August 2024 High Country Sales Report
Sales Decline and Inventory Surge in August
The High-Country real estate market, spanning Alleghany, Ashe, Avery, and Watauga Counties, experienced a dip in sales with an 8.7% decline compared to August 2023. At the same time, inventory saw a significant increase of 23.9%. In total, 210 single-family homes and condo/townhouse properties were sold, with a combined closing volume of $135 million. The median sales price across all properties was $469,500.
National Perspective
According to National Association of Realtors® President Kevin Sears, the Federal Reserve’s revised Basel III proposal is a promising development for the housing market. The revisions are expected to make it easier for banks to offer low down payment loans, ensuring continued access to affordable financing. The proposal also acknowledges the regulatory reforms introduced post-subprime crisis, reinforcing the stability of the housing market.
Inventory Snapshot
In August, Alleghany, Ashe, Avery, and Watauga Counties collectively had 789 active single-family and condo/townhouse listings, with 283 new listings entering the market. The inventory level equates to a 3.8-month supply, reflecting a slight decrease of 8.6% from July 2024.
Land Market Update
Land sales in the region saw a strong showing in August, with a total of $12.9 million in transactions. The largest land sale was a $3 million deal in Watauga County. The four-county area had 1,484 active land listings, representing a 21.5-month supply, slightly up from July 2024.
Commercial Market Overview
Forty-three commercial properties are currently listed across the four counties. In August, five commercial transactions were completed, totaling $1.5 million.
County-Specific Market Insights
Alleghany County:
15 residential sales with a median price of $385,000
71 active residential listings
6 land sales with a median price of $14,750
253 active land listings
Ashe County:
51 residential sales with a median price of $375,000
119 active residential listings
22 land sales with a median price of $50,000
423 active land listings
Avery County:
53 residential sales with a median price of $405,000
259 active residential listings
10 land sales with a median price of $111,250
299 active land listings
Watauga County:
91 residential sales with the highest median price of $525,000
340 active residential listings
31 land sales with a median price of $150,000
509 active land listings
Working with a local real estate professional is crucial when buying or selling your home.
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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.
