Let's talk about Asheville NC, an area that is absolutely on fire in NC for REI. The pandemic has supercharged an already hot area. Asheville is unique for a variety of reason, and lets dig into the factors that make Asheville a great place to invest.

Mountains are always going to attract visitors, especially the famous Blue Ridge Mountains and the Parkway. Tons of hiking, and nature opportunities litter the Asheville and surrounding areas. Having hiked Panther Town Mountains multiple times growing up, which is southwest of Asheville not too far, I have a special fondness of the beauty of the Mountains in Asheville. I know many others do as well. This is reflected when you look at how many people are leaving Asheville vs coming in to Asheville. A look at searches to leave vs to stay are skewed heavy to incoming. Almost a 53::1 ratio incoming to outbound searches for homes. Charlotte, Miami, Raleigh being the largest inbound migration areas. 68% of local residents look to buy again in Asheville. Between 2010-2020 Asheville experienced a 13.1% growth rate- which is the largest in growth in any Western County. Side note to point out here- this massive growth has led to an increase in local traffic, and increased Cost Of Living, which Asheville is one of the highest in the state. But overall these are good signs. Asheville also sports the Famous and Luxurious Biltmore Estate, which is a tourist attraction in it's own right.

Median Home Listings are right around the $440k mark. It definitely boasts a higher price point than some of the other areas in NC. However, the STR Market is very strong, and the appreciation rate is something you don't want to leave on the table when considering investing in Asheville. In the most recent quarter Asheville saw an appreciation rates of 8.23% (WOW). That's a strong health indicator of the market, and a great look at what's to come for Asheville.

Back to the STR Market, as it is frequently looked at when it comes to Asheville. Something to note- in large portions of the city, and downtown STRs are not a thing. They aren't allowed, you need to actually own the home and live it. Do not let this deter you, the surrounding areas are much friendlier to STRs and in very high demand. Each county has their own "Resort" laws, check into the rules surrounding where STRs are allowed in Asheville, and where they are not. When looking to invest in an area like that, make sure to also check and see if there is any legislation on the books that could upend your STR investments.

MTRs are not as popular in Asheville due to a smaller business scene than places like Raleigh or Charlotte, however- LinkedIN had their tech economy analysis come back with Asheville ranked at number 7 growing tech city in USA. To see if that continues to hold and come into fruition should be something we all stay on the look out for. If that growth continues and sees large investments into the Asheville Tech Infrastructure, we could see more jobs, and a larger economy come to Asheville in the coming years. So MTRs could be in the future for Asheville as a viable option, right now it is not the hottest move.

LTRs are going to be hot in any location that has student or military. Asheville boasts a massive student population and many nearby universities. Black Mountain College, Shaw University, Brevard College, Lenoir-Rhyne University, and Mars Hill University to name the larger ones. Check your cash flow.

As development continues in Asheville the fix & flip market will stay in Asheville as well. When more money pours in and house prices go up, the flippers will need more capital to get the flip done, and likely more work to meet comps than some other markets, but with a great opportunity for return, and average 45 days on market means it'll be relatively quick to go.

House hacking is a viable option in Asheville as well, especially in some of the surrounding areas outside of Asheville.

The best time to get into investing in Asheville was yesterday, and opportunities today, are spelling the growth of Asheville for tomorrow. That City in the Mountains has future of elevation laid out before it, keep Asheville top of mind, and soon it will be on the top of a lot of investors lists if it isn't already.

Please leave some feedback, additional comments, and added information. It's impossible to cover every inch of how great Asheville is, so all alternate opinions are massively welcomed!

Here are the links for reference. Please do some extra reading if you wish.

https://heyexplorer.com/what-i...

https://www.realtor.com/reales...

https://www.redfin.com/city/55...

https://www.noradarealestate.c...

https://avltoday.6amcity.com/a...

https://mountainx.com/news/yea...

https://www.buncombecounty.org...

https://www.ashevillenc.gov/go...

Asheville, North Carolina

7 Votes