News release from Construction Coverage:
While 2023 marked a notably more subdued year for real estate compared to the preceding years, recent signs suggest market conditions could be heating up again—though some geographies are seeing more activity than others.
To determine the locations with the hottest real estate markets in 2024, researchers created a composite score equally weighting the following metrics:
- One-year change in median sale price (Dec 2022–Dec 2023)
- Share of homes that sold above asking (2023)
- Median number of days on the market (2023)
- Average sale-to-list percentage (2023)
- Share of listings with price drops (2023)
These are the key takeaways from the report for Asheville, NC:
- As of December 2023, the median home sale price in Asheville was $455,250, representing an increase of 7.9% from one year prior.
- 30.5% of Asheville homes sold over their asking price last year, after spending a median 48.2 days on the market.
- Based on these and other key metrics included in the complete analysis, Asheville’s housing market ranks 280th out of 451 small U.S. cities in the ‘Hottest Real Estate Markets of 2024’ report.
Here is a link to the complete results of the analysis, with data on more than 600 U.S. cities and the 49 states with sufficient data. Feel free to republish or use the findings in your own write-up. If you choose to use the analysis, please link to the original report: https://constructioncoverage.com/research/hottest-real-estate-markets-us
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