According to a recent article by Steven M. Sears in The Wall Street Journal, this might be the case.  With summer just around the corner, Barron’s sized up the market for upscale second homes.  Barron’s 10 Best Places for Second Homes

Criteria for selection: gorgeous houses, spectacular views, world-class golf, fishing and skiing, fine dining and great shopping. Complete range of lifestyles, from peaceful and easy to vigorously social.

Ranked No. 9: Asheville, N.C.  From the article: “Nestled in the mountains of North Carolina, Asheville offers a four-seasons lifestyle with just enough culture and good restaurants to keep urban-withdrawal pangs at bay. Some homebuyers come from the Northeast, and many come from Florida to beat the heat. The locals call them “halfbacks,” since Asheville is halfway up the East Coast. The town has a university and a thriving art scene. We like the 1920s-vintage Tudor homes in the Biltmore Forest district, once part of the adjacent Biltmore Estate. The funky Grove Park neighborhood is also worth a look. Median Price: $700,000, Drop From Peak: 38%, Neighbor: Andie McDowell”

Currently in the Asheville Luxury Real Estate Market

Active Homes Priced $600,000 plus:  453 active (includes condos, townhomes, and homes)

List Price Hi: $6,900,000 with Lo: $600,000 with Average list price: $1,222,594
Average Days on Market: 277

Active Listings Priced $1M plus: 211 (includes condos, townhomes, and homes)

List Price Hi: $6,900,000 with Lo: $1,000,000 Average list price: $1,704,961
Average Days on Market: 294

Closed Activity and Current Absorption Rates for Asheville Luxury Real Estate Market

 

 
            
(Absorption rate = number of months it would take for present inventory to sell based on the past six (6) months sales averaged monthly)

As time will tell, we will continue to track these numbers to see how our market performs during the upcoming summer months.  We have already seen an increase in traffic and showings for our team’s luxury listings. 

- Steve Bourke, Group Leader

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