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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



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 Q3 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2021 (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 93,776 people, 38,933 houses or apartments, and a median cost of homes of $522,408, 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 57.16% of the city's housing units. Other types of housing that are prevalent in Asheville include large apartment complexes or high rise apartments ( 26.45%), duplexes, homes converted to apartments or other small apartment buildings ( 8.88%), and a few mobile homes or trailers ( 4.22%).

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 ( 23.94%). A lesser amount of the housing stock also hails from between 2000 and later ( 22.22%). There's also some housing in Asheville built before 1939 ( 18.92%).

Vacant housing appears to be an issue in Asheville. Fully 18.79% 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 142.59% over the last ten years, which is an average annual home appreciation rate of 9.27%, putting Asheville in the top 10% 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 9.84%, which is higher than appreciation rates in 94.63% 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 7.18%, which equates to an annual appreciation rate of 31.94%.

Importantly, NeighborhoodScout’s exclusive research found that Asheville's housing market shows one of the <a href="/blog/highest-appreciating-cities">top real estate appreciation rates in the U.S.A.</a> in the latest quarter, which may signal the city’s near-future real estate investment strength.

Relative to North Carolina, our data show that Asheville's latest annual appreciation rate is higher than 90% 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

$522,408

Asheville, NC Home Prices
> $1,591,000
$1,193,001 - $1,591,000
$795,001 - $1,193,000
$636,001 - $795,000
$477,001 - $636,000
$318,001 - $477,000
$159,001 - $318,000
$79,001 - $159,000
$0 - $79,000
4.3%
4.3%
4.2%
4.2%
13.4%
13.4%
11.0%
11.0%
21.6%
21.6%
23.1%
23.1%
16.8%
16.8%
3.6%
3.6%
1.9%
1.9%
0% 100.0%
% of Homes
Very High

for North carolina

Very High

for nation

Number of Homes And Apartments:

38,933

Asheville Appreciation Rates

Rent & Ownership

Average Market Rent:

$2,998 / per month

Homeownership Rate

Owners
Renters
Vacant
48.8%
48.8%
51.2%
51.2%
18.8%
18.8%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
22.2%
22.2%
34.9%
34.9%
23.9%
23.9%
18.9%
18.9%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
57.2%
57.2%
3.3%
3.3%
8.9%
8.9%
26.5%
26.5%
4.2%
4.2%
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
11.3%
11.3%
8.3%
8.3%
31.7%
31.7%
37.2%
37.2%
9.6%
9.6%
1.9%
1.9%
0% 100.0%
% of Homes