Asheville, North Carolina Real Estate Market Snapshot – April 2024

Asheville Real Estate Market Overview

The Asheville real estate market has seen fluctuating home values and sale prices that keep potential buyers and sellers on their toes. From May 2023 to March 2024, the average home value reached a high at around $500,000 before dropping down to $435,000, followed by a recent uptick to about $465,000. These shifts are not mirrored precisely by sale prices, which have increased and peaking at $505,000 in October 2023, then dipping and slightly recovering to about $494,000 by March 2024.

While overall property values have climbing and dropping, the average per square foot value have increased from $282 in April 2023 to $272 in March 2024, hitting its highest in February at $346. This particular indicator suggests an increase in either the attractiveness of properties or a trend towards smaller, perhaps more affordable, housing units being on the market.

From a supply perspective, the property count saw a subtle inflation from 333 in April 2023 to 301 in March 2024, with the number reaching its highest at 392 in October 2023. The sales volume tells a narrative of a bustling end-of-year market, where December saw as many as 1,493 properties sold, before settling down to 1,106 by March 2024.

The Asheville real estate landscape continues to present opportunities, but also calls for informed decision-making based on the latest market dynamics and trends.

Seasonal and Month-by-Month Analysis

Diving deeper into the data, we can see that the Asheville market shows some degree of seasonality with certain trends emerging. The end of the year, particularly December, seems to be a hot period for property sales with a spike reaching nearly 1,500 sold properties — a trend that gradually cooled by March the following year to a more modest 1,106 sales.

Month-over-month comparisons yield better insight into market fluctuations. Between December 2023 and January 2024, the average home value slightly dipped from $450,000 to around $443,000, and then further descended to $435,000 by February. However, this trajectory reversed by March, rising back to about $465,000. Sale prices, on the other hand, softened from roughly $495,000 in December to approximately $483,000 in January, and then settled at about $494,000 in March, showcasing a subtle recovery.

An interesting point to note is that despite these price variances, the dollars per square foot increased from $269 in December 2023 to $272 in March 2024. If we trace back to October of the previous year, the October peak in average home value coincides with the highest property count, suggesting an influx of listings may have leveraged market prices at that time.

As for speculation on the causes behind this volatility, several factors could be at play. Market-driven dynamics, interest rates, local economic health and even national trends all have roles in influencing these numbers. Potential sellers in Asheville should be encouraged by the fact that properties do seem to retain an ascending trend in terms of square foot value — an indicator often linked to the intrinsic value and desirability of the region’s real estate.

All in all, the Asheville real estate market, much like the town’s mountainous backdrop, is characterized by its peaks and valleys. Understanding these patterns will be crucial for those looking to engage with the market, whether buying, selling, or investing.