Richmond Fed finds signs of stabilization in western North Carolina housing after Helene

A 15 October analysis by the Federal Reserve Bank of Richmond tracks slower population growth, home-price growth and rental demand in western North Carolina after Hurricane Helene struck in September 2024. The state budget office estimated direct storm-related housing damage and needs at $13.5 billion, within a total damage-and-needs estimate of $59.6 billion. Using FEMA damage per housing unit, the Richmond Fed identifies Yancey, McDowell, Avery, Mitchell, Ashe and Buncombe as the hardest-hit counties for its analysis.

From June 2010 to June 2024, western North Carolina’s population grew 6 percent, compared with 10 percent for the United States and 15 percent for North Carolina. The six hardest-hit counties had grown 12 percent over that period. Collectively, those counties lost population between June 2024 and June 2025, and Buncombe County recorded net domestic out-migration of 7.4 percent year over year. Regional home-price growth turned negative from July 2025; Buncombe prices fell 4.4 percent from July 2025 to July 2026.

Annual housing-inventory growth peaked at 48.5 percent across western North Carolina and 78.1 percent in the hardest-hit counties, then slowed in 2026. In the Asheville metro area, year-over-year rent growth bottomed in October 2025 at 0.02 percent for single-family rentals and minus 3.2 percent for multifamily rentals. Rental-demand measures also fell after the storm. The article finds signs of stabilization but says demand remained 43.2 percent below pre-Helene levels for single-family rentals and 70 percent below for multifamily units. These are market indicators; the author does not present recovery as settled.