Spring 2019 Western North Carolina Real Estate Market Update
We’re well into the spring season in Western North Carolina, which means baby bears, plenty of pollen, and, of course, an Asheville Real Estate News Western North Carolina market update! With the help of Stefanie Beierschmitt, a real estate agent and investor with eXp Realty in Asheville, we’ve compiled a list of Western North Carolina real estate statistics, reflections, and predictions to help provide insight into the current state of the market.
Through her work as both an agent and an investor, Beierschmitt has been able to gain a unique understanding of the real estate market in Asheville. On the whole, she says, things are still very strong in Asheville – the market still favors sellers, and inventory remains low. She doesn’t want you to take her word for it, though – here simply are some of the stats that Beierschmitt brought to the table to back her gut feeling:
- The number of overall transactions in quarter one of 2019 has remained relatively consistent to this same period last year. In Buncombe County, for example, a total of 678 single-family homes were sold in 2019, where 658 were sold in 2018.
- The percentage of the listed price for which homes have been selling is strong – sitting at 97.9% for Buncombe County and 97.8% for Henderson County – and is very similar to what it was in 2018.
- The average sale price has risen slightly in quarter one of 2019. In Asheville, the average sale price for 2019 thus far has been $351,627, compared to $341,000 for last year. In Buncombe County as a whole, this year’s number is $341,000, whereas last year’s average sale price was $311,000. And in Henderson County, quarter one of 2019 has seen an average sale price of $311,000 versus last year’s $294,000.
- The average number of days that a home remains on the market has risen in Asheville, from 62 days in 2018 to 74 days in 2019, while falling in Buncombe County as a whole, from 82 days in 2018 to 71 days in 2019. Homes in Henderson County have seen an increase in average days on the market similar to that of Asheville, from 74 days in 2018 to 82 days in 2019.
- The price per square foot of homes in Asheville has remained relatively steady, sitting at $197 in 2019 versus $199 in 2018. Buncombe County has followed a similar pattern, shifting upwards only slightly to $183 in 2019 from $181 in 2018. In Henderson County, a somewhat more considerable increase in price per square foot has been seen, rising from $141 in 2018 to $153 in 2019.
With these numbers in mind, Beierschmitt was able to offer her insight into the general trends that can be seen in Asheville real estate statistics. On the whole, Beierschmitt says, there has been significant growth in Hendersonville and Henderson County, and overall movement in that direction rather than simple growth in Buncombe County. This is, she believes, due to a combination of factors – housing prices and cost of living are lower in Henderson County, and the culture is a bit quieter and more laid back than in Asheville proper. Also, the area is still close enough to the city that the commute isn’t prohibitive, and residents still have access to the activities and attractions that have made Asheville so popular. That said, she also points out that Henderson County has plenty of jobs and entertainment of its own to offer, and the market can often be easier for buyers and investors to access from the beginning.
With these numbers and trends in mind, Beierschmitt has several pieces of advice for buyers, sellers, and investors in 2019. First, she says, it’s important to be realistic as a seller – while the market may be weighted in your favor, you still need to make sure that you’re pricing the property appropriately so that will sell within the range of your area’s average days on market; if you price it too high and it doesn’t sell quickly, buyers may begin to think that something is wrong with the property.
On the other side of the equation, Beierschmitt urges buyers to come in strong when putting in an offer on a property. With the market remaining hot in 2019, many – even most – sellers are receiving multiple offers on properties. This allows them to be choosy and necessitates that buyers do something to set themselves apart. They can offer a higher price if possible, or compensate with other means such as a shorter time frame, higher due-diligence fees, and so forth. She always encourages the buyers she works with to put their best foot forward, whether or not multiple offers are expected. Doing so avoids creating space for other buyers to move in and get ahead, and there’s always the opportunity to renegotiate after inspections come back.
As for her personal approach, Beierschmitt says that not much has changed in 2019. She will continue to look for and invest in quality deals as an investor, and focus on providing quality, personalized service to her clients as an agent. “I think real estate is an amazing way to make a future for yourself,” she says, and that hasn’t changed either.
To find out more about the state of the Asheville real estate market in 2019, or to find out more about Stefanie Beierschmitt, call 828-450-6141 or email her at [email protected].