New high-rise apartment buildings and condos make it seem like the skyline itself is constantly under construction; however, many wonder if 2020 is going to put a halt on the growth in our mountain city.
This year has been a whirlwind, and that’s putting it mildly. The world has been thrown into chaos due to COVID-19, and many people are concerned about their futures - and, of course, their finances. Businesses shut their doors for weeks and even months and when they did open, they were at reduced capacity. The tourism season got off to a slow start and was a shell of what it typically is.
What does this mean for those interested in acquiring property in Asheville? Should you hold off on any decisions? Or is this a good time to invest? Let’s take a look.
Here’s What We Know About Asheville Property Values:
Housing prices in Asheville, and Buncombe County, are on par with pre-pandemic levels. Median sale prices in the county were about $315,000 for a home. Realtors have identified a “sweet spot” - homes that sell from $200,000 - $399,000 routinely see multiple offers. At the same time, inventory is low. We saw a decrease from 1264 properties last year to 1055 in 2020. It seems odd, but yes, realtors are sending the message: “Now is the time to sell.” Buyers are certainly interested.
Asheville is an in-demand market, particularly as people rethink living in dense urban areas in the midst of a pandemic. This does mean that properties sell for more than other North and South Carolina cities. For example, the median home price in Greenville, South Carolina was, at the beginning of 2020, $218,000. That is over $96,000 less than Buncombe County’s median.
While there was a dip in new contracts and listings in April of this year, the North Carolina, and Asheville, markets are strong. There are few indications that we could be looking at a collapse on par with the Great Recession. Rather, we expect a relatively quick return to “normal” in 2020. It’s nice to see “normal” and “2020” in the same sentence!
What Should You Do About Asheville Property?
While businesses have definitely felt the strain of remaining closed, the real estate market has continued to flourish. If you want to invest in Asheville property, be aware that it remains competitive, and right now we’re seeing a seller’s market. We don’t expect prices to decline anytime soon. That does not mean it is unwise to invest in property. In fact, many have found this is a great time to purchase rental properties as more people flock to the area. Asheville’s natural beauty is one attraction, and the economy remains strong. All indications are for growth to continue throughout 2020. Another factor is its desirability in 2020, though, is certainly the fact that it is not a high-density city. If you have to practice social distancing, you may as well do it in the Blue Ridge Mountains!
If you have rental property or are considering it as an investment, you need to develop a relationship with a high-quality property management company. Asheville Phoenix Properties has been providing property management services in Western North Carolina for more than 20 years. It is our goal to give the best possible service to the owners we represent and to our tenants for the time they’re with us. We can help you advertise and market your rental property, manage tenant relationships, and ensure maintenance projects are taken care of in a timely manner. Plus, our online owners’ portal helps you keep tabs on your rental property throughout the process and from anywhere.
If you have questions about Asheville property in 2020, contact Asheville Phoenix Properties. This is our home, and no one knows it like we do. Let us help you manage your Asheville property this year and beyond.