MARKET REPORT REAL ESTATE INFORMATION FOR WESTERN NORTH CAROLINA "We are encouraged by the trends we are seeing and expect that 2024 QUARTER TWO 2024
CONTENTS
Executive Summary ..................... 2–3 Community Outreach .................. 4–5 County Market Reviews ............. 6–23 Luxury Market Review ............. 24–25 Lots & Acreage Review............. 26–27 Commercial Market Review.... 28–29 New Home Communities............... 30 Mortgage Review............................. 31 Market Share................................... 32
will be yet another banner year in these beautiful mountains that we are so fortunate to call home." NEAL HANKS PRESIDENT
As we enter the “dog days of summer,” the local real estate market remains active, propelled by a continued strong interest in our mountain region’s favorable climate, abundant outdoor recreation, and world-class culinary and music scenes. Our region is long renowned for these attributes, and more and more people are experiencing a high quality of life in our region, as evidenced by the dramatic increase in air travel to and from the Asheville Regional Airport. A recent report states,“The Asheville Regional Airport is one of the fastest-growing airports in the country, and the third-busiest in North Carolina after Charlotte and Raleigh. In 2023, a record 2.25 million passengers were served. A whopping 70% of those travelers arrive here for leisure purposes.”
There is no question that the demand to live in our mountains remains strong! As you likely know, limited inventory in the region has tempered the velocity of sales during the last two years and supported a continued increase in sales prices. Those trends continued in the second quarter of 2024, although we are seeing some slight improvements. The median sales price rose by 9% compared to a year ago, to $463,395. Available home inventory has seen a significant increase over the last 12 months, growing by over 56% to 2,855 units for sale in our region. While a significant improvement, inventory remains low by historical standards and many willing home buyers continue to struggle to find a home that meets their needs and budget.
RESIDENTIAL INVENTORY FOR SALE 2014–2024, Q2 (By Quarter)
0 1000 2000 3000 4000 5000 6000 7000 8000
6,319
2,855
889
2014Q3 2014
2015Q3 2015
2016Q3 2016
2017Q3 2017
2018Q3 2018
2019Q3 2019
2020Q3 2020
2021Q3 2021
2022Q3 2022
2023Q3 2023
2014Q1
2014Q2
2014Q4
2015Q1
2015Q2
2015Q4
2016Q1
2016Q2
2016Q4
2017Q1
2017Q2
2017Q4
2018Q1
2018Q2
2018Q4
2019Q1
2019Q2
2019Q4
2020Q1
2020Q2
2020Q4
2021Q1
2021Q2
2021Q4
2022Q1
2022Q2
2022Q4
2023Q1
2023Q2
2023Q4
2024Q1
2024Q2
On the cover: Pipevine Swallowtail Butterfly: The pipevine swallowtail butterfly is found throughout North America, known for its iridescent blue-black wings and distinctive swallowtail shape. As caterpillars, they feed on toxic pipevine plants, which provide the adult butterflies with chemical defenses against predators. Their shimmering coloration also deters potential threats. This butterfly plays a crucial role in the ecosystem, serving as a pollinator in the spring and summer.
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