheville, NC ranging from $3K to $10.8M on Realtor.com. 80 of which were newly listed within the last week. Additionally, there are 129 Asheville rental properties with a range of $550 to $7.5K per month. Data by Redfin.com shows that in June 2019 the housing market in Asheville, NC was a balanced market, which means there was a healthy balance of buyers and sellers in the market.
The median list price of homes in Asheville, NC was $389K in June 2019, trending down -4% year-over-year. The median listing price per square foot was $214. The median sale price was $328.5K. Homes in Asheville, NC sold for 2.25% below asking price on average in June 2019. On average, homes in Asheville, NC sell after 65 days on the market. The trend for median days on market in Asheville, NC is flat since last month, and slightly down since last year.
The median list price in Asheville, NC is $449,900 on Movoto.com. The median list price in Asheville was less than 1% change from June to July. Asheville’s home resale inventories is 692, which increased 2 percent since June 2019. The median list price per square foot in Asheville is $224. June 2019 was $225. Distressed properties such as foreclosures and short sales remained the same as a percentage of the total market in July 2019.
Asheville, NC Single Family And Multi-Family Homes
Following the housing market decline in 2007, single family rental properties became favorable options for investors, saving in construction or refurbishment prices. The quick turnaround for an owner to rent out their property means cash flow is almost immediate.
Single family rental homes have grown up to 30% within the last three years. Almost all the housing demand in the US in recent years has been filled by single family rental units.
The housing market in Asheville and Buncombe County moved towards a more balanced market in the 1st quarter of 2019, shifting away from a strictly seller’s market, especially in the City of Asheville.
As per the real estate company called Neigborhoodscout.com, the median house price in Asheville, NC is $307,844, which indicates that home prices in Asheville are a little above the national average for all cities and towns in the United States. Single family detached homes are the single most common housing type in Asheville, accounting for 54.63% of the city’s housing units.
Other types of housing that are prevalent in Asheville include large apartment complexes or high rise apartments ( 25.61%), duplexes, homes converted to apartments or other small apartment buildings ( 12.18%), and a few mobile homes or trailers ( 3.99%).
People in Asheville primarily live in small (one, two or no bedroom) single-family detached homes. Asheville has a mixture of owner-occupied and renter-occupied housing.
New single family homes are being built in Asheville in 2019. Many new communities such as brand-new condos are being built which have modern amenities such as pools, trails, gyms and so much more.
Currently, there are 477 single family homes for sale in Asheville, NC on Zillow. Additionally, there are 140 single family homes for rent in Asheville, NC. Under potential listings, there are about 0 Foreclosed and 10 Pre-Foreclosure homes. These are the properties that may be coming to the market soon but are not yet found on a multiple listing service (MLS).
Asheville, NC Foreclosures And Bank Owned Homes 2019
According to Zillow, the percent of delinquent mortgages in Asheville is 0.4%, which is lower than the national value of 1.1%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Asheville homeowners underwater on their mortgage is 4.7%.
There are currently 46 properties in Asheville, NC that are in some stage of foreclosure (default, auction or bank owned) while the number of homes listed for sale on RealtyTrac is 858. In May 2019, the number of properties that received a foreclosure filing in Asheville, NC was 14% lower than the previous month and 54% lower than the same time last year.
Home sales for April 2019 were up 0% compared with the previous month, and down 100% compared with a year ago. The median sales price of a non-distressed home in Asheville was $0. The median sales price of a foreclosure home in Asheville was $0, or 0% higher than non-distressed home sales.
Asheville Home Prices And Real Estate Appreciation 2019
Asheville real estate appreciated 33.65% over the last ten years, which is an average annual home appreciation rate of 2.94%, putting Asheville in the top 20% nationally for real estate appreciation.
During the latest twelve months, Asheville’s real estate appreciation rate, at 4.65%, has been at or slightly above the national average. In the latest quarter, Asheville’s real estate appreciation rate has been -0.33%, which annualizes to a rate of -1.32%.
It is important to note that Asheville real estate appreciation rate in the latest quarter is one of the lowest in the nation.
The above statistics on real estate appreciation in Asheville, NC were taken from NeighborhoodScout.com. You can visit their page for more information. Relative to North Carolina, their data shows that Asheville’s latest annual real estate appreciation rate is lower than 50% of the other cities and towns in North Carolina.
The average home price in Asheville continues to rise in 2019. The Asheville housing market continues to be hot as popular Asheville neighborhoods gain more and more interest. Local agents predict that the demand for homes will increase in and around Asheville NC in neighborhoods such as Biltmore Lake, Black Mountain, Hendersonville, Leicester, Weaverville and more.
Best Places To Buy Real Estate In Asheville, North Carolina
If you are looking to buy real estate in Asheville, you should know the best places to invest in. The three most important factors when buying a real estate anywhere are location, location, and location. Location creates desirability. Desirability brings demand. Demand would raise the price of your Asheville real estate and you should be able flip it for a lump sum profit.
When looking to invest in Asheville real estate, you need to find places where the expected property appreciation forecast is positive. The running costs for owning and managing an Asheville investment property should be low. The neighborhoods in Asheville must be safe to live in and should have a low crime rate.
The neighborhoods should be close to basic amenities, public services and shopping malls. There should be a natural and upcoming high demand for rental properties and a low supply of income properties.
There are 42 neighborhoods in Asheville. There are 62 schools in Asheville, NC. There are 25 elementary schools, 8 middle schools, 10 high schools and 19 private & charter schools.
Some of the best neighborhoods in Asheville, North Carolina are Biltmore Forest, Oakley and Kenilworth. Biltmore Park has a median listing price of $749,000, making it the most expensive neighborhood. Oteen is the most affordable neighborhood, with a median listing price of $234,000.
Here are the 10 best neighborhoods in Asheville to invest in real estate because they have the highest appreciation rates (List by Neigborhoodscout.com).
Should You Invest In Asheville Real Estate In 2019?
Is it worth buying a house in Asheville, NC? Investing in real estate is touted as a great way to become wealthy. Many real estate investors have asked themselves if buying a property in Asheville is good investment? You need to drill deeper into local trends if you want to know what the market holds for the year ahead.
We have already discussed the Asheville housing market 2019 forecast for answers on why to put resources into this market. Although, this article alone is not a comprehensive source to make a final investment decision for Asheville but we have collected ten evidence based positive things for those who are keen to invest in the Asheville real estate in 2019.
Investing in Asheville real estate will fetch you good returns in the long term as the home prices in Asheville have been trending up year-over-year. Let’s take a look at the number of positive things going on in the Asheville real estate market which can help investors who are keen to buy an investment property in this city.
1. The Literal Constraints of Geography
The same geography that attracts many tourists to the city limits the growth of the city. Asheville has east-west access via I-40 while Highway 26 connects it to other towns north and south.
However, new construction going up mountainsides is expensive and risky. They simply cannot expand into Pisgah National Forest or the massive Nantahala National Forest. This limits potential growth of the city.
2. The Diversified Job Market
If Asheville’s lifeblood was tourism, we couldn’t recommend Asheville real estate investment because it would be too risky. However, the Asheville real estate market is buoyed by a diversified, solid job market. The city is the regional services hub.
This means that the city, the state and several government agencies are large local employers. So, too, are the local VA medical center, school system and health system.
Furniture makers, equipment manufacturers, and research facilities dot the area. This creates a large, healthy job market that can weather almost any storm.
3. The Surprisingly Large and Diverse Student Market
Any college creates a large population of permanent renters. The Asheville housing market beats many college towns because it is home to several different universities.
We’ll ignore the technical community college in Asheville and look at schools like Black Mountain College, Shaw University, Brevard College, Lenoir-Rhyne University and Mars Hill University. Each has several hundred to several thousand students.
You could own multiple Asheville real estate investment properties, each near a different school, and thus have a diversified real estate portfolio for relatively little money.
Yet the area’s economy is so diverse you could rent the same properties out to students if any of these small liberal arts colleges fold. Or you could simply rent out properties in the Asheville real estate market to UNC Asheville students.
4. The Walkable Downtown
Walkable communities are all the rage. It is so important to many young couples and downsizing couples that new walkable planned neighborhoods are being built around the U.S.
The Asheville housing market is unusual for already having an established, walkable downtown. The downtown is large enough to be a community in its own right, but it isn’t so large that the Asheville real estate market is depressed by blighted area.
5. The Potential for Short Term Rentals
The lush forests around Asheville attract tourists for the hiking, rafting and other outdoor activities. The city has limited short-term rentals, but that doesn’t mean this isn’t an option if you own Asheville real estate investment properties.
For example, parts of the Asheville real estate market are zoned as “resort”. You can rent these properties out on short term rental sites to your heart’s delight.
Properties that already had short term vacation rental permits are grandfathered into the existing rules, though you should verify the permit could transfer to you before buying it the Asheville real estate investment property. Towns outside of Asheville proper have their own rules, too, and are more relaxed in this regard.
6. The Landlord-Friendly Environment
North Carolina in general is landlord friendly. The state is also far more landlord friendly than surrounding states like South Carolina, Virginia and Tennessee.
You can evict people for non-payment of rent, breaching the lease, criminal activity, and remaining on the property after termination of the lease. Major cities in the state don’t tack on additional tenant protections, either.
We just can’t give North Carolina extra points on being tax-friendly for property owners; they’re literally average when it comes to income and property taxes.
7. The Strong Appreciation
The Asheville housing market is more expensive than average due to the limited space. This is why the median home value in the Asheville real estate market is almost 300,000 dollars.
And home values went up nearly four percent last year. The Asheville housing market slowed down in 2019 but is still expected to go up roughly one percent for the year. This is a good time to buy before the housing market heats up again.
8. The Demand for Affordable Homes Is High
Given the amazing views, proximity to nature and examples like the Vanderbilt property in the area, the Asheville real estate market has seen more luxury homes built than affordable ones.
Yet it is the smaller homes that appeal to couples looking for starter homes and retirees who don’t need something big. Depending on the area in the Asheville real estate market, it can be hard to find properties below 400,000.
This is compounded by neighborhoods that say homes must be at least 1000 or 1200 square feet in size, preventing much cheaper homes from being built. This creates strong demand for affordable single family rentals in the Asheville housing market.
9. The Stable Housing Market
One fear real estate investors have is the bottom falling out of a market, whether due to natural disasters or loss of interest in the local attractions. The Asheville real estate market is incredibly stable. For example, less than five percent of homes have negative equity.
The national average is more than eight percent. Less than half a percent of home owners are delinquent on their mortgage payments, roughly a third of the national average. This means that distressed sellers do exist, but any downturn in the local economy won’t be enough to cause the Asheville housing market to collapse.
This is a sharp contrast to the Arizona housing market that fell to half its former value in the 2007-2016 Great Recession. In some of those hard hit areas, home values are just now hitting their prior highs of more than a decade ago.
10. The Strong ROI
The average rental price in the Asheville real estate market is 1600 dollars per month. You could of course charge much more for a three or four bedroom single family home, and you’d be able to charge far more for a property with great views, proximity to the Appalachian Trail or within walking distance to a large college campus.
A general rule of thumb for determining rental rates for an Asheville real estate investment property is 1.30 dollars in rent per month per square foot. This means a 2000 square foot home could rent for $2600.
Asheville Real Estate Investment
Maybe you have done a bit of real estate investing in Asheville, NC but want to take things further and make it into more than a hobby on the side. It’s only wise to think about how you can and should be investing your money. In any property investment, cash flow is gold. A good cash flow means the investment is, needless to say, profitable. A bad cash flow, on the other hand, means you won’t have money on hand to repay your debt.
Therefore, finding a good Asheville real estate investment opportunity would be a key to your success. in If you invest wisely in Asheville real estate, you could secure your future. If you are a beginner in the business of cash flow real estate investing, it very important to read good books on real estate.
The less expensive the Asheville investment property is, the lower your ongoing expenses will be. Roughly a $150,000 property is what some experts recommend starting with.
Most investors naturally gravitate to residential property investment. When looking for the best real estate investments in Asheville, you should focus on neighborhoods with relatively high population density and employment growth.
Both of them translate into high demand for housing. If housing supply meets housing demand, real estate investors should not miss the opportunity since entry prices of homes remain affordable.
You must also collaborate and learn from savvy real estate investors who have retired early on in their lives by investing in some of the best real estate markets like Asheville, NC. The Asheville, North Carolina area is a stable, steadily growing housing market with several profitable rental markets investors would appreciate. It counterbalances this with a healthy job market and demographic momentum that will keep it going strong for years to come.
Buying an investment property is different from buying an owner-occupied home. Whether you are a beginner or a seasoned pro you probably realize the most important factor that will determine your success as a Real Estate Investor in Asheville, NC is your ability to find great real estate investments in that area.
According to real estate experts, buying in a market with increasing prices, low interest, and low availability requires a different approach than buying in a cooler market.
We strive to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in the U.S. growth markets. We can help you succeed by minimizing risk and maximizing profitability.
The aim of this article was to educate investors who are keen to invest in Asheville real estate in 2019. Purchasing an investment property requires a lot of studies, planning, and budgeting. Not all deals are solid investments. We always recommend to do your own research and take help of a real estate investment counselor.
Other Best Places To Invest in Real Estate in 2019
The other best place to invest in real estate is Santa Fe, NM. Santa Fe is often overlooked in favor of larger cities in New Mexico or the more exotic, touristy destinations like Taos. However, the recovering Santa Fe real estate market is ripe for investment.
The Santa Fe housing market sees a small but significant influx of snowbirds or winter residents. It attracts those interested in its history, arts scene and educational institutions instead of the perennial golfers heading to Scottsdale, Arizona. This also creates a larger than expected demand for mobile home slots and one and two bedroom homes for rent.
Another sizzling market to invest in real estate is the Sacramento real estate market. Sacramento is an island of sanity in an overpriced, over-regulated and overheated West Coast housing market. It reflects the California ideal that most of the state has lost, and that’s we recommend it to investors over the “hotter” California metro areas.
These are the same factors causing many Californians themselves to vote with their feet and move here instead of moving out of the state altogether.
One of the reasons to snap up a Sacramento real estate investment over one in the hotter real estate markets is that the area is safer overall. Sacramento has a slightly higher property crime rate than other big cities in the cities, but Sacramento has a much lower violent crime rate.
People are more concerned about being mugged, raped or murdered than having their car broken into. The nonviolent crime stats are also skewed due to the more lenient authorities in San Francisco and Los Angeles.
Let us know which real estate markets you consider best for real estate investing! If you need an expert investment advise, you may fill up the form given here.
One of our investment specialists will get in touch with you to discuss all facets of searching for, buying, and owning a turnkey investment property.
*Remember, caveat emptor still applies when buying a property anywhere. The information contained in this article was pulled from third party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. As a general policy, the Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US.
Overview of Asheville
Short term rentals
Housing Market Data, Trends & Statistics
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