Where does Asheville home price growth rank in U.S.? Hint: pricier than Chicago, Atlanta
A new study shows Asheville house prices have grown at near the top quarter of the nation ― with an average price higher than any large North Carolina city and also more expensive than major population centers such as Chicago, Atlanta and New Orleans.
The study by Smart Asset showed costs of single-family houses, condos and co-ops in Asheville city limits had grown 3.8% from May 2022 to May of this year. About half of the 532 markets studied saw declines in home prices.
The average price of an Asheville home in May was $457,007, said Smart Asset Economic Analysis Editor Jaclyn DeJohn.
She pointed to Asheville's average price as "higher than major cities like Chicago at $286,482 and Atlanta at $384,388."
In the state, DeJohn said, "Raleigh had the second highest home value at just over $431,300 and Durham had the third highest at roughly $395,300. However, while Asheville might have the highest home price in North Carolina, it did not crack the top 200 of the most expensive housing markets nationwide."
The trouble for many would-be local homebuyers is that earnings are 5% lower in the Asheville area than the state average. They are also much lower, 13%, than the national average.
Here are details from the Smart Asset comparison of 532 U.S. cities with populations of at least 65,000 ― along with additional rent and income data from other sources.
(Smart Asset data came from the Zillow Home Value Index, which calculates an average within the 35th and 65th percentile. That can eliminate high and low outliers that DeJohn said can "skew the average." It also includes houses not necessarily on the market.)
Undertaxed?: $40M Asheville estate only taxed for $3M; county looks to change mansion taxes
Asheville: Average house price: $457,007. Change in price from May 2022-May 2023: 3.8%.
Real example?: One house could be found near the average on Zillow: $457,900 for a three-bedroom, three bath single-family house on Crane Street near Johnston Boulevard in West Asheville.
Rent: Average Asheville area apartment, just under 1,000 square feet: $1,686 (October 2022). Up 36% from January 2021. Source: RentCafe.
Notable cheaper markets: Chicago at $286,482, Atlanta at $384,388 and New Orleans at $266,537.
Notable more expensive markets: Charleston, South Carolina at $510,627; Portland, Oregon $547,999; and Austin, Texas at $567,718.
Three most expensive markets (all were in California)
Palo Alto $3.2 million.
Newport Beach $2.9 million.
Sunnyvale $1.8 million.
Three least expensive markets
Flint, Michigan $47,498.
Detroit, Michigan $64,414.
Jackson, Mississippi $67,254.
Three fastest growing markets
Hartford, Connecticut 20%.
Lauderhill, Florida 15.7%.
Fayetteville, North Carolina 14%.
Three fastest declining markets (all were in California)
Dublin -15.3%.
San Francisco -13.3%.
Palo Alto -12.8% (also the most expensive U.S. market).
More: Asheville workers call on TDA to put tourism tax dollars toward affordable housing
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Asheville cost of living still tops in the state, while wages lag
Joel Burgess has lived in WNC for more than 20 years, covering politics, government and other news. He's written award-winning stories on topics ranging from gerrymandering to police use of force. Got a tip? Contact Burgess at jburgess@citizentimes.com, 828-713-1095 or on Twitter @AVLreporter. Please help support this type of journalism with a subscription to the Citizen Times.
This article originally appeared on Asheville Citizen Times: Asheville, North Carolina home price growth near top quarter in US
