2017 Asheville Annual Report

“How’s the market?”

2017 seems to have come and gone in a flash as we’re nearly three weeks into 2018 already. As real estate Brokers, we’re often asked, “How’s the market?” At Nest Realty, we understand the importance of providing our clients with the insight to make confident, informed decisions. This is the reason why we invest the time analyzing vast amounts of data each year to produce our annual report.

We are excited to release our 2017 Asheville Annual Report. This report provides a comprehensive look at how our local market performed not only last year, but in year’s past as well. Regardless of whether you’re currently in the market to buy or sell a home, we hope you find this report a valuable tool to learn more about our local real estate market.

The greater Asheville real estate market continues to be quite healthy. We’ve experienced year-over-year sales growth every year since 2010, with total sales increasing nearly 2% in 2017 compared to 2016. While this is the smallest increase in total sales during that span, this is an indicator that our marketplace is settling into a sustainable growth pattern.

This trend is further supported by the fact that there was slightly less than six months of inventory at the end of 2017, as six months of inventory is widely considered a sign of a balanced market. We did see sales prices increase significantly in 2017 as median and average sales prices rose by more than 8% and nearly 10% respectively. This trend is due in part to the decline in inventory we witnessed this past year. If inventory levels continue to decline, we will likely see prices continue to rise.

Within Buncombe County, Downtown Asheville and West Asheville were the two strongest performing segment as each saw total sales increase more than 7% year-over-year and average sales prices rise more than 5%. Average sales prices in Downtown Asheville rose more than 14% compared to 2016 which is a testament to strong buyer demand to be centrally located in the city. In the surrounding area, Haywood County had one of the strongest performances as total sales increased nearly 11% in conjunction with more than a 7% increase in median sales price. Asheville and Western North Carolina continue to be ranked as one of the best places in the US to live given it’s stunning beauty, outdoor recreation opportunities, and creative, welcoming community. These traits make our area highly sought after by homebuyers and contribute to the strength of our market.

Be sure to read the full 2017 Asheville Annual Report below to learn more about how the Asheville market performed in 2017. We welcome the opportunity to meet with you to answer your questions and discuss your real estate goals. Contact your Nest Broker today to learn what this report means for you.

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