September 2024 NC High Country Real Estate Market Update
The NC High Country real estate market, spanning Alleghany, Ashe, Avery, and Watauga Counties, showed significant changes in September 2024. Residential property sales, including single-family homes and condos/townhouses, decreased by 26.1% compared to September 2023. However, inventory saw a 14.1% increase, with 721 active residential listings and 179 new properties entering the market. These shifts indicate growing opportunities for buyers and sellers in this dynamic region.
Residential Market Insights
In September, 170 properties closed across the four counties, totaling $120.6 million in combined sales volume. The median sales price rose 14.5% year-over-year, reaching $549,450. This increase highlights the continued demand for homes in the High Country real estate market, even as sales slowed.
Report By County
Alleghany County: 17 residential sales with a median price of $350,000. Four land transactions closed with a median price of $29,500.
Ashe County: 29 homes sold at a median price of $430,000. Land sales also totaled 29, with a $40,000 median.
Avery County: 39 residential closings achieved a $575,000 median price, while 10 land sales saw a median of $80,000.
Watauga County: 85 homes sold, leading the region with a $640,000 median price. Land sales reached 23 transactions with a $92,500 median.
Inventory and Land Market Trends
With a 4.2-month supply of inventory, residential availability increased by an impressive 54.3% compared to September 2023. The land market also remained steady, with 1,458 active land listings reflecting a 22.1-month supply. Land sales brought in $6.2 million for the month, emphasizing the region’s growing appeal for buyers seeking investment opportunities or space to build.
Commercial Market Overview
The commercial sector featured 40 active listings in September, with four properties sold, generating $1.4 million in sales.
Mortgage Rates Impacting Affordability
Mortgage rates climbed during early October. Jessica Lautz, Deputy Chief Economist at the National Association of Realtors®, reported that the average 30-year fixed mortgage rate reached 6.32%. For a $400,000 home, monthly payments are estimated at $1,985 with 20% down or $2,233 with 10% down.
Why Choose Lori Eastridge for Your NC High Country Real Estate Needs?
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.
