Hey Robin. I'm also quite new to Bigger Pockets and real estate in general so I can't really help much in that area. But I have lived in Asheville for 2 and a half years now so I can give you a bit of input on what I'm seeing in the market here.
First off, the living expenses here are outrageous. Asheville used to be a cute little hip town but now what I've seen is moves towards being strictly a tourist town, forgetting the residents. Everything is expensive, downtown in particular, including real estate. So to answer your first question, yes, I believe it is near the top of the cycle. I have seen an incredible amount of houses being built but not all of them are getting bought as quickly as I would assume from just watching, and the real estate market has seemed to slow down a bit in the last little while. Of course don't take my word for it since I'm relatively new to this and all but real estate here is very expensive and I don't know how much longer people will be willing to pay this much when there are other cities like Raleigh and Charlotte around. Asheville is a really nice place for retirement and tourists, but for the working middle class and lower class, the living expenses are crazy. It's a bit off topic to your questions but it does have an effect, so I'd keep that in mind.
As far as the actual vibe and atmosphere you get here, I love it. Near to the blue ridge parkway, good weather, great views, interesting things to see downtown at night, and a good variety of people. I would live the rest of my life here, if I can afford it. And that's what I'm worried about. If it continues to have living expenses go up and up and focus only on tourists, I fear that the average worker won't be able to survive and therefore make it a very difficult small economy in general.
So in all, as a local, I just don't see logically how the real estate can keep appreciating for much longer unless the living expenses stop hiking and lower and middle class workers are able to survive here, as that's what is the back bone of it all right now. There are still deals out here, and don't get me wrong it's a lovely area, but I would be very cautious and do plenty of research as it's not such a fast growing market such as Charlotte or Raleigh.
I'd be happy to answer any other questions you might have about this area, feel free to reach out if ya do!