2024 Downtown Asheville Condominium Market Recap

(Photo from 17 N. Market Street.  Mills Coin & Co. Real Estate Group assisted the buyer and seller in this transaction.)

2024 was a record breaking year for Downtown Asheville's condominium market in several ways:

1. The highest price per square foot ever ($1,317) was recorded in October 2024
2. There were two sales over $1,000/sqft
3. The average price/sqft increased 18% to an all-time high of $668/sqft
4. The average sales price increased 10% to an all-time high of $886,877 

Let’s dive into the latest metrics and what they mean for buyers and sellers.

1. Closed Units

• Takeaway: Closed condo units in downtown Asheville decreased from 71 in 2022 to 31 in 2024, highlighting very limited inventory.  This drop underscores a competitive market where buyers face fewer options.

2. Closed Volume

• Takeaway: Closed volume declined from $55.08M in 2022 to $27.49M in 2024, reflecting the reduction in available inventory. However, rising price per square foot and higher average sales prices indicate that demand for premium condos remains robust.

3. Average Price/SQFT

• Takeaway: The average price per square foot increased steadily from $567 in 2022 to $668 in 2024, showing a 17.8% growth. This rise signals that urban living in downtown Asheville remains highly desirable, with buyers willing to pay a premium for quality spaces.

4. Average Days on Market

• Takeaway: The average days on market dropped from 94 in 2022 to 56 in 2023, before climbing to 71 days in 2024. This suggests a brief period of heightened buyer activity in 2023, followed by a stabilization where buyers are more deliberate in their decisions.

5. Average Sales Price

• Takeaway: The average sales price rose from $810,026 in 2022 to $886,877 in 2024, reflecting a 9.5% increase. Despite fewer transactions, higher sales prices emphasize the enduring appeal of downtown Asheville condos, particularly among buyers seeking luxury and convenience.

Conclusion

The downtown Asheville condo market is a sought-after destination for urban living, with rising prices and limited inventory driving competition among buyers. While the total number of transactions and sales volume have declined, the significant increases in average price per square foot and sales prices highlight the market’s resilience and strong demand for high-quality condos.

For buyers, this is a prime opportunity to invest in a growing market with appreciating values. For sellers, rising prices and continued demand for urban condos make this an excellent time to list your property. Whether you’re buying or selling, working with an experienced real estate professional is key to navigating this evolving market. Contact The Mills Coin & Co Group today to make your move in downtown Asheville!