October 2024 NC High Country Real Estate Market Report
The NC High Country real estate market, which includes Alleghany, Ashe, Avery, and Watauga Counties, experienced some notable shifts in October 2024. Residential sales declined by 7.1% compared to October 2023, while inventory grew by 8.4%. A total of 182 homes, including single-family properties and condos/townhouses, closed during the month, with a combined sales volume of $120.2 million. The median sales price across the region was $450,000, a 10.4% drop from the same period last year.
These trends suggest a market with growing opportunities for buyers as inventory increases and prices adjust. Sellers may need to adapt their strategies to remain competitive in this evolving landscape.
County-by-County Overview
In Alleghany County, 27 homes were sold in October, with a median sales price of $359,000. Active residential listings totaled 65, while the land market recorded nine closings with a median sales price of $45,000.
Ashe County saw 40 residential sales with a median price of $370,000. The county had 103 active residential listings and 13 land sales for the month, with the median price of land sales at $30,000.
In Avery County, there were 34 residential closings, with a median sales price of $449,000. Active residential inventory totaled 224 properties. The land market saw 11 sales with a median price of $89,000.
Watauga County led the region with 81 homes sold in October, boasting the highest median sales price of $538,000. Residential inventory stood at 304 active listings. The county’s land market reported 25 sales, with a median sales price of $28,000.
Land and Commercial Market Update
The NC High Country land market had 1,398 active listings in October, with a 24.1-month supply of inventory. Land sales totaled $4.9 million for the month, reflecting a slight decline from the previous year.
On the commercial side, 41 properties were actively listed, with two sales in October totaling $610,000.
Mortgage News and National Insights
According to Freddie Mac, the average 30-year fixed mortgage rate has ranged between 6.08% and 7.44% over the past year. Looking ahead, experts predict stabilization at the lower end of this range by 2025 and 2026, potentially benefiting both buyers and sellers.
Nationally, NAR Chief Economist Lawrence Yun shared optimism at the recent NAR NXT event, noting that the real estate market may be moving past its most challenging period.
Discover the NC High Country Advantage
The NC High Country real estate market continues to offer a variety of opportunities for buyers, sellers, and investors. Whether you’re looking to purchase a cozy mountain retreat, invest in land, or sell your property, Lori Eastridge Realtor provides the expertise and local market knowledge to guide you every step of the way.
Working with Lori Eastridge
Working with a NC High Country 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.
