EMERGING MARKET REPORT
CONTENTS Introduction Asheville’s Surging Surrounding Areas Brevard Mars Hill/Marshall Old Fort/Marion Kings Mountain/Shelby Columbus/Tryon Burnsville Lake James Surrounding Area Surprises Hickory Bubbling Up on the Radar Sylva
INTRODUCTION The region’s inbound migration is combining with some Covid related housing trends to expand the region’s already growing footprint. That footprint reaches out into an assortment of areas which, 5 years ago, would have seemed too rural to attract much of an audience. Outdoor and entertainment amenities such as hiking, whitewater rafting, dining, the arts, along with the region’s numerous small towns and remaining rural farm/development land, are all seeing the signs of the region’s popularity. At Ivester Jackson Blackstream I Christie’s, we’ve always been at the forefront of regional trends and this report is our take on areas that are surging. This report also includes markets where we see early signs of activity that we believe will surge over the next 5 years. So, let’s take a look at the areas, and some of the reasons behind our assumptions.
BREVARD Over the past 90 days, this area saw 50 closings over $400,000 in value, compared to 42 in the same period last year. Low taxes, close proximity to Asheville (40 mins to Downtown Asheville and 20 minutes to the Asheville Regional Airport), this area is on its way and prices will begin to push up into the higher ranges over the next 4-5 years.
MARS HILL/MARSHALL Lying just north of Asheville, these two towns have seen an influx of new residents over the last 12 months and more specifically in the previous 90 days. 24 Homes over 400k were sold in the last 90, with only 13 sold in the same time period a year prior. The town of Marshall has recently been in the news since a major production company recently shot a movie in the area and brought tons of notoriety to this small mountain town. Mars Hill boasts the presence of Madison County’s only university, which brings a vibrant art scene, college sports, and nightlife.
OLD FORT/ MARION A few factors have encouraged recent sales activity in both towns. One factor is the close proximity to both Asheville and Morganton. Another factor is the plethora of outdoor activities that include world class hiking, biking, and watersports. Recent revitalization efforts in both downtown Old Fort and Marion have brought many restaurants, breweries, and local shops to the mainstream. Real estate sales above $400,000 are up by 50% year over year in the previous 90 days.
KINGS MOUNTAIN/SHELBY This area boasts one of the region's most high-profile projects, the new Kings Mountain casino, while also quietly harboring one of the region’s best-kept secrets in waterfront living, Moss Lake. Don’t let the name fool you, this scenic reservoir features fantastic water activities, and prices come in well below neighboring lake communities, with recent closings in the $495,000 to $1.25 million range. Under an hour from Charlotte, this area saw 22 closings over $400,000 in the past 90 days compared to 11 in the same prior-year period.
COLUMBUS/TRYON While the Tryon market has been percolating for years as horse owners flock to the area, Columbus has seen a tremendous amount of growth in the past 12-24 months. The addition of the Tryon Equestrian center has really put these towns at ground zero for horse lovers all over the country. Sales have jumped around 25% year over year in the previous 90 days, tallying 23 sales over 400k. We believe this trend will continue for some time as developers eye this area for future expansion around the equestrian facilities.
BURNSVILLE This market is one of the hottest in the area, when compared to the same time period last year. With the expansion complete of Highway NC-19, many buyers are looking to the area due to its easy access to Asheville and surrounding areas, a thriving arts scene, and abundance of rural mountain beauty. Sales ($400,000+) are up 100% year over year with 20 sales in the previous 90 days vs 10 in the same time period last year. Communities such as Mountain Air have seen an uptick in activity, as many second homes buyers like the convenience of a golf course and country club within the community. We expect Burnsville to continue its upward trend as housing inventory in Asheville tightens further.
LAKE JAMES With many of the larger, regional lakes beginning to fill up along with limited inventory, and surging prices we have started to see some of the smaller lakes gain a ton of traction in recent months. Lake James is a great example of this trend and shows signs of continued growth into the future. Sell through in Lake James is off the charts, being up 150% percent year over year in the previous 90 days. Lake James is a hidden gem that will continue to attract buyers in the years to come.
SURROUNDING AREA SURPRISES Downtown Hickory
Hickory
HICKORY With a rebounding economy (and two of North Carolina’s hottest real estate markets - Asheville and Charlotte - just an hour away in either direction), the long term upside of this area can no longer be ignored. Like Moss Lake in Shelby, Lake Hickory’s options appear attractively priced relative to nearby Lake Norman. There's an abundant amount of outdoor hiking and nearby Blue Ridge mountain activities. Also, the downtown area is seeing a resurgence featuring farm to table dining and brewery options. With 50 closings over $400,000 the past 90 days vs 37 last year in the same period, (including two deals in the $1.2 to $1.4 range on the waterfront), Hickory clearly has momentum in its favor.
Emerging Markets Last 90 Days Sell Thru Over 400,000 Last 90 Days vs Same Period 2021 2021 Last 90 Days Closings 2022 Last 90 Days Closings
50
50 40
37
30 20 10 0 Hickory
BUBBLING UP ON THE RADAR Sylva
Sylva
SYLVA The luxury market in Sylva is off the charts at the moment with 3 pending sales all over 1.8 Million dollars. Balsam Mountain Preserve is at the forefront of this luxury home push in Sylva, boasting an Arnold Palmer designed golf course, world class dining options, and picturesque views. Sylva tallied only five closings over 400k last year, while posting 7 in the same period this year. We expect to see luxury homes sales continue to rise in Sylva as more people look to mountain retreats for peace and tranquility.
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CHARLOTTE | LAKE NORMAN | NORTH SHORE (MOORESVILLE) | ASHEVILLE | WILMINGTON