On September 27, 2024, Asheville found itself in the path of Tropical Storm Helene, a once-in-a-century storm that destroyed buildings, roadways, and bridges. Livelihoods and lives were lost. The flood waters and subsequent devastation stranded surviving residents without power, communications, and running water.
The storm damage was completely unexpected, as Western North Carolina isn’t typically prone to severe flooding, and landslides are an uncommon occurrence. Asheville is located hundreds of miles from the Atlantic Ocean and is rarely impacted by natural disasters. But local businesses, including GoPrime Mortgage in Asheville, NC, have pooled their resources to help those affected by the storm.
Are There Positive Signs of Recovery?
Since the storm hit, Asheville residents have benefitted from local, state, and federal attention. Volunteers, agencies, and dollars have been mobilized to help the region recover. Volunteers from around the country (and Canada) have cleaned houses, removed debris, and provided needed supplies. FEMA has already given over $100 million to Western North Carolina (WNC) households. Other good news include:
- Always Asheville Fund. This organization started in 1983, is committed to the area’s economic prosperity. They help small, independent businesses that suffered losses from Helene through grants, not loans.
- Recovery Grant Funds. Helene Recovery Grant Funds was launched to support residents and businesses in need of assistance. Types of grants include business stabilization grants for local businesses, home repair grants, and rental assistance grants.
- Concert for Carolina. This benefit concert was held on October 26 in Charlotte. The show featured performers such as Luke Combs, Eric Church, Billy Strings, James Taylor, and Sheryl Crow. Proceeds of the event supported hurricane relief efforts in WNC.
- Water restoration. After 53 days without potable water, including about 14 days without water at all, the City of Asheville lifted its boil water ban, meaning drinkable water is now flowing throughout the city. Significant work had to be done not only to the infrastructure of the water system, but also to the reservoir itself because the storm so disrupted the basin that silt, clay, and soil created sediment that would have clogged filters.
Power and the internet have been restored for almost all inhabitants. Many city services and programs have resumed. Asheville Park and Recreation restarted most programs, and children have returned to school. Bus services have also resumed for most bus routes. Transit riders currently enjoy free rides.
How Has Helene Affected the Real Estate Market in Asheville, NC?
Helene disrupted life for everyone in WNC. How the real estate market responds remains to be seen. While mortgage companies in Asheville, NC experienced about a 57 percent drop in the number of home contracts, the market is expected to rebound once the area returns to normal. What that new normal looks like is still unknown at this time, but a lower inventory may mean a seller’s market.
To talk to an independent mortgage lender like Zachery Adam. A relocation specialist, he knows the local market trends and can direct you to reliable professionals, as well as arrange a mortgage in Asheville. Contact GoPrime Mortgage in West Asheville today.
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