2nd Quarter Asheville NC Market Update - 2021

As we move through the summer months, we find ourselves on the other side of the 2nd quarter real estate numbers. While our first quarter numbers told the story of a real estate market that was bursting at the seams, the real estate market has only intensified as spring transitioned to the summer. 

House with front porch at duskIn Buncombe County, as a whole, the average closed price increased from $378,708 to $482,261—a 27% increase. The closed price to the original list price has been over 100% for the past two months and is sitting at a very strong 98.8% year to date. It’s very much a red hot seller’s market and properties are selling very close to list price and beyond as multiple offer scenarios are a regular occurrence. Days on market decreased from 62 days in 2020 to 43 days on market in 2021. Inventories have decreased an astonishing 52% from 2020—a decrease of 1,209 homes in 2020 to 581 in 2021. 

In a similar vein, the Black Mountain real estate market average sales price increased from $316,971 in 2020 to $438,800 in 2021—an increase of 38%. Year to date, the number of homes sold through June 2021 totaled a 56% increase, or 139 homes compared to 89 in 2020. Sales to list price year to date in Black Mountain is also at 100%. 

The Asheville area market is a reflection of supply and demand at the core. Demand is far exceeding supply and continues to drive the elevating prices. The only softening the market is experiencing compared to last year is that the number of new listings has increased 12.2% compared to the same period last year. 

Time will tell what the market will do next, but for now, the market’s story centers around a high demand for Asheville area real estate amidst a tight supply, elevating prices, multiple offer situations, and very quick transitions from listing to closing for home sellers.

Contact us with any questions you may have. 

Amidst Historically Low Inventory, 2021 Set to Overtake 2020 in Buncombe County: 1st Quarter Real Estate Market Update

It’s a month into the spring season in the mountains. Flowers are blooming, days are increasingly warm, and spring green is making its way up the mountainsides. While the entrance to spring is always a gradual transition in our area, the momentum of the local real estate market in our area has been building for months. 

Our area has experienced a low inventory of homes on the market for many years. While many states across the country experienced similar trends with home inventory levels in 2020, the Black Mountain and Buncombe County area is no different, and in fact, has reached historically low inventory levels. For example, at the end of the 1st quarter of 2021, there were 489 homes listed for sale in Buncombe County on March 31st, compared to 1,284 in 2020 -- which is a decrease of 62%. 

The low inventory has continued to cause price increases as the average sales price of homes sold in the 1st quarter of 2021 was $457,204, compared to $375,968 in the first quarter of 2020, or an increase of 21.6%. The average list to sales price increased from 93.9% in 2020 to 97.4% in 2021.

In Black Mountain, the market trends have mirrored  Buncombe County statistics, but have shown even stronger signs. List to sales price was 100% in the first quarter compared to 97% in 2020, indicating that sellers are largely selling their homes at or above their listing price. The average sales price for the first quarter in Black Mountain was $450,159 in 2021, compared to $298,859 in 2020 -- an increase of 51%. There are only 26 active listings in Black Mountain compared to 70 this time last year. 

A tightening housing market often leads to an increase in sales of vacant land, and this is exactly what we’re seeing in Black Mountain and Buncombe County. The number of land sales in Buncombe County increased by 64%, or to 272 in 2021, compared to 166 in 2020. Total sales volume was even greater, with $23,444,000 sold in 2020 compared to $45,486,000 in 2021, an increase of 94%. Raw land sales volume in Black Mountain increased from $1,792,028 to $6,812,000 in 2021, a 280% increase. 

Neighboring McDowell County is an area that has been increasingly seen as an option for buyers looking to "get more house for a lower price tag." McDowell's low inventory has also driven the median price up by 45% from $147,450 to $214,000. The inventory of homes plummeted 67% from 183 homes in March 2020 to 60 homes in 2021.  The Lake James area is also seeing an increase in demand, which is most readily evident in the sharp increase in the sales volume of lot sales. Lot sales in Lake James increased by over 300% from $1,563,000 in 2020 to $6,294,700 in 2021. 

I’ve been observing that market trends have shifted since the beginning of the 1st quarter. The number of new listings gives a good indication of total sales volume and it’s clear that listed inventory is selling very quickly.  As of March, the total sales volume in Buncombe County was up 18%.  Typical days on market in Buncombe County have decreased by 34.7% from an average of 75 days to 49 days. Year to date, new listings are only down by 1% over 2020. New listings were up by 3.2% this March, but it’s important to note that March 2020 marked the beginning of the pandemic. Last year, new listings were down 5.2% overall. Ultimately, it’s becoming increasingly evident that market trends are poised to show an overall increase in total sales volume for 2021. 

Contact us with any questions you may have. 

February Real Estate Market Update | A Review of the 2020 Real Estate Market and Looking Ahead at 2021

When the global pandemic began to impact our corner of the world last year, there were (naturally) questions of how this new reality would impact life and business as we know it. Interestingly, the Swannanoa Valley and Buncombe County real estate market was one area that was impacted positively as we saw very high demand for homes and property in Western North Carolina.

By all indications, 2020 was a year of transition for many folks. For some home buyers that work remotely, this included a lifestyle shift from larger cities to smaller towns. Our mountain region is experiencing the impact.

One notable statistic in grasping our current market reality is the number of homes for sale in Black Mountain. This time last year there were approximately 93 homes on the market in the 28711 zip code. As of today, a year later, there are 20 – and inventories were already historically low in 2019.

Buncombe County statistics also reflect a tight real estate market. All data points are pointing to a tighter market with increased prices and lack of supply. In Buncombe County, the average sales price in 2020 increased from $367,730 in 2019 to $414,544 in 2020, or an increase of 12.7%. Cumulative days on market decreased on average from 81 days in 2019 to 59 days in 2020.

In a similar pattern to Black Mountain, the number of homes on the market in December decreased from 1,275 in 2019 to 669 in 2020. The increase in demand has greatly reduced the supply of homes for sale causing inventory of homes for sale in December to decrease from 3.6 months in 2019 to 1.7 months in 2020.

The historic low home inventory levels are corresponding with an increase in lot sales and unimproved land sales. In December of 2020, there were 27 land sales in Black Mountain and Swannanoa compared to 6 land sales in 2019. As a result of the increased land sales, the months of inventory of unimproved land in 2020 was 10 months compared to 56 months in 2019. Buncombe County is similar with 117 sales in 2020 compared to 52 in 2019.

I anticipate overall home sales to decrease in 2021 for our market unless there is a substantial increase in home listings. There just isn’t enough supply of homes to meet the surging demand. The decrease in supply we saw in 2020 may have related, in part, to homeowner concerns with showings and with letting interested buyers into their homes due to pandemic health concerns.

As we look forward to the remainder of 2021, one of the major takeaways is that this is an ideal time to list homes and land. The continued lack of supply will continue to put upper pressure on prices. If you do decide to sell your home, one consideration is that there may be challenges in purchasing a home in the same market due to home prices. Contact us to learn more. 

Private and Spacious Black Mountain Home

Find spacious comfort in the charming town of Black Mountain in this 4 bedroom, 3 bathroom home, located just one mile from historic downtown and within close proximity to the Black Mountain Golf Course and scenic Lake Tomahawk. In addition to sitting on a private, wooded double lot, 511 10th Street offers plenty of room to spread out in its 3354 square feet of living space. 

The land includes a creek, mature landscaping, two organic garden beds, and plenty of storage both inside the home and out. The second lot even has a separate PIN so that you can easily sell it if you'd like. 

The finished lower level also has an established AirBnB vacation rental history. The main house has an attached double carport for primary resident parking as well as a separate parking area for rental guests to park. 

View the full listing here, and while you're at it, contact GreyBeard Realty to schedule a showing of this beautiful Black Mountain home. To save this listing and/or receive notifications about similar properties, create an account to register with GreyBeard Realty. 

Luxurious Mountain Home in Montreat, NC

This luxurious mountain home, located in historic Montreat, North Carolina, will undoubtedly blow you away. Equipped with 9 bedrooms, 9 bathrooms, and a stone fireplace, this 5,054 square foot home is a regal presence in the mountains. 

232 North Carolina Terrace Montreat - exterior232 North Carolina Terrace Montreat - exterior above

The architecture of the house plays nicely with the forest that surrounds it. Large windows, along with hardwood flooring and paneling, seem to invite the forest inside rather than shut it out. Outdoor balconies offer both an escape into the fresh air and views of the canopied forest and the mountains. Once inside, the wood and stone interior give the home a warm, rustic feel that mixes well with its modern and luxurious finishings.  

In this secluded yet spacious home, relaxing and entertaining are equally manageable. For the entertainer, the detached garage and extensive level parking allow large numbers of people onto the property with ease. Additionally, the large dining, living, and recreational rooms that exist within the relatively open floor plan provide the perfect environment for hosting guests. Not to mention the kitchen, which boasts a large center island that doubles as a cutting board, and modern stainless steel appliances that would make a chef swoon. 

For the more private host, there exists a separate living suite equipped with 2 beds, 2 baths, a full kitchen, dining area, living room with a wood-burning fireplace, and laundry. Attached to the garage, there is also a private office space that contains a wet bar, Murphy bed, and full bath. 

From exquisite views to luxurious living spaces, this property has it all. View the full listing here. Interested in setting up a tour? Contact GreyBeard Realty to schedule a visit or ask for more information. To take a look at other homes for sale in Montreat, click here. To save this listing and/or receive notifications about similar properties, create an account to register with GreyBeard Realty.

Asheville Market Update | May 2020

Since March 2020, stay at home orders, health and safety concerns, and the events surrounding the novel coronavirus have had an impact on daily life in the United States (and across the globe). It is no surprise that questions about the economy, including the health of the real estate market, have naturally surfaced as well. As North Carolina and other states begin stages of reopening and we enter "the new normal," many are wondering what "the new normal" is for buying and selling real estate.

While the answer to that question will likely vary depending on what part of the country you are living in, the Asheville area market remained relatively stable in the early spring and has even gained momentum and remained strong going into the late spring. The quick answer is: It's still very much a seller's market in Asheville due to the market continuing to tighten with fewer homes coming on the market and buyer demand remaining strong. If you've been considering listing your home or property, this is a good time to make the move. 

In Buncombe County, the number of new listings year to date compared to 2019 has decreased from 1,866 to 1,527, an 18% decrease. New listings in April were down a staggering 39.5% compared to April 2019. This has created a decrease in the supply of inventory -- there is simply not enough inventory to meet the demand of buyers looking to purchase homes and property in the area. This decrease in inventory has impacted key metrics in favor of the seller. List to close days has decreased by 5.6% while days on market have decreased by 16.4% -- going from an average of 61 days on the market to 51 days. Sales to list prices have increased by 0.4%. The tighter market has driven the average sales price up 9.5% year to date. 

Other regional markets are showing similar trends to Buncombe County and Asheville. McDowell County's inventory of homes for sale has decreased even more than Buncombe County from 8.4 months supply in April of 2019 to 4.1 months in 2020, or a decrease of 51%. Burke County decreased from 3.6 to 2.3 months, and the median price is up 13.7%. Yancey County is showing the same trends. Inventories are down 12.2% with months of inventory decreasing from 15.3 in 2019 to 10.5 in 2020. The average sales price in Yancey County is 34.9% higher compared to 2019 for the month of April.

Real estate has remained an "essential business" in North Carolina throughout the stay at home orders, and GreyBeard has remained committed to serving buyer and seller needs, safely. These safety initiatives have included:

  • Utilizing contact-free signature software for documents
  • Offering simple video tours and 3D virtual tours of listings
  • Video conference meetings
  • Following CDC guidelines for physical distancing for in-person showings

As we enter phases of reopening, GreyBeard Realty and our agents remain committed to the health and safety of our clients. We have joined our community to support the "Asheville Cares Pledge" which includes wearing face coverings around customers and clients while showing homes and property in Asheville, frequent hand washing, following CDC standards of cleaning and sanitation at our office locations, and conducting wellness screenings of employees. The health and safety of our clients, employees, and community remains our top priority. 

 As always, please let us know if you have any questions about selling with GreyBeard or would like to connect with a GreyBeard agent. Stay well, and stay safe. 


Modern Farmhouse in Private Location

This modern farmhouse is not a property you want to miss out on. With a bright blue door and stellar sunset views, this 4 bed, 3 bath house has been recently renovated and is located in Leicester, North Carolina. The home was upgraded with new stainless steel appliances, new flooring, new roof, HVAC system, water filtration system, exterior and interior doors, new window treatments, and custom woodwork.

But wait! If you've also been looking for a home with shiplap accents - this is it. Shiplap accents have been added throughout the home, from the home to the master bathroom, you'll love the variety of seamless shiplap accents. 


This property is meant to be enjoyed. You can hangout in the rec room, watch the sunrise or sunset from the front deck, or warm up by the stone outdoor fire pit. However you choose to relax in this home, it'll be yours for a lifetime! 


Interested in touring this home? Contact GreyBeard Realty to schedule a viewing and to learn more. You can also create an account to save this listing and to be notified when similar properties become available. Want to take a look at other properties? See more Ashville homes for sale. If you have a home you’re ready to list, learn more about selling with Greybeard


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    Walking in a Winter Wonderland | Why winter is an ideal time to begin your Asheville land search

    The term "winter wonderland" may conjure up imagery of snow angels, ice skating on frozen ponds and snowball fights.  While our mountain paradise in Western North Carolina certainly sees low digit temperatures and a few seasonal snow flurries with accumulation from time to time, average high temperatures in Asheville actually tend to hover between the high 40s and low 50s. Asheville winters are a great combination for those who like to enjoy the best of mild winter hiking or walking during the daytime and then cozying up around the fireplace as the evening chill sets in. 

    In addition to the completely bearable temperatures, the winter months also have some great benefits when it comes to those who are looking to purchase land in the Asheville area. 


    GreyBeard Realtor Ali Whitman shares:

    Many folks may slow their home or land search for a variety of reasons in the colder months, but walking lots with your real estate agent in winter is actually more ideal. With the leaves gone and suppressed undergrowth and briar thickets, winter allows for better visualization of the contours of the lot, walkability, and long-range view potential. 

    In addition to being able to better visualize the contours of the lot, here are a few other benefits to starting your land search in the winter months:

    • Evaluate sound and "background noise" that may not be present when leaves return to the trees
    • Examine how sunlight impacts the land (and your future home) without dense foliage present to block views, and consider things like window placement for sunset views
    • Remote mountain homes often have septic and well systems when city water and sewer do not reach the property. Walking the land in the winter months can assist with establishing plans and placement for these systems.

    At GreyBeard Realty we have mountain lot listings in numerous developments throughout Western North Carolina that we would love to explore with you. To name a few, check out our listings in Catawba Falls Preserve, Gateway Mountain, and Creston. For those who are looking to build on a vacant lot, we encourage you to make an appointment with a GreyBeard agent so you can make the most of the winter months during your land search.

    Five Reasons to Buy a Log Cabin in the Mountains of Asheville

    When imagining your mountain dream home, what first comes to mind? For many, a quintessential mountain log cabin overlooking sweeping mountain views wins the day. These timber fortresses certainly come with a “wow factor,” but the desire to purchase a log cabin also has many practical benefits that may just provoke you to take the next step towards owning your own log cabin.

    1). Log home construction is incredibly sturdy. There is a good reason why so many historic log homes are still standing. The construction is meant to withstand harsh weather and the test of time. The National Association of Home Builders notes that log and timber homes in Europe regularly date back over 800 years. 

    2). It’s a great option as a rental! The picture association you may have of what a mountain home should look like is often shared by others. If you’ve been considering purchasing a log cabin as a vacation home, there is a good likelihood that area visitors will also be excited to see and stay in your log home. Feel free to contact our rental division, Greybeard Rentals, if you’re looking for a property management company to rent out your home in between your visits.

    3). Log cabins not only look great, but they also fit right into the natural landscape of woodlands, mountainsides, or beside a bubbling brook. 

    4). Log homes can provide energy efficiency. A recent National Association of Home Builders study suggests that homes with solid log walls are often up to 15% more energy efficient than standard stick-frame construction. 

    5). Trees are a renewable resource. Some log home builders will build with standing dead timbers (sometimes impacted by insects), or practice reforestation when they do utilize live trees. Even the milling process can reduce construction waste.

    Whether your ideal log cabin is a cozy, rustic cabin buried deep in the woods, sitting on a mountaintop, or within close access to city amenities, our Greybeard agents are all well versed in the mountain cabin search and can help guide you the through the process from log cabin dream to log cabin reality.

    Log Cabins in Asheville, North Carolina 

    Luxury Log Homes in Asheville, North Carolina

    Rustic Log Cabin With Modern Touches Close to Black Mountain

    With two houses and detached studio space – this one of a kind log cabin on North Fork Right Fork Road in Walkertown Valley is perfect for those looking to be close to nature with lots of space while also being close enough to the amenities of Downtown Black Mountian. Located just outside of downtown Black Mountain with 1.53 acres, this property meets all your needs.

    2342 North Fork Right Fork Rd Black Mountain

    The main house has a variety of contemporary amenities, like skylights and stainless appliances, that will make you think twice about whether you are in a log cabin. From skylights and stainless appliances to central HVAC, you are all set with this modern, yet cozy, wood-paneled property.

    2342 North Fork Right Fork Rd Black Mountain - Main House Exterior2342 North Fork Right Fork Road Black Mountain - Main House Interior

    The second house and studio space offer lots of extra living space. The second house has three bedrooms, two bathrooms, and open kitchen, dining, and living room floor plan.

    2342 North Fork Right Fork Rd - 2nd House Exterior2342 North Fork Right Fork Rd Black Mountain - Second Home Interior

    The large, detached studio space offers plenty of room for all of your needs and is also ready to go with power and water. 

    2342 North Fork Right Fork RD Black Mountain - Detached Studio Exterior2342 North Fork Right Fork Road Black Mountain - Detached Studio Interior

    Contact GreyBeard Realty for more information about this home. In the meantime, create an account to save this listing and to be notified when similar properties become available. You can also take a look at more Black Mountain homes. If you have a home you’re ready to list, learn more about selling with Greybeard