Forbes magazine says Asheville real estate is a boom market
Asheville has made yet another national list.
Locals who own homes in Asheville know real estate has become one of the area's most solid investments. But now Forbes magazine has put the mountain city on a list of the top 25 biggest boom markets in the nation.
Several local real estate agents said the Asheville market continues to be hot.
The Forbes article said boom markets in real estate don't come along often, but there's one here now. The calculation used is how much the average home price is above the local income price, with sales prices jumping from year to year by as much as 10-15 percent.
In 1980, Susan Roderick bought a Montford home, built in 1908, for what would be an unheard of price in Asheville now.
"It was $30,000 dollars," she said.
Roderick said homes all around her are selling for more than $1 million.
"The prices are going up, and they're paying cash," she said.
In Fletcher, on the other side of Asheville, Jeff Boone is building a 2,700-square-foot dream home with his wife.
"It's kind of like the adrenaline rush, getting everything going, the organization of it," Boone said.
Boone said he got a "pretty decent deal on the lot" and they decided to move into the home he was building if they sold their other home.
Their house just blocks away sold in 88 days for $468,000 -- just $7,000 less than their asking price.
"It was meant to be because it did sell, and quickly at that," Boone said.
Brokers in Asheville were not surprised to see the city on the Forbes list.
Data show one-year home price increases have jumped by an average of 8 percent. Experts said inventory is low in more affordable ranges.
"You got to be ready to go and ready to go quickly," Kathryn Kaderabek, with Beverly-Hanks, said.
Roderick, who loves the vibrancy of the area, is well aware of climbing prices.
"I have some rentals and I really want to keep them affordable as long as I can," she said.
Some real estate agents report more expensive homes, say in the more than $600,000 range, are not moving nearly as quickly as homes priced lower.