NC High Country February 2024 Sales Report
The NC High Country February 2024 Sales Report, covering Alleghany, Ashe, Avery, and Watauga Counties, indicates that real estate professionals are gearing up for what is expected to be an active spring season. The February 2024 MLS report highlights that 121 residential properties were sold across these counties, amounting to a total sales volume of $80.7 million for the month. The median sales price stood at $399,000, with properties spending an average of 63 days on the market before selling.
On a national level, insights from the National Association of Realtors® suggest a turning tide in the housing market. Despite sales remaining lower than in past years, January saw an uptick in both supply and demand, marking a hopeful start to the year. With listings on the rise and mortgage rates falling from their late 2023 peaks, buyers are finding new opportunities to enter the market.
The High Country MLS reported an encouraging increase in residential inventory, with February seeing 185 new listings and a total of 474 active listings. This represents a 3.9-month supply of homes, a significant 22.7% increase from the previous year.
Land transactions in the High Country are also flourishing, with 77 sales closed in February, totaling $8.1 million. The region boasts 1,448 active land listings, translating to an 18.8-month supply and highlighting the abundance of available land.
Commercial real estate in the High Country remains vibrant, with 56 properties currently active or under contract and one sale reported in February for $600,000.
Breaking down the sales by county:
- Alleghany County saw 12 residential sales totaling $3.78 million, with a median sales price of $300,000 and 105 median days on the market. Land sales added another $1.4 million over 13 transactions.
- Ashe County experienced 25 residential sales amounting to $12.84 million, a median price of $399,000, and 92 median days on the market, alongside 23 land sales totaling $2 million.
- Avery County completed 26 residential sales, reaching $27.13 million with a median price of $316,500 and 63 median days on market, plus 12 land sales totaling $1.3 million.
- Watauga County led with 58 residential sales totaling $37 million, a median price of $450,000, and the shortest median days on market at 41, in addition to 29 land sales totaling $3.28 million.
Interest rates, as noted by Jeff Reeves of Fairway Mortgage, have seen some reduction from their 2023 highs, although they remain higher than in recent years. This adjustment affects buyer affordability and the pace of the housing market. There’s anticipation that rates might further stabilize in 2024, urging potential buyers to explore their financing options and consult with mortgage experts to navigate the current landscape effectively.
Working with Real Estate Professional Lori Eastridge
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.
