Asheville has received many accolades, including one of the World's Best Cities by National Geographic in October of 2014. Asheville is considered "up-and-coming" and is an outdoor mecca with an established foodie scene. Home buyers from more expensive markets - such as New York, Florida, New Jersey, and California - are purchasing in and around Asheville. The draw to Asheville is real, and it is pushing pressure on middle-range to luxury home pricing, and creating demand.
Quarter ending housing reports September 30, 2015, establish the reduction in inventory of higher-priced homes. "When inventory levels are more than 6 months, it is a buyers' market and there is downward pressure on prices and when inventory levels are less than 6 months, it is a seller's market and there is upward pressure on prices," Mike Figura, owner of Mosaic Realty, wrote in his third-quarter report on the Asheville and Buncombe County housing markets.
"As of October 2015, inventory in Asheville was well under 6 months in the price ranges below $450,000 and for price ranges between $450,000 and $800,000, inventory levels were around 6 months. The market has really strengthened in the upper-price ranges. For a long time (since 2013) that strength lay at houses priced under $450,000," he said.
Figura cited a dynamic that many analysts have observed for more than a year: Buyers from more expensive markets -- such as New York, Florida, New Jersey and California - are purchasing houses in the local area.
Want a glimpse of Asheville luxury home inventory? View Asheville homes priced $450,000 and higher - click here.