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Beverly-Hanks 2015 Local and National Real Estate Market Report (1 of 9)
Asheville North Carolina Real Estate - “The good news is that the U.S. economy appears well-poised to sustain about a three percent growth rate — only the second year in the past decade with growth at that pace or better,” says Frank Nothaft, Freddie Mac’s Chief Economist.Seven years after median sales prices peaked in Asheville and Western North Carolina and two years after home prices bottomed, our most recent boom-and-bust cycle is still playing out. Early in the recovery, opportunistic buyers took advantage of Asheville NC real estate and WNC foreclosures and short sales, boosting overall sales volumes by as much as...
Beverly-Hanks 2015 Asheville NC Real Estate Market Report (2 of 9)
20%.With distressed sales making up only 12% of sales in 2014. The market needs to begin depending upon economic fundamentals such as job growth, rising incomes, and household formation to power the next phase. The good news is that in the Asheville MSA* job and wage growth are out performing the nation and most of North Carolina. Tom Tveidt’s column does an excellent job of recapping the past year’s growth and providing some insight as to what we can expect in 2015. The strength of our local economy will encourage a healthy sales pace and gradual gains for Asheville NC real estate values. Despite our...
Beverly-Hanks 2015 Local Real Estate Market report (3 of 9)
optimism, barriers remain to home ownership. As home values and mortgage interest rates rise in tandem, home affordability and mortgage qualification will become bigger obstacles, but currently interest rates are remaining low. Currently renters by choice as much as necessity, Millennial s will be a potent force as life events prod them to purchase, and job and wage growth will be essential in order for them to replace the aging baby boomers who've driven housing trends since the 1950s. Asheville NC Real Estate Outlook for 2015 - appreciation will occur slowly for Asheville North Carolina real estate. In 2015, it should hover...
Beverly-Hanks 2015 Asheville North Carolina Real Estate Report (4 of 9)
around 5%, up from the 2.3% recorded in 2014. According to Freddie Mac, although modest, continued house-price appreciation and rising mortgage rates will dampen affordability for home buyers. Freddie Mac predicts mortgage interest rates for well-qualified buyers will approach 5% by the end of 2015.Sales pace will improve, but not as much as we’d like. Surveys suggest that more people will try to sell existing homes. That additional supply to the market could reduce demand for newly-constructed homes. The strongest source of housing demand will be young people getting jobs and forming households. They will likely...
Beverly-Hanks 2015 Asheville Real Estate Market Report (5 of 9)
be a mismatch between the available housing stock and their preferences. As the rebound effect fades and fundamentals take over, market fluctuations will slow and begin to look similar from one year to the next for the overall housing market and Asheville North Carolina real etate. That’s good news; even though the recovery remains unfinished, the housing market is becoming more certain for buyers and sellers.Based on this information the Asheville NC real estate market should see a good and steady 2015 for homes sales. After a record-breaking year, Asheville (MSA) now heads into 2015 with strong economic momentum. The...
Beverly-Hanks 2015 Asheville NC Real Estate Report (6 of 9)
metro economy ended 2014 with employment topping 183,000, breaking alltime employment records. This also marks 52 straight months of year-over-year job growth. Charlotte and Raleigh are the only other metros in the state to have experienced this stretch of unfaltering growth. Employment grew at an average pace of 2.2 percent over the year, fourth fastest among all fourteen metros in North Carolina, and above the national pace of 1.8 percent. Asheville ends 2014 with the state’s lowest unemployment rate. In fact, the rate has been the lowest among all metros in the state for the last eight months. With an average rate below...
Beverly-Hanks 2015 Asheville Market Report (7 of 9)
five percent for the year, Asheville’s unemployment rate is more than a percentage point below the nation and state. The low rates return Asheville to the favored position it has held for decades, holding the lowest or one of the lowest unemployment rates among all of the state’s metros. Four of Asheville’s major industry sectors led employment growth throughout the year, although nearly every other sector contributed new jobs in 2014. Health Services, Professional & Business Services, Leisure & Hospitality, and Retail Trade each added 1,000 or more net new jobs in 2014, and each broke new all-time employment totals. Earnings...
Beverly-Hanks 2015 Asheville North Carolina Real Estate Market Report (8 of 9)
growth surged in 2014, up an average of 6.2 percent in Asheville, far outpacing the national average of 2.2 percent and statewide average of 1.1 percent.Altogether, 2014’s consistent job growth, low unemployment rates, and fast rising earnings have positioned Asheville among the strongest economies in the state, and even the nation. The results provide a solid framework for continued expansion in 2015.And the Asheville NC real estate market should remain strong and steady as we continue through 2015.Economics and Asheville NC real estate and WNC Information throughout this report is derived from Buncombe,...
Beverly-Hanks 2015 Asheville Real Estate Market Report (9 of 9)
Henderson, Haywood, Madison, Rutherford, Polk, and Transylvania Counties’ real estate markets. Information is reported by the NC Mountains Multiple Listing Service, which does not guarantee or is in any way responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market. See our Asheville real estate "Information Center" at top of the page and view our full current and past market reports. Contact us and we will provide you information and a report for your neighborhood showing you recent and current homes sales, days on market and list to sale ratios.
What area should I live in?
To help give you a better idea we have broken Asheville down to five areas; Central Asheville ~ North Asheville ~ South Asheville ~ West Asheville ~ East Asheville , so that we can share some of the area highlights along with a quick glance at Asheville real estate in each area. Hopefully this will give you a start in determining what area you might prefer to live and purchase real estate in.