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Asheville, NC Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2022. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2020 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Asheville, NC Housing Market Trends

With 94,589 people, 39,895 houses or apartments, and a median cost of homes of $458,939, Asheville house prices are not only among the most expensive in North Carolina, Asheville real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Asheville, accounting for 55.64% of the city's housing units. Other types of housing that are prevalent in Asheville include large apartment complexes or high rise apartments ( 26.53%), duplexes, homes converted to apartments or other small apartment buildings ( 9.73%), and a few mobile homes or trailers ( 4.74%).

People in Asheville primarily live in small (one, two or no bedroom) single-family detached homes. Asheville has a mixture of owner-occupied and renter-occupied housing.

There is a lot of housing in Asheville built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Asheville built between 1940-1969 ( 24.02%). A lesser amount of the housing stock also hails from before 1939 ( 19.80%). There's also some housing in Asheville built between 2000 and later ( 19.45%).

Vacant housing appears to be an issue in Asheville. Fully 15.41% of the housing stock is classified as vacant. Left unchecked, vacant Asheville homes and apartments can be a drag on the real estate market, holding Asheville real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Asheville Home Appreciation Rates

In the last 10 years, Asheville has experienced some of the highest home appreciation rates of any community in the nation. Asheville real estate appreciated 120.07% over the last ten years, which is an average annual home appreciation rate of 8.21%, putting Asheville in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Asheville definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Asheville that despite a nationwide downturn in the housing market, Asheville real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Asheville appreciation rates continue to be some of the highest in America, at 18.65%, which is higher than appreciation rates in 78.42% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Asheville. Asheville appreciation rates in the latest quarter were at 3.51%, which equates to an annual appreciation rate of 14.80%.

Relative to North Carolina, our data show that Asheville's latest annual appreciation rate is lower than 80% of the other cities and towns in North Carolina.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Asheville differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Asheville - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Asheville real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$458,939

Asheville, NC HOME PRICES

> $1,464,000
$1,098,001 - $1,464,000
$732,001 - $1,098,000
$586,001 - $732,000
$439,001 - $586,000
$293,001 - $439,000
$146,001 - $293,000
$73,001 - $146,000
$0 - $73,000
3.7%
3.7%
4.1%
4.1%
11.5%
11.5%
9.5%
9.5%
20.3%
20.3%
24.6%
24.6%
21.0%
21.0%
3.7%
3.7%
1.7%
1.7%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for NC

Value Relative To Nation

Number Of Homes And Apartments:
39,895

Asheville Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NC*
Compared To
America*
Latest Quarter:
2022 Q1 - 2022 Q2
Last 12 Months:
2021 Q2 - 2022 Q2
Last 2 Years:
2020 Q2 - 2022 Q2
Last 5 Years:
2017 Q2 - 2022 Q2
Last 10 Years:
2012 Q2 - 2022 Q2
Since 2000:
2000 Q1 - 2022 Q2
225.34% 5.38%
10
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,951 / per month

Homeownership Rate

Owners
Renters
Vacant
47.3%
47.3%
52.7%
52.7%
15.4%
15.4%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
19.4%
19.4%
36.7%
36.7%
24.0%
24.0%
19.8%
19.8%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
55.6%
55.6%
3.4%
3.4%
9.7%
9.7%
26.5%
26.5%
4.7%
4.7%
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
10.9%
10.9%
9.6%
9.6%
32.1%
32.1%
36.1%
36.1%
9.3%
9.3%
2.1%
2.1%
0.0% 100.0%
% OF HOMES