Asheville NC
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Asheville, NC Real Estate Data

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 Q1 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Asheville Housing Market Information

With a population of 92,452, 40,757 total housing units (homes and apartments), and a median house value of $336,237, Asheville real estate is some of the most expensive in North Carolina, although Asheville home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Asheville, accounting for 54.30% of the city's housing units. Other types of housing that are prevalent in Asheville include large apartment complexes or high rise apartments ( 26.95%), duplexes, homes converted to apartments or other small apartment buildings ( 11.70%), and a few mobile homes or trailers ( 3.66%).

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 ( 27.00%). A lesser amount of the housing stock also hails from before 1939 ( 20.33%). There's also some housing in Asheville built between 2000 and later ( 18.72%).

Vacant housing appears to be an issue in Asheville. Fully 10.31% 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 53.78% over the last ten years, which is an average annual home appreciation rate of 4.40%, 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.

Over the last year, Asheville appreciation rates have trailed the rest of the nation. In the last twelve months, Asheville's appreciation rate has been 4.10%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Asheville were at 1.56%, which equates to an annual appreciation rate of 6.39%.

Relative to North Carolina, our data show that Asheville's latest annual appreciation rate is lower than 70% 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:
$336,237

Asheville, NC HOME PRICES

Value Range
> $1,251,000 2.1
$938,001 - $1,251,000 2.9
$625,001 - $938,000 9.3
$500,001 - $625,000 7.9
$376,001 - $500,000 16.1
$250,001 - $376,000 25.7
$125,001 - $250,000 28.3
$62,001 - $125,000 4.3
$0 - $62,000 3.4

Very High for NC
Very High for Nation

Value Relative to Nation Value Relative to State
17.0978102189781 8.69565217391304

Number Of Homes And Apartments:
40,757

Asheville Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NC*
Compared To
America*
Latest Quarter:
2019 Q4 - 2020 Q1
Last 12 Months:
2019 Q1 - 2020 Q1
Last 2 Years:
2018 Q1 - 2020 Q1
Last 5 Years:
2015 Q1 - 2020 Q1
Last 10 Years:
2010 Q1 - 2020 Q1
Since 2000:
2000 Q1 - 2020 Q1
144.49% 4.51%
10
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,390 / per month

Homeownership Rate

Homeownership
Owners 47.67
Renters 52.33
Vacant 10.31

Housing Market Details

 

Age of Homes

AGE OF Asheville HOMES
2000 or Newer 18.7
1970 - 1999 34.0
1940 - 1969 27.0
1939 or Older 20.3

Types of Homes

TYPE OF Asheville HOMES
Single-Family 54.3
Townhomes 3.4
Small Apt. Buildings 11.7
Apt. Complexes 26.9
Mobile Homes 3.7
Other 0.0

Home Size

SIZE OF Asheville HOMES
No Bedroom 13.63
1 Bedroom 11.38
2 Bedrooms 29.90
3 Bedrooms 34.25
4 Bedrooms 8.67
5 or more bedrooms 2.17