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Asheville Luxury Home Demand Increasing


Asheville Luxury Home DemandAsheville 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

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