Hurricane Helene upended many facets of life in Asheville and Buncombe County in late 2024, and while real estate in the region experienced some Helene-related setbacks, what started as a seller’s market at the beginning of the year remained a seller’s market in most segments by year’s end. We recently sat down with Mosaic Realty owner Mike Figura as he reflected on Asheville real estate’s resiliency in the months following Helene, and offered insight into the direction the market could take in the months to come.
Read the Full Q4 2024 Market Analysis Here
How did the Asheville-area real estate market fare in the post-Helene months rounding out 2024?
While there were fewer sales in Asheville and Buncombe County, the real estate market held up remarkably well. The attractiveness of the area and people’s belief in the strength of our area kept buyers in the market. Appreciation in the market lost the gains that had happened in 2024, settling back down to 2023 levels, and that dip was a great incentive for buyers to move into the marketplace and purchase.
How do 2024 median home prices in Asheville and Buncombe County compare with previous years?
Median home prices were higher for the year as a total. The last quarter of 2024 saw prices decline to slightly below the fourth quarter of 2023 levels. But median prices have been rising every year for the last decade, and fourth-quarter median prices were still high, even though there was a slight dip.
What is the current inventory level in Asheville and Buncombe County as we enter 2025?
Despite the damage and uncertainty wreaked by Helene, the real estate market’s resilience was reflected in prices as well as inventory. A balanced market is generally defined as one having six months of inventory, meaning it would take six months for all available homes to sell based on the rate of sales in the last 12 months. At the end of 2024’s fourth quarter, every price range in both Asheville and Buncombe County had inventory levels lower than six months except for Asheville’s $1.5 million+ range. And while overall inventory levels were slightly higher coming out of 2024 compared with 2023, they weren’t appreciably higher in most price ranges, and were even lower in some.
What are the price ranges where Asheville-area inventory is particularly tight?
There is no inventory in Asheville under $200,000, and almost no inventory in Buncombe County under $200,000. Of course, no builders are adding new inventory in these price ranges. The only properties in these extremely low price ranges are homes that need serious renovations. Besides the bottom price ranges that are extremely tight, inventory is low in Asheville and Buncombe County up to the $900,000 price range.
What are the benefits to buying in Asheville and Buncombe County right now?
While real estate prices do fluctuate and there is no sure bet that prices will always rise year over year, if history is a guide to the future, prices are going to continue to rise. Buying will lock in your price now and fix your housing cost.
What factors might affect the Asheville real estate market in 2025?
Interest rates will most likely drive prices in 2025. If interest rates remain high, 2025 will likely look similar to 2024. But if interest rates decline, then I would expect the volume of sales to pick up and prices to also rise more than they otherwise would have.
For more information on homes in Asheville or anywhere in Western N.C., please contact us at Info@MyMosaicRealty.com, or call us anytime at 828-707-9556.
Read the Full Q4 2024 Market Analysis Here
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