Asheville’s Southside saw highest home sale price hikes in Buncombe


Varick Chapel A.M.E. Zion on South French Broad Avenue is in the heart of Asheville's Southside residential neighborhood.

ASHEVILLE – Average home sale prices in Ashville’s lowest household income neighborhood rose more than any other in Buncombe between 2016-2021, according to a new report paid for by county government.

The Syneva report is officially termed an “inquiry” and was created in part to investigate whether there was racially motivated inequity in Buncombe’s property tax assessment process. 

Ordered by the recently formed Ad Hoc Reappraisal Committee, the report says home prices in the Southside neighborhood — defined as land between Patton Avenue and Meadow Road, north to south, and between the French Broad River and Biltmore Avenue, west to east — went up 116% between 2016-2021.

The neighborhood with the second highest average home sale price increase between 2016-2021 was Biltmore at 75%. This neighborhood includes Biltmore Forest, Buncombe’s wealthiest area where median household income, according to the report, is $173,360. Average home sale prices in this neighborhood in 2021 were $1.3 million.



Source link