Is This a Good Time to Buy or Sell Luxury Property in Western North Carolina?
Western North Carolina (WNC) is a premier destination for luxury real estate, offering upscale living amid breathtaking mountain scenery. Communities like Biltmore Forest, Asheville, Black Mountain, Brevard, Lake Toxaway, Cashiers, and Highlands attract discerning buyers and sellers seeking exclusivity and natural beauty. For those considering high-end investments, key factors—price trends, building costs, migration patterns, and the Asheville airport expansion—shed light on the market. At ncmountainre.com, Preston Mayfield specializes in luxury homes in WNC, guiding clients through this dynamic landscape. Is now the time to buy or sell? Let’s explore.
Luxury Real Estate Trends in Western North Carolina
The WNC real estate market is thriving, with luxury properties leading the charge. In Asheville, median home prices hit $485,000 in 2023—a 53% rise since 2019—while nearby Biltmore Forest, an enclave of historic estates and manicured grounds, commands even higher values, often exceeding $1 million for its prestigious homes. Black Mountain, a short drive away, offers a mix of charm and luxury, with high-end properties gaining traction as Asheville prices soar.
Southward, Brevard balances affordability with upscale appeal, boasting median list prices around $468,000. The luxury trifecta of Cashiers, Highlands, and Lake Toxaway, perched on the Highlands-Cashiers Plateau, caters to elite buyers, with average home prices surpassing $430,000 and multimillion-dollar estates setting the pace. Land prices reflect this prestige: in Biltmore Forest, prime lots are scarce and pricey, while in Cashiers or Lake Toxaway, lakefront or mountain-view parcels fetch top dollar. For luxury listings or to sell your high-end WNC property, visit ncmountainre.com.
Building Luxury Homes in WNC: Costs and Considerations
Constructing a luxury home in Western North Carolina is a bespoke endeavor, but costs have climbed. Standard builds average $150 to $250 per square foot, while custom estates in Highlands, Cashiers, or Biltmore Forest often exceed $300 to $500 per square foot with premium finishes, smart home tech, and expansive views. Mountainous terrain adds expenses—grading, foundations, and utilities can push a 3,000-square-foot Lake Toxaway retreat past $1.5 million (land excluded). For luxury buyers, new construction offers unmatched personalization; for sellers, highlighting these features can elevate your property’s value.
Migration Patterns Fueling Luxury Demand
Migration is reshaping WNC’s luxury market. Asheville’s metro area is projected to grow 13% by 2030, nearing 400,000, drawing affluent retirees, remote-working executives, and second-home buyers. Biltmore Forest and Asheville attract urban transplants seeking sophistication, while Cashiers and Highlands lure wealthy buyers from Atlanta, Charlotte, and beyond for seasonal escapes. Black Mountain and Brevard offer emerging luxury options for those wanting proximity to nature with upscale amenities. Sellers benefit from this influx, as out-of-state cash buyers compete for prime properties—partner with Preston Mayfield at ncmountainre.com to maximize your sale.
Asheville Airport Expansion: A Luxury Market Boost
The $400 million Asheville Regional Airport (AVL) expansion, set to wrap up in phases by 2026, enhances WNC’s allure for luxury buyers. With new gates and nonstop flights to cities like New York and Denver, accessibility is improving—perfect for jet-setters eyeing Biltmore Forest estates or Cashiers retreats. This upgrade could elevate property values across Asheville, Black Mountain, and the Highlands-Cashiers Plateau, making it an ideal time for sellers to list and buyers to invest in high-end Western North Carolina real estate.
Is Now the Time to Buy or Sell Luxury Property in WNC?
For luxury buyers, WNC offers unmatched opportunities. Biltmore Forest promises timeless elegance, Asheville blends urban flair with mountain luxury, and Cashiers, Highlands, and Lake Toxaway deliver secluded opulence. High land and building costs demand strategic moves—think pre-approved financing or targeting move-in-ready estates—but long-term appreciation remains strong. For sellers, the seller’s market and affluent demand create prime conditions to list your luxury home, especially with migration and airport-driven growth.
Preston Mayfield at ncmountainre.com specializes in luxury homes in Western North Carolina, offering tailored expertise for buyers and sellers. Whether you’re seeking a Biltmore Forest mansion, a Black Mountain retreat, or a Lake Toxaway lakefront estate, now’s the moment to act—contact Preston to navigate this elite market with confidence.
