Even as home prices across the state and in Asheville hit all-time highs, the luxury home market maintains high supply and demand, with some cliffside estates among the most expensive in North Carolina. They are also one of the highest supply markets in the area.
The luxury home market—homes that cost over $1 million—had estimated nearly 12 months of supply in Buncombe County at the end of 2024's first quarter, according to the first quarter Mosaic Lifestyle Community Realty report. Homes that cost between $250,000-$600,000, a price range that comprises the bulk of the market for an average homebuyer, only had around 11 months of supply.
A recent report from Canopy MLS, a data service Realtors use to track regional and city housing landscapes, indicates that normal home prices are unlikely to change, even if home supply increases rapidly.
“Additional supply and inventory can also have the added benefit of softening prices. But buyers shouldn’t expect to see prices fall dramatically, due to the steady demand the market experiences," said Caleb Phillips, a Realtor with Lusso Realty in a June 28 Canopy MLS report.
However, if you are looking to buy a new home with a few million dollars to spare, or are just looking to ogle at floorplans that could be compared to HGTV dream homes, the Western North Carolina mountains might have the housing market for you. Here's a look at some of the highest price home sales for the Asheville housing market in May:
62 Fairsted Drive
This 2008 home in Biltmore Forest sold for nearly $2.8 million in early May. The home was built by the Asheville-based PebbleDash Builders and features a wine cellar, stacked stone fireplace and exposed beam ceilings. The home's Zillow listing suggests it has hosted parties of more than 200 people.
The home was sold by Viv Snyder from Allen Tate/Beverly-Hanks Realtors.
650 Walnut Valley Parkway
With five bedrooms, four-and-a-half baths and an "open-concept design" that connects the dining room, kitchen and great room, this 2024 custom The Cliffs at Walnut Cove home sold for $2.8 million in mid-May. The home features a nearly 1,800 square-foot basement.
The home was sold by Roseann Cioce from Allen Tate/Beverly-Hanks Realtors.
408 Moraine Court
With a three-car garage, four bedrooms and over 4,300 square feet of space, this Biltmore Forest home sold for $3.5 million at the beginning of May. This Ramble Biltmore Forest home has a walk-in pantry, three additional en-suites and a private covered porch.
"Abundant light fills the two-story great room through the large windows and sliding doors that open onto your beautiful and private covered porch that practically doubles your entertainment space," the home's Zillow listing reads.
The home was sold by Mark Taylor from Allen Tate/Beverly-Hanks Realtors.
498 Walnut Valley Parkway
This 2023 home sold for $3.8 million at the end of May, making it the second most expensive home sold in May. Located in The Cliffs at Walnut Cove, the home boasts 3,434 square feet of space, four bedrooms and four separate decks that include fire pits, a grill kitchen and a hot tub.
The home was sold by Roseann Cioce from Allen Tate/Beverly-Hanks Realtors.
25 Bartrams Walk Drive
This 2018 home just off of Town Mountain Road sold for $4.3 million at the end of May, making it the highest sale for the month. The home features wide windows, 3,770 square-feet and a hillside pool.
"The main level offers a spectacular master suite, a state-of-the-art chef's kitchen opening to an exquisite great room with unobstructed views of the Blue Ridge Mountains and Beaverdam Valley," its listing on Zillow reads.
Difference in appraised price and sale price?
Since the Citizen Times ran a series of articles analyzing the gap between the assessed values of luxury homes and their subsequent selling price, the Buncombe County Tax Department has hired a new luxury home assessor to bridge the gap between assessed prices and their sold value.
In March, Buncombe County Tax Assessor Keith Miller told the Citizen Times he hopes the new position targeting luxury homes would be able to tackle the gap between assessments. Miller noted at the time that all homeowners, from all price points, should expect to see property values increase after reappraisal 2025.
"People have doubled values in their houses, in some cases, so they have gained a lot of equity," Miller said at the time.
Will Hofmann is the Growth and Development Reporter for the Asheville Citizen Times, part of the USA Today Network. Got a tip? Email him at WHofmann@citizentimes.com. Please help support this type of journalism with a subscription to the Citizen Times.
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