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House prices are getting bubbly. Part of it is I think we are getting near a top. Part of it is because Asheville continues to experience steady, relentless growth of around 1% per year. Part of it is because home builders began almost no housing starts from 2006 to 2012. After the housing bubble popped in 2006, the massive number of foreclosures for years and years caused home builders to sit on land and wait. Developments stopped building out, no new starts were begun, and nobody wanted to buy land.
It was inevitable that the home builders would be caught behind for the next boom, and that is one factor why homes are so expensive right now. Just wait. They will overbuild and the new bubble will pop. Of course, nobody knows how long that will take or how high real estate prices will get before that happens.
But everything cycles, so mark my words, it will happen.
Interesting. I check daily as well. If I do see price drops occasionally, they are very minimal. There are a select few that may have larger price drops that may have been overpriced by the market value or need alot of work. The desirable properties are getting snatched up quickly.
Well I agree about the good stuff getting snatched up right away but I do see on a daily basis
listings lowered by ten or twenty thousand.
I really think that it will only be a matter of time before lots of second homes will hit the market,
I mean how many rich people are there in NC? Or perhaps there are that many retired people .
Asheville is totally overrated though but that is another story for another day.
I watch the Black Mountain housing market daily and the available inventory (excluding houses under contract) is the lowest I have ever seen. Anything in-town below $500K that isn't outrageously overpriced goes contingent in a day or two. I have no scientific evidence to support this but I'm hearing that western NC is getting a variant of "flight capital": decamping buyers from urban covid-19 or unrest zones.
Yes I do also and spend time there as well . One thing that bothers me is how
loud i-40 is at all hours of the day. But it is a quaint little town.
I actually think it is my whole crowd from Charlotte moving up there now that they
are retiring.
People moving out of big urban areas, it is a Covid response in housing. New York City rental pricing has taken a tumble while houses are zipping off the shelf in more rural areas. It's a combination of Covid response and the ability to work from home long term because of Covid that is driving this phenomenon.
I've recently noticed the housing market in Kenmure and Champion Hills in the Hendersonville/Flat Rock area is hotter than I've seen it in a long time. Houses are selling in all price ranges from 200s up to multi-millions. I suspect this is the case in most of WNC.
Between the pandemic and working from home, plus the riots and other civil unrest, smaller urban and rural areas could see a huge jump in people wanting to move. I also think a lot of people are rethinking how they want to go through life given what has happened. Do you want to live somewhere that doesn't work for your lifestyle but make a ton of money, or possibly make less money, possibly deal with having to move within the region due to a job loss (less opportunity for other employment), but have what you want in life right outside your door?
I'm in Indianapolis. Born and raised here. However, I enjoy outdoor mountain areas, especially hiking and even some water activities like tubing or kayaking. We have some of that here but it is very low tier and the best is about an hour or two drive to the more rural areas of Indiana. I'm kinda stuck with my career right now, but hopefully in a year or two I can jump to something that will give me skills nationwide. I'd make more here than say Knoxville or Asheville, but I'll have all that area has to offer within a reasonable drive. I'm looking at Greenville, Asheville, or Knoxville areas. While originally my plan was within the next decade, given how short life is, it is possible my wife and I could move sooner rather than later. Guess we shall see. While my time frame is longer than most, I like checking these forums to see what is going on in these potential relocation areas.
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