SPOTLIGHT: NORTH CAROLINA
It’s like the heart of San Francisco plopped down in the Appalachians. It’s extremely artsy.” Lyn McFarland Broker/Owner, Asheville Bulldog Realty
* Photo credit: Joel Cone
and sales to institutional investors were down 22 percent.
but mild seasons which is a big draw. We have low real estate taxes, and it’s a super cool town. It’s very diverse,” said Lyn McFarland, broker/owner of Asheville Bulldog Realty. Much like the Realtors in other parts of the state, McFarland says the competition for homes these days is tough. But unlike the unsustainable appreciation of the early decade of the century, appreciation is much more moderate now, around 4 to 6 percent. “Our inventory is very low. Good properties go very quickly and frequently with multiple offers,” McFarland said. “That said, our average price point is still well below the major markets people are coming from.” Although a popular area for investors, there are not a lot of deals to be had in the Asheville market now.
said. “Some investors I’ve worked with are moving to South Carolina. There’s some great markets there.” The NCAR reported 361 homes were sold in Asheville during March 2017, down 4 percent from a year ago while the average home cost rose 7 percent in Asheville to $311,645 during the same period. Given the present reality and projections for future in-migration to the state, along with population shifts within North Carolina, experts across the state expect demand for housing will continue to increase on both the rental and ownership sides. Investors can capitalize on that demand if prepared to shift their way of thinking and investment strategies under current market conditions. One such shift may be moving further away from the most competitive urban areas to find the best deals.
“The economy in Greensboro-High Point has struggled,” said Dr. Walden. “There’s some development going on in downtown Greensboro and a large hospital for Wake Forest University [in Winston-Salem]. Greensboro also has a large FedEx distribution center. That area is challenged. Much more than the other two major metro areas.” Artsy in Asheville In addition to being the home of the famous Biltmore Estate, Asheville is a tourist destination, a foodie town with a number of chefs who have been nominated for the James Beard award, microbreweries, and an artist colony. Its vibe, much like San Francisco of the 1990s, includes well-known musicians playing on the streets.
“It’s like the heart of San Francisco plopped down in the Appalachias. It’s extremely artsy. We have four distinct
“I’m seeing a lot more buy and fix and live in for a couple years and then sell,” he
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