Black Mountain housing becoming more expensive than in Asheville, realtors say
With housing prices increasing throughout Buncombe County, Black Mountain realtors say housing could become more expensive in Black Mountain than in Asheville.
"The reason (prices are) going up is because the inventory is limited," said Mary Noble, the owner and broker of Noble & Company Realty.
Greybeard Realty owner and broker Chip Craig reported the average sale price in Asheville was up 19% from 2020. In Black Mountain, Craig said the average sale price increased by 21% from 2020.
Buncombe County home prices have nearly doubled on a steadily climbing rate in the past 10 years, according to Greybeard Realty.
Statistics courtesy of Greybeard Realty, which conducts business in Black Mountain and in Asheville, show a significant change in the median home price in Black Mountain in recent years. Whereas in 2014 the median price was $198,000, the median price as of 2021 is listed at $400,000.
Noble said prices have been fairly steady in both Black Mountain and Asheville but she has seen them continue to rise.
As opposed to Asheville, Noble said it's becoming more expensive to purchase a home in Black Mountain. Due to the small town feel, Noble said a higher demand exists in Black Mountain than in Asheville.
As of November, Noble & Company Realty reported an average home price in Black Mountain of $363,950. For comparison, the realty group reported an average home price in downtown Asheville of $575,158.
Rosie Johnson, a realtor and broker with Greybeard Realty, said living in Asheville is comparable to living in Black Mountain. The sale prices of homes in both towns continues to rise and a combination of new and current residents seeking to buy in Black Mountain creates many buyers but limited home availability.
"We have more buyers than we have inventory," Johnson said. "There are definitely people moving here."
Johnson said she's seen people having difficulties being able to afford housing in Black Mountain. Johnson said she imagines the job market and pay scale of the area creates difficulties for buying a home.
While a small minority of current Black Mountain residents aim to purchase multiple homes in the area, Noble said the majority of people looking to buy a home are coming from outside the community.
"Most of them are people from different states wanting to be in Black Mountain," Noble said.