High Country Real Estate July Market Report
In July, the real estate market across Alleghany, Ashe, Avery, and Watauga Counties experienced a modest increase in sales. There were 201 closed sales for single-family homes and condo/townhouse properties, resulting in a total sales volume of $125.7 million. The median sales price for the region stood at $478,500.
National Perspective:
According to the National Association of Realtors® (NAR), housing affordability continued to decline in the second quarter as mortgage rates rose. Lawrence Yun, NAR’s Chief Economist, highlighted, “Housing affordability worsened in the second quarter as mortgage rates increased. The monthly mortgage payment on a typical existing single-family home with a 20% down payment rose to $2,262, marking an 11.1% increase from the first quarter ($2,036) and a 10.3% rise—$212—compared to a year ago. Families spent an average of 26.5% of their income on mortgage payments, up from 24.2% in the previous quarter and 25.3% a year ago.”
Yun also noted that first-time homebuyers faced significant challenges due to limited inventory and escalating home prices, leading to further affordability issues. For a typical starter home priced at $358,800 with a 10% down payment, the monthly mortgage payment climbed to $2,218, an 11.1% increase from the previous quarter. First-time buyers typically allocated 40% of their family income to mortgage payments, up from 36.5% in the prior quarter.
In terms of income requirements, a family needed at least $100,000 to afford a 10% down payment mortgage in nearly half of all markets. Conversely, only 2.7% of markets required a qualifying income of less than $50,000, down from 4.5% in the previous quarter.
Yun expressed optimism, stating, “Housing affordability will improve in upcoming months as mortgage rates have fallen measurably, and more supply is reaching the market. This should reduce the income required to purchase a home.”
Local Market Snapshot:
Inventory: Across Alleghany, Ashe, Avery, and Watauga Counties, there were 795 active listings for single-family homes and condos/townhouses in July, with 269 new properties coming to market. This represents a 4.0-month supply of inventory, reflecting a 17.4% decrease from June 2024.
Land: The four-county region had 1,540 active land listings in July, equating to an 18.8-month supply.
Commercial: The High-Country MLS reported 60 active commercial property listings, with three commercial sales in July totaling $423,500.
County Breakdown:
Alleghany County:
16 residential sales with a median sales price of $375,000.
79 active residential listings.
7 land sales with a median sales price of $60,500.
263 active land listings.
Ashe County:
Ashe County in North Carolina’s Blue Ridge Mountains is a hidden gem for anyone looking for a quiet and beautiful homes. More and more people are moving to Ashe County in recent years because they value the county’s natural beauty and the peace and quiet of its intimate towns. Learn why Ashe County is a great place to live.
35 residential sales with a median sales price of $385,000.
122 active residential listings.
29 land sales with a median sales price of $60,000.
441 active land listings.
Avery County:
Homes in Avery County are diverse and may appeal to those looking for the serenity of the mountains, the friendliness of a small community, or the enchantment of expansive, forested vistas. Join us on our adventure as we see the many beautiful homes for sale in Avery County.
43 residential sales with a median sales price of $442,500.
245 active residential listings.
16 land sales with a median sales price of $25,500.
306 active land listings.
Watauga County:
Escape the urban hustle and embrace the serene haven of Watauga County, North Carolina, nestled in the heart of the picturesque high country. Explore the key to unlocking your dream lifestyle through the enticing homes for sale in Watauga County.
107 residential sales, the highest in the region, with a median sales price of $565,300.
359 active residential listings.
30 land sales with a median sales price of $70,000.
530 active land listings.
This report highlights the key trends and market conditions across the High-Country region, providing valuable insights for buyers, sellers, and investors in the area.
Working With Lori Eastridge Real Estate Professional
Working with a local real estate professional is crucial when buying or selling your home. If you’re looking for a seasoned Realtor® in North Carolina’s high country, go no further than Lori Eastridge, Realtor®/Broker of NC High Country Real Estate, powered by Realty One Group Select. As a Certified Luxury Home Marketing Specialist™ (CLHMS) epitomizes the pinnacle of professionalism in the high-end real estate market, offering unparalleled expertise and knowledge in luxury properties. This prestigious certification is a testament to an agent’s exceptional skills in marketing, negotiating, and selling upscale homes, ensuring that they can meet and exceed the unique needs of affluent buyers and sellers. A CLHMS has access to exclusive market insights and a global network, enabling them to effectively target and attract the right audience for luxury listings. By choosing a Certified Luxury Home Marketing Specialist™, clients can rest assured that their high-value real estate transactions are handled with the utmost care, precision, and effectiveness, leading to successful outcomes that align with their refined lifestyles and aspirations.
Lori has an in-depth familiarity with the market and surrounding areas, a tailored marketing plan second to none, allowing her to help you sell your home with low stress and at the best possible price. Lori supports buyers and sellers by giving them the best professional advice and will get to the closing table with ease. Lori’s commitment to ensuring her clients are happy and well educated shines through in the individualized service she provides.
Because of Lori’s many connections in the high country, she is able to offer full-service assistance to her clients at every stage of the home-selling and home-buying process. Lori is fully invested in your success throughout the entire process, from the first call or meeting to negotiation and closing. Lori’s attention to detail and client satisfaction are her primary goals and what set her apart from other real estate professionals. She strives to exceed client expectations. Get in touch with Lori today at 828.773.2080.
