You have probably heard the quote, “location, location, location”.  It really is all about location.  An identical house in downtown Asheville, NC will sale for several thousand dollars more than the same house located in Candler, NC.  Currently, people want to live as close to downtown Asheville as possible.  The majority of people moving to the area want to partake in the food, fun, and events that occur downtown. If they can afford it they would like to be able to walk to restaurants and pubs.

This week I did something different for the YouTube video update. I used a program I have to compare apples to apples and see what a difference location makes. I was comparing the median home price for May 2020.  I reviewed different cities and towns in Buncombe Co. NC.

The criteria:

• 3 bedrooms/ 2 baths
• Tradition (not distressed) resale existing homes (currently new construction is always more then existing homes)
• 1,000-2000 square feet

 

Asheville city $314,500

Alexander $ 260,450

Black Mountain $198,650

Swannanoa $230,000

As you can see there is a big difference between Asheville city proper and the surrounding towns.   The same holds true for increase resale value. While you may end up paying more for the city limits of Asheville, in most cases you will also end up selling it for more.

This is important for sellers whose house is only 20 minutes from down town Asheville.  An appraiser will compare houses closest to you because location does make a difference. 

This is also important for buyers. Depending on what you want and if living in the city is not important to you then you can get a bigger yard and maybe a bigger house for the same price of that house on the infield lot.

Be sure to view this week’s YouTube update and subscribe.

 

The real estate market follows trends. Typically, there is an upcycle where it is a seller’s market, due to low inventory, good interest rates and a strong economy. This is usually followed by a down turn, a buyer’s market, where inflation starts to climb, higher interest rates, and homes staying on the market for a long time.   While these trends are constant it is a challenge to predicate the next cycle.  One of the ways we do this is by following current real estate markets and recognizing patterns.  This year for 2021 I have decided to focus on month to month trends rather than year to date.  So much is happening in our world and so often that what was going on last year doesn’t seem to matter.  For your personal review I will continue to upload all the great pdfs that contain stats from our local MLS. The data is collected from the previous month so each month will be detailing the past month.  

If you are new to our blog, it is important to know that the ASHEVILLE REGION report includes Burke, Buncombe, Haywood, Henderson, Jackson, Madison, McDowell, Mitchell, Polk, Rutherford, Swain, Transylvania, Yancey counties. Comprised of single-family properties, townhomes and condominiums combined.

After watching the video update be sure to check out the most recent stats

Mary Love Chart

Asheville Region 

Asheville City

Hendersonville City

Morganton

Please subscribe to our blog or YouTube Channel for monthly real estate updates.

Let me know what you think.  Do you see the local market slowing down?  What do you think the fall will bring?