Asheville Real Estate Update: Q1 2015

ASHEVILLE REAL ESTATE MARKET CONTINUES STRONG UPWARD TREND

The first quarter of 2015 has come and gone in a flash. Icy roads and chilling winds are giving way to sunshine and warmer temperatures, which means the spring Asheville real estate market is kicking into high gear. Historically, the first quarter has been the slow season for our region. The weather in many of our feeder markets such as Naples, FL is beautiful in January, February and March and it seems most years both buyers and birds return to our area around April. But our market has been very active this winter with sales taking days rather than months in many areas.

Here are some key takeaways from the overall Asheville MSA* real estate market.

  1. Total sales were up dramatically (14%) this past quarter on a year-over-year basis.
  2. The median sales price increased from $191,000 for Q1 last year to $212,100– a double-digit increase of 11%.
  3. Single Family Homes posted the biggest increases. The total number of sales was up 16% over 2014 and the median sale price climbed 13.5% to $218,000.

So what does all this mean for you? As a homebuyer, you will likely encounter more competition for a property, and it may take several attempts to have a contract ratified. As a seller, it is more important than ever that your home is strategically priced from the moment it hits the market in order to generate as much traffic and interest as possible.

At Nest, we aim to provide our clients with data and insight to make confident and informed real estate decisions. We invite you to take a look at the full Q1 2015 Asheville Nest Report here to get an in-depth look at how our market performed this past quarter. Have questions about this report or want to know more about how it affects you? That’s what we are here for so don’t hesitate to reach out and connect with a Nest broker today.

*The Asheville MSA includes Buncombe, Haywood, Henderson, and Madison counties.

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