The Asheville Real Estate Market Remains Strong!

Buying a house in the middle of a pandemic might seem odd to some but make sense to others. Home values in the Asheville area are steady and even rising. The median sales price for Asheville is currently $313,500, up from $280,000 last year. Although supply remains low (according to local realtors, Asheville saw 269 houses sell in the $200-$300,000 price range and 221 in the $300-$400,000 range), we still see multiple offers on many properties. The Western NC market remains strong and many do not expect a market collapse. Some foresee a fairly sharp return to a strong market once the pandemic restrictions are lifted. Asheville has always been and remains very 'attractive' to a wide range of purchasers, including retirees and also younger folks and families. It is very much still a seller's market here in and around Asheville for anything below $450,000. Real estate agents expect a slow reheating of the market this summer. Many agree that the area's 'Natural Beauty', 'Vibrant Arts', 'Culinary Scenes', 'Unique Book Stores', 'Antiques' and its many 'Breweries' as well as strong resale values will continue to draw home buyers to this majestic place. Mortgage applications for home purchases have increased for 6 consecutive weeks, jumping 54% since April. The weekly average for a 30-year fixed-rate mortgage fell to 3.15% according to Freddie Mac, the LOWEST level in its survey's nearly 50-year history! This whole pandemic has made some people question the realities of living in high density larger cities, it only makes Asheville more appealing:)! (recap of AVL Citizen Times May, 2020).