Weaverville – According to a 2018 study, the prices of homes in and around Weaverville may be about to see an increase due to the opening of a new Starbucks location on Weaver Blvd. The study, conducted by Harvard Business School, found that a Starbucks location can raise housing prices in the area by half a percent.
While this percentage may seem small, considering the median house price in Weaverville is nearly $550,000, this could amount to a significant increase of nearly $3,000. In the article “How to Know If Your Neighborhood Is Being Gentrified” by Dina Gerdeman, other indicators of gentrification in a community include the opening of cafes, restaurants, bars, and grocery stores.
Gentrified neighborhoods often experience an influx of new businesses, leading to economic growth but also potentially pushing out existing establishments. Monitoring measures like Yelp data can provide insights into local economic changes, including gentrification and its impact on housing prices.
For those unfamiliar with the term, gentrification refers to the trend of upscaling or improving neighborhoods, often leading to increased housing costs that may become unaffordable for working families. Weaverville’s comparison to the “Biltmore Forest of the North” suggests a growing upscale trend that could price out certain segments of the population.