George Real Estate Group Radio Broadcast

Western NC Housing Market: Challenges, Growth, and Giving Back

• George Real Estate Group

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The hidden realities of Western North Carolina's housing market take center stage in this eye-opening exploration of prosperity and need existing side by side. While Henderson County's real estate market remains strong with steady sales and an average home price of $537,000, a deeper look reveals troubling affordability gaps affecting thousands of local families.

A powerful highlight comes from the Stamp Out Hunger food drive results, where letter carriers collected over 38,000 pounds of donations for local nonprofits. This remarkable community effort underscores the significant food insecurity issues in an area often perceived as affluent. As one guest notes, "It's incredible you get a loan for three, four $500,000... That's a large payment if you could even qualify." The stark contrast between housing costs and local wages becomes impossible to ignore when elementary teachers earn $48,000 annually while firefighters make just $31,000.

The City of Hendersonville's Strategic Housing Committee report provides sobering statistics: 25% of county households are cost-burdened, spending over 30% of income on housing. For renters, that figure jumps to 44%. These aren't just numbers—they represent real families facing impossible choices between housing, food, and other necessities. To address these challenges, the city has implemented creative solutions like allowing smaller lot sizes and flag lots to increase density and affordable housing options.

Looking ahead, experts project mortgage rates to decrease to the mid-6% range by late 2025, potentially easing some pressure as inventory increases. However, with North Carolina ranking third nationally for migration and only a four-month housing supply available locally, the fundamental supply-demand imbalance persists.

Whether you're a homeowner curious about your property's value, an investor considering strategic moves, or someone passionate about community solutions, this episode offers valuable insights into the complex housing ecosystem shaping Western North Carolina's future. Ready to learn more about your real estate options? Contact the George Real Estate Group at 828-393-0134 or visit realestatebygregcom.

Speaker 1:

Hello friends, thank you so much for being here. This is the George Real Estate Group podcast, which is a production of our live weekly radio shows hosted on multiple radio stations here in Hendersonville, north Carolina. The George Real Estate Group serves Western North Carolina and upstate South Carolina and it is a privilege to share positive news about our local real estate market and community. Thanks so much for subscribing and, of course, if you have any real estate questions or if we can help you in any way, be sure to reach out. Visit us at georgerealestategroupradiocom for more information.

Speaker 1:

If you're tuning in for the first time ever, the George Real Estate Group's located in Flat Rock, right next to the Flat Rock Bakery. Hubba, hubba Barbecue, campfire Grill, our friends at Hubba Lou, all those great local and independent businesses and restaurants, the Wrinkled Egg as well, and Dogwood. Stop by there on Rainbow Row, come by and let us get you a cup of coffee and stop by and see our office there on Rainbow Row. We're in the blue building overlooking the barbecue. The smells are free, they say, but again, great place to. We're so grateful to be there. And especially upcoming camp season, one of the things that we see all the time is all the camp families coming in. You know the over 50 summer camps in the three counties here and the economic impact of the summer camps and then people that have been coming for generations to this area and camp is one of those reasons. Coming for generations to this area and camp is one of those reasons. But we've been serving the community for a number of years. We have over 100 years combined experience. This is actually my 20th year with my North Carolina real estate broker's license and in my crew we've had the privilege of helping over 1,500 families with their real estate needs.

Speaker 1:

So if you're thinking of buying, selling or investing in real estate, or even a career in real estate, we continue to grow, we continue to hire, we have a wonderful group of agents and so, if you're just curious what your home is worth, if you're curious, do you sell before you buy? Do you buy before you sell? Are you considering what are you doing with your rental property? Are you considering maybe a 1031 exchange? What are your tax strategies? What is your estate planning? All these things come into play with in regards to real estate. Maybe you're even thinking about what do you want to do if you want to give real estate away as part of your planned charity and planned giving. I mean, there's a lot of different conversations that we're having every single day. We'd love to connect. Give us a call 828-393-0134, 828-393-0134. Find us online at realestatebygregcom. Also, be sure to follow us on Facebook and Instagram.

Speaker 1:

We also podcast all of our radio shows. Find us on your favorite podcast platform. We've just been podcasting just a couple of years now. We just recently passed over 11,000 downloads on the podcast, so that's been a fun outlet as another way to connect with our listeners through the podcast.

Speaker 1:

But just a quick snapshot in just the last seven days in Henderson County there's been 54 new listings. Now, conversely, there's been 56 price drops. That's an interesting thing. That's been increasing over the last 12 months, although, for context, we've actually had more single family homes sell in the last 12 months than we've had in the previous 12 months, just by a little. About 40 more homes have sold the current 12 months versus the previous 12 months, but our average price is hovering around that $530,000, $540,000 range. Really, the last 24 months it's been steady about 125 single-family homes a month selling. We're averaging around 100, excuse me in the 530s for the average single-family home price 537 to be specific over the last 12 months. But again, we know real estate happens around life. It could be a really positive reason why clients are buying or selling or it could be a challenging reason. Whatever it might be, give us a call. 828-393-0134, 828-393-0134.

Speaker 1:

I'm excited this morning to give an update. The Saturday May 10th it was the second Saturday in May it was the nation's largest single day food collection event and the Stamp Out Hunger food drive organized annually by the National Association of Letter Carriers in partnership with the US Postal Service and other organizations. But it's an intensive. It's an initiative that mobilizes letter carriers to collect non-perishable food items and this morning we get to hear an update because we had over the last few weeks we've been encouraging our listeners to participate and to get back because the food insecurity in our country, but specifically in our community, is real and we're just grateful for the community, how generous it is and how it steps up. But have our KV here with us, with the National Letters Association, carriers Association and then also Ed Tash with the Storehouse of Henderson County. We're here for an update this morning because it was quite the weekend over Mother's Day weekend. Yes, it was.

Speaker 2:

We were very busy, thankful that the weather cooperated. It was a beautiful day to get out, pick up the food, see our customers, thank them in person. There was a lot that came and just handed bags to us and the volunteers awesome, as always. And as of now, our count is not finalized, but as of now our total is 38,600 pounds for Hendersonville.

Speaker 1:

Wow, which was last year was 38 or 39 last year. And so the fact is, you're still counting Correct, and so we anticipate, if that's the case, we should exceed last year's giving.

Speaker 2:

Yes, this is true and I spoke with them over in Asheville. They are still in the process of counting as well.

Speaker 1:

Okay, because there's a friendly competition with Asheville right now yes. But 38,000 pounds of food was collected in Henderson County and I know you said there's still donations coming in.

Speaker 2:

Yes, one thing we do hold this food drive the Saturday before Mother's Day and a lot of individuals are out of town celebrating, so they come back home and they still want to donate. We're not going to turn it away, so we appreciate everything that is given. We like say, we have a lot of food at the office that we still have to get out to the local organizations.

Speaker 1:

And the three organizations that have been benefiting here locally was IAM, the Salvation Army, and then the Storehouse of Henderson County and we have Ed Tash with the Storehouse of Henderson County. Good morning Ed.

Speaker 3:

Hey, good morning Noah.

Speaker 1:

Thank you so much for being here this morning. What has been your experience and just the impact that this food drive has for you and your organization.

Speaker 3:

It's just amazing, Archavia. We really appreciate the mail carriers and just love that we can see our neighbors involved in helping their neighbors. It's a great thing.

Speaker 1:

It's powerful and again, it's one of the ways where we can give and the gifts stay here locally. And the surprising thing maybe if you're hearing this maybe for the first time about the food drive is the amount of food insecurity that we have. And I know it's easy to you. Look at the prosperity in the community that we live in. You hear what I say about the average family home price. I mean, it's just that there is great prosperity here, but on the other side of the coin there's also still significant needs. I mean it's two sides of the same coin.

Speaker 3:

Well, right, that means the average home price is out of reach for most of us.

Speaker 1:

Yeah.

Speaker 3:

I mean, it just is. It's incredible you get a loan for three, four $500,000. Incredible you get a loan for three, four $500,000.

Speaker 1:

That's a large payment if you could even qualify. So, yeah, it's a yes, yes, affordable housing is a real challenge and I actually have some numbers here which I'll share here briefly. But in addition to the housing challenges is the food insecurity and the number of people in the county that have the challenges. So when the food drive happens here locally, it's a shot in the arm for all these three amazing nonprofits. But 38,000 pounds, it's incredible.

Speaker 2:

Yes, and that's food being donated to the organizations, the funds that they would have used to purchase food to give out. They can use that now for medicine assistance, rental, you know, rent assistance utilities. It can go to other areas and this county Western North Carolina whole has been really struggling since Hurricane Helene and they're just trying to get back on their feet and we have a long way to go. So this year more than ever, I was very appreciative to work this food drive because I know the need that is taking place here in Western North Carolina right now.

Speaker 3:

Arkavia. This will hold us for the next, if I understand right about the next three months.

Speaker 2:

Wow.

Speaker 3:

And it's just incredible because you're right, the funds can go to other things. We can also bank them against Nexcor, and it's just a wonderful thing.

Speaker 1:

Yeah, it's amazing and again, we wanted to give our community an update on how much was collected 38,000 pounds so far and that number is still going up and that's so amazing. I'm sure you guys were just thrilled. I mean, it's still overwhelming every single time you do it, I'm sure to process.

Speaker 2:

It is, it is, it is. And I say I just am so thankful for this community, so thankful for Western North Carolina and just nationwide. So this heartfelt thank you goes to everyone who participated in giving for the food drive, all the people who volunteered to help work the food drive, all the carriers that collected food. Thank you so much from myself and the National Letter Carriers Association.

Speaker 1:

Well, because it's not required for the letter carriers to participate in this. It's a choice, and you guys choose to do this.

Speaker 2:

Right. City carriers have to do it, rural carriers it's a choice. We have many city carriers that do it I mean rural carriers that do it and we appreciate them because it makes your day longer and, like I say, it's the day before Mother's Day and people want to get home and celebrate with their families and it's a large intake, but we appreciate it so much.

Speaker 1:

Yeah, again, just want to say thank you to our listeners for all that. It's incredible, ed, anything. You guys have a lot going on with the storehouse right now.

Speaker 3:

We do. We just broke ground this past week on a new building, 12,500 square feet, in East Flat Rock. Just a mile or so down from your current location, just a short way from our current location and it'll allow us to have more space for food so that we can actually have an inventory. It'll allow us to have space for education and teaching and it's just we're really excited about that and I mean you can go to the website at totally shameless plug. You can go to the website and donate at storehouseonlineorg.

Speaker 1:

Absolutely. And again, this is where, year-round, the Storehouse, iam, salvation Army, all of you, all three of you, in addition to the other amazing non-profits that we have in this community, are really stepping up and giving and making you know, changing lives every single day and again, things that we all take for granted. It's a powerful story. And again, the storehouse and IAM and Salvation Army got the benefit from the food drive that was over Mother's Day weekend we did, and we're very grateful for that.

Speaker 3:

It's amazing to me. We got the benefit from the food drive that was over Mother's Day weekend. We did, and we're very grateful for that. It's amazing to me just how many people, including myself, previously, previous to working to volunteering at the storehouse, I had no idea how little food stamps covered, no clue. Could you feed a family of four on $400 a month? No, it's meant to be a supplement, but I mean, in fact, a lot of the families that get food stamps simply don't have money. That's true, not nearly enough money to cover all their living expenses, and $400 one shopping trip for us is $400.

Speaker 1:

Yeah.

Speaker 3:

I mean that's not out of the question for families of two or three, certainly not for four.

Speaker 1:

Yeah, the cost of food has gone up. It's gone way up which impacts the non-profits also just trying to get food, for I mean again, it's the ripple effect across the board.

Speaker 3:

And for seniors it's even less. Seniors are getting $30 a month or less toward food in a lot of cases.

Speaker 1:

Right.

Speaker 3:

I don't even know how you buy anything with that.

Speaker 1:

It's hard to comprehend. And again, this is where we want to bring awareness to our community. And again, you might not realize again the challenges that a lot of people face in our community and that's where our nonprofits are stepping in to fill in the gap. And then, on top of that, the recovery from Helene and the hurricane. And it's just again. You take one day at a time. No one can predict whether you're going to face challenges. I mean, none of us are guaranteed a smooth sailing. You know, like, again, none of us. You know, in Arkavia I know you personally woke up one day and your life changed with a tragedy of a house fire.

Speaker 2:

Yes, and like I say just an instant, two hours I was at work two hours and received a phone call. My house was burnt down. Things can change that fast. I say the hurricane came in. Things changed that fast and we're still honestly trying to recover from COVID. So it's a need and, like I say, these organizations here in the county they do a great work and so you all did wonderful with the food, but I'm sure that these organizations still need volunteers just for their everyday work that they do.

Speaker 1:

Yeah, they're showing up every day and we're so grateful, Arcavia, so thankful to have you this morning in the update and again 38,000 pounds and counting.

Speaker 2:

And counting.

Speaker 1:

And then Ed, thank you so much. With the storehouse, we're so grateful for what you and your organization have and continue to do 24 years right.

Speaker 3:

I think so we're coming up on 25 real fast.

Speaker 1:

That's amazing. So grateful for the work you do. And again, of course, the other organizations that participated too and got the were recipients the Salvation Army and IAM as well.

Speaker 3:

And we can't do it without each other.

Speaker 2:

Yes, that's right and we thank the United Way for organizing a lot of the volunteer work. They were very instrumental in helping.

Speaker 1:

I mean, how many volunteers were there on Saturday?

Speaker 2:

I have no idea. When I returned back to the office I've seen probably 20 people, but I know that they come and go. A lot of them work shifts. We get a lot of organizations that are coming in and work for an hour or two. Boy scouts, girl scouts and things like that will come in and work an hour or two. So when I got back it was about 20 people, but I'm sure there were more because I was one of the last carriers coming back in right, there's people there all day long.

Speaker 1:

Wow, ed, anything else you'd like to say?

Speaker 3:

and with our time this morning, just, we can't do it without you. Arcadia, thank you for you and the mail carriers we appreciate that, and all of you that volunteer and contribute. We so much appreciate it and your neighbors really appreciate it.

Speaker 1:

Yeah, neighbors helping neighbors, it's amazing. Well, thank you both for being here this morning and again, just thank you to our listeners that were able to give and participate and give back Again. Just wanted to give an update and continue to give, continue to volunteer, continue to. This is a year round. You know year round that the work's being done here in the community, correct? You're listening to the George Will State Group live radio broadcast here on the Q. We have a short break coming up and I will be talking about again Ed brought it up about affordable housing. I have some incredible statistics from the City of Henderson Strategic Housing Committee report and again the housing market and we'll dive into that on the second half of the show here. But stay tuned in, we'll be right back year. But stay tuned in, we'll be right back. Good morning and welcome back. You're listening to the Georgia Real Estate Group live radio broadcast here in the queue every Monday morning. Just excited to be here Again. We've got an update on the food drive. It's amazing. Thank you, henderson County, for stepping up and giving. Again, so far, over 38,000 pounds collected, which is already ahead of last year, because they are still counting, they're still working on that. You know the market.

Speaker 1:

The City of Hendersonville Strategic Housing Committee reported said 10,000 new housing units needed over the next five years. 2,000 of these are going to be needed for low to moderate income households are going to be needed for low to moderate income households. Workforce and attainable housing helps make room for these. Capital, a affordable units within the larger housing ecosystem. The 2024 housing need in Henderson County this is again according to the North Carolina Housing Coalition 25% of Henderson County are cost burdened, that's 12,000 plus households. 44% are renters who have difficulty affording their homes and, by the way, 44% of renters, that's 5,000 plus households, 20% of homeowners who have difficulty affording their homes. You know it is. And again, families that spend more than 30% of their income are considered cost burdened. More than 50% are considered severely cost burdened. More than 50% are considered severely cost burdened.

Speaker 1:

The average annual salaries this is interesting and again, this is according to the report an elementary student excuse me, an elementary teacher $48,000. Someone working in childcare is $27,000. A firefighter is $31,000. An income of $67,000 per year is needed to afford the fair market rent that would be $32 an hour in order to the hourly wage needed to afford a fair market rent apartment in order to the hourly wage needed to afford a fair market rent apartment. Fair market rent here locally is over $1,600 a month and there was a 15% increase in the last year of fair market rent and 69% increase in the last five years. So this is also when housing costs too much. This is again according to the report. When the housing costs become too much, a family can lose their home. This takes an incredible toll not only on the family but also on the entire community. We actually the number this is interesting 104 families face foreclosures this year. Um, also, 497 families faced eviction filings this year. Um, so again, it's something to be aware of.

Speaker 1:

With our housing market and again, henderson County, one of the things that they were working to was to they made some changes. You may or may not be aware of this, but in the city of Hendersonville, strategic Housing Plan Steering Committee pull flag lots and small lots in order to increase the density, the options for affordable housing, and you can. There are solutions now where you can have a small lot in the city. You can put a flag lot in the back of an existing structure. You can also put in more homes and you might. Again, I know it cuts both ways, but what it does this new zoning and we're going to have a guest on here to discuss this but when you have the ability to increase the density, which I know that cuts both ways, but it can allow to fill in places where people can put in an affordable home, a site-built home In some cases. I shared with you our average single-family home price in Henderson County is $530,000. $537,000 is, excuse me, $537,000. $537,000 is the average single-family home price in Henderson County over the last 12 months and we're averaging some $125,000 a month selling. But, with that said, to be able to have a site-built home on your own lot in the city there are products and there are builders with these new, smaller lots able to hit because the cost of land was prohibitive of getting the costs down, and so there are some. You know you can get a brand new site built home between $3,000 to $350,000 right now and if you want to know more about it, you can certainly call us If you have land in the city that you might consider selling or utilizing for these small lots. Again, these are maybe you may or may not be aware of it, and I know. How do we grow responsibly? How do we grow strategically? How do we handle the shortage of housing? How do we not just the shortage of housing, how do we handle the affordability? And one of the solutions the city of Hendersonville's housing committee decided and again they literally changed the rules to allow smaller lots within the city. So it's something to consider. It is something to if you want to know more about it. Like I said, we're going to have a conversation with a special guest here to discuss more what it looks like and how that impacts here locally. But if you have a lot if you have maybe you have a home that has a large lot you actually could subdivide it and put a smaller lot, a smaller home, in order to help with affordable housing.

Speaker 1:

Also saw an interesting article with the reversing the trend. This is an article recently that growth is finally back on the menu for US largest cities after years of pandemic-induced pressure. On the menu for US largest cities after years of pandemic-induced pressure on the economies. The article says, according to a census data released on Thursday, nearly all of the country's largest urban centers are showing population growth. This is interesting. The country's nationwide population rose 1% from June 23 to June 24. And it was the increase. There's just more people. Right now, the increase is the highest we've seen in a generation, according to an urban institute. Now this is interesting too.

Speaker 1:

New York and Los Angeles experienced some of the biggest population increases from 2023 to 2024. But for the most part, the compass arrow pointed south. Five of the 15 major cities with the most population growth were in Texas and Florida, with Fort Worth and Jacksonville joining the Million. Resident Club Texas also had the fastest growing city in the US last year. Princeton. Resident club Texas also had the fastest growing city in the US last year. Princeton it's a Dallas suburb that saw its population jump more than 30 percent in one year. So with all this expansion, again it's something to be aware of.

Speaker 1:

In the growth of metropolitan areas, I heard recently in Charleston some 60 people a day were moving into the Charleston area. I don't know what that number is. Again, I'm sort of talking off the cuff right now. I wasn't planning to go down that conversation about population growth, but I mean, north Carolina was in the third of highest migration when you look at the growth in different cities, but North Carolina was number three according to a recent report and we certainly see that. So, again, growth is happening. How do we do it responsibly? And then the affordable housing. But we do have options If you have land, or maybe you have a home with a large lot, whether you're looking to sell it or whether you're thinking of staying. I mean, again, I don't know. Again, it's something to consider, it's something we're aware of as we're talking with our clients.

Speaker 1:

And then one more thing housing market forecast for the second half of 2025. And this is on our blog post. You can see this on georgerealestategroupradiocom the forecast for the second half of the year. Experts project rates should be in the mid to low 6% range by the end of the year as the greater uncertainty unfolds in the economy. There was an average of all the different economists. They were saying again on the lower half of the 6%. Also, as a buyer, you might already realize you have more options because inventory is up. This across the country, up 30% compared to the same time last year and if rates come down, more homes will come to the market. So this quote is the fact that inventory is rising year over year strongly suggests a national active housing inventory for sales likely to end the year higher and then, as inventory grows, there'll be less upward pressure on prices. So price growth is expected to moderate nationally, but this will vary locally Again, across the country. The average they're anticipating and as of the middle of May, the 2025 forecast, they're expecting on average a 2.3% appreciation nationally. We actually saw here locally that the average price has come down a little bit, but the median price has gone up slightly, which indicates a slowdown, a softer market in the higher end market, but continued demand.

Speaker 1:

We have low inventory levels. In Henderson County right now there's only 529 active single family homes in the market and again, when we're averaging some 125 homes a month selling, we're seeing just still consistent demand and technically we're still in a seller's market. There's a four-month supply and so there's been over 1,500 single-family homes sold in the last 12 months, which is up some 2% compared to the previous 12 months. Year-to-date we've seen a 3% increase if we look at year-to-date this year versus year-to-date last year.

Speaker 1:

Again, I don't want to apologize for getting into the weeds, maybe a little bit with the numbers, but your unique home, your unique situation, your unique rental property, your unique land or commercial investment or investment property, your unique situation, your unique property. We do a comprehensive study and consultation on your situation and on your property and if you're curious about what your home is worth, if you're curious about what the land is worth, if you're curious about what your options are. We're meeting with people every single day having conversations about you know, what are your options. Are you thinking of selling and then buying? Are you thinking about buying and then selling? Are you thinking about? You know what are your options? Are you thinking of selling and then buying? Are you thinking about buying and then selling? Are you thinking about, you know, doing a 1031 exchange to avoid capital gains? There's so many options that you can do with your real estate and there's tax advantages, whether it's your primary home or whether it's your investment property.

Speaker 1:

There's so many things to consider and nuances of the housing market and again, the housing market is still very strong. We've seen a slight increase in the days on market, so things are taking a little bit longer to sell. There's still strong demand. Home prices are holding you know, the average single family home prices in the 530s. All of this to say is we'd love to have the conversation. We do a consultative approach and give us a call 828-393-0134. And we'd love to. We'd be honored to have the conversation. We're so enthusiastic about helping our clients navigate through the buying and selling process. We also love helping our agents grow their business. If you thought about a career in real estate, we've had a number of agents recently move their license over to our group. We're so grateful for our new partners at the George Real Estate Group. We have incredible staff in place, so if you're thinking of buying, selling or investing in real estate or a career in real estate, give us a call. 828-393-0134. We're so grateful to be here every Monday morning with you, sharing with you positive news about your local real estate market and community. Find us online at realestatebygregcom. Be sure to subscribe to our podcast. But thank you so much for tuning in. Thank you so much for giving with the food drive. And again, tune in. We'll be here next Monday. Take care, take care.

Speaker 1:

There's a strange thing that happens in life. Sometimes, when things are just okay, we stay stuck longer than we would if things were truly bad. It's called the region beta paradox and explains why people stay in homes, that kind of work neighborhoods that used to be okay, or rentals where the price isn't too bad because it's comfortable. But comfort can cost you your dreams. What if you didn't wait for something to break before you made a breakthrough? What if the nudge you've been waiting for is now? At the George Real Estate Group, we hear it all the time. I'm so glad I did it while I could. The move, the decision, the change before it's too late. Whether you need more space, less stress or just a fresh start, you don't have to stay stuck, you don't have to settle and you don't have to do it alone. Call the George Real Estate Group at 828-393-0134. Don't let just fine hold you back. Let's make a move while you still can.

Speaker 4:

The George Real Estate Group has the experience of selling over 1,200 properties and serving over 1,200 families with their real estate needs in Henderson County and throughout Western North Carolina. The George Real Estate Group is located in Flat Rock, North Carolina, near Hendersonville in Henderson County. You can find them online at realestatebygregcom. The George Real Estate Group can be reached at 828-393-0134 or stop by their office at 2720 Greenville Highway, Flat Rock, North Carolina. Tune in live each week on Monday mornings at 9.05 on WTZQ FM 95.3 and 1600 AM or stream online at WTZQcom.