Co-own real estate report: Asheville, North Carolina

If you are reading this thinking i forgot the “N” in this city’s name, you are wrong. While Nashville, Tennessee is one of the nation’s hottest real estate markets, you can argue Asheville, North Carolina is an even better city to buy in right now.

A 4 hour drive from Nashville, Asheville sits East of the Smokey Mountains in one of the most spectacular foothill areas in all of the US. The views, colors, and outdoor splendor of Asheville makes it an ideal vacation destination. Add in its world famous arts district and farm to table culture, it’s no wonder Asheville attracts 11 million tourists every single year! For reference, Las Vegas attracts 19 million tourists a year. It is quickly becoming a favorite destination for bachelor and bachelorette parties and people seeking four seasons.

What makes Asheville attractive for co-owning?

Asheville is a growing city of young professionals looking to launch and grow their careers. Because Asheville is centrally placed in an area with dozens of colleges from Tennessee to Georgia to South Carolina, it attracts a young demographic of college grads looking to enter the next phase of life, while offering an environment driven by culture both old and new.

1.67% population growth year over year. 👨‍👩‍👧‍👧

1.6% job growth year over year. 🤓

39 years old is the average age of Asheville resident. ❤️

4% unemployment rate. (National avg. is 6%) 🥳

$430K median home price. 🌈

Short term rentals in Asheville

78% Avg. occupancy rate on Airbnb.

$3,325 /month Avg. revenue on Airbnb.

Compared to other areas in the US, Asheville offers an incredibly attractive Airbnb revenue stream when considering the relatively low Avg. home price. A steady flow of year around tourists also help boost occupancy rates. As remote work continues to grow, urban escapists will undoubtedly continue to visit this Smoke Mountain gem.

Hot neighborhoods in Asheville

River Arts District (RAD)

RAD is what makes Asheville truly unique compared to other growing cities in the US. RAD is comprised of over 240 artists ranging in mediums from sculpture, leather working, pottery, painting, photography, glass blowing, basketry (yes basketry) and many more. What makes RAD even cooler it the dozen plus studios that have been renovated from hundred year old buildings, merging the past and present economies and cultures of Asheville. RAD is haven for young artists, makers, and cultural explorers.

Downtown Asheville

Unlike some cities, downtown Asheville is actually a hotspot you want to explore. Helping you take in everything downtown has to offer is a super convenient 1.7 mile Urban Trail. It has 30 stops and guides you through a lively mix of restaurants, bars, breweries, galleries, museums and more! Make sure to checkout the rich mural scene and farm to table culture.

The hipster report



Other notable destinations

Biltmore Estate

If you have a few glasses of wine you might actually think you are in the French countryside. The Biltmore is a 250 room castle estate and is the largest home in the US, sitting on 8,000 acres of picturesque land. It’s not just a bougie relic of the past either… The Biltmore has tons of trails, gardens, art exhibits, a winery, and shopping that let you really make a day out of the experience.

Proximity to the South

4 hours or under drive

• Nashville
• Atlanta
• Durham
• Raleigh
• Chapel Hill
• Charlotte
• Knoxville
• Lexington

Asheville cobuy opportunities

191 Forest Hill Drive, Asheville, NC 28803

Asking price: $599,000

Estimated downpayment: $119,800

Estimated mortgage: $3,456/month

Estimated rental revenue: $2,240/month

30 Garden Circle. Asheville, NC 28806

Asking price: $515,000

Estimated downpayment: $103,000

Estimated mortgage: $2,972/month

Estimated rental revenue: $3,028/month

75 Lakewood Drive, Asheville, NC 28803

Asking price: $760,000

Estimated downpayment: $152,000

Estimated mortgage: $4,385/month

Estimated Airbnb revenue: $2,240/month

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Sources:

• Asheville macro trends
• Asheville economy
• River Arts District
• Explore Asheville
• Asheville home values
• Asheville hipster report

Nestment, Inc. does not guarantee and is in no way responsible for the accuracy of information provided in this blog post. All information is provided “AS IS” and with all faults. Data presented here may not reflect all real estate activity in the market.  While the information on this site is about legal and tax issues, it is not intended as legal or tax advice or as a substitute for the particularized advice of your own attorney and tax professional.