Last Updated on June 17, 2024 11:42 am
The High-Country Real Estate Market of Alleghany, Ashe, Avery, and Watauga Counties saw a productive month in April. High Country REALTORS® closed on 145 single family, and condo / townhouse properties during the month with a combined closing total coming in at $88.4 million. The combined median sales price for the counties was $510,000 for April.
Nationally: According to a recent Economic and Real Estate Outlook report from the National Association of Realtors® Chief Economist, Lawrence Yun, “2023 was the worst year since 1995 for Annual Existing Home Sales, however for Annual New Home Sales 2023 was the third best year since the 2008 foreclosure year. Inventory of Existing Homes continues to fall while Inventory of New Homes is rising.” The report also indicated that Total Home Sales are expected to rise over the next two years back to 2019 pre-covid levels. Lawrence Yun presented this information and more to our realtors and affiliate members when he visited the High Country Association of Realtors® recently for a spring luncheon.
INVENTORY: Alleghany, Ashe, Avery, and Watauga Counties had a residential inventory of 614 in active listings for April, with 268 of those being new listings coming onto the market during the month. This inventory equates to a 4.2 Months’ Supply of Inventory. The Median Days on Market currently comes in at fifty-seven days.
LAND: Inventory is in no shortage here with 1,467 active land listings in the High Country market with 177 of those being new land coming onto the market during April. This is an impressive 24.9 Months’ Supply of Inventory. The Median Days on Market for land is currently at eighty-five days.
COMMERCIAL: Currently reported to the High Country Multiple Listing Service there are fifty commercial properties for sale in our four counties.
Alleghany County: Realtors closed on eight residential properties for a combined closing amount of $3.3 million for the month. The Median Sales Price for the county was $344,750 and forty is the Median Days on Market. There were nine land closings totaling $722,000 for the month. The county had one commercial sale with a closing price of $500,000 during April.
Ashe County: Realtors closed on thirty-two residential properties during the month for a combined closing total of $15.3 million. The Median Sales Price comes in at $391,500, and Median Days on Market at forty-two days. There were twenty one land closing totaling $1.8 million for the month. There were no commercial sales reported during April.
Avery County: Realtors closed on twenty-eight properties during the month for a closing total of $18.5 million for the month. The Median Sales Price comes in at $504,500 for the month and Median Days on Market at sixty-four days. There were five land closings for a combined total of $1.04 million for the month. There was one commercial sale during the month for a total of $600,000.
Watauga County: Realtors closed on seventy-seven residential properties during April for a combined closing total of $51.1 million. The Median Sales Price is $565,000 and the Median Days on Market are sixty five days. There were twenty-four land closings during the month totaling $4 million. There were no commercial sales reported during the month.
Interest Rates: According to a recent report from our member, Lisa Brown of Guild Mortgage, Fannie Mae, and the MBA are predicting that mortgage rates will decline to 6.40% by year end.
Disclaimer: Figures are based on information from High Country Multiple Listing Service. Data is for informational purposes only and may not be completely accurate due to MLS reporting processes. This data reflects a specific point in time and cannot be used in perpetuity due to the fluctuating nature of markets.
Report graphics generated from Domus Analytics pulled from the HCAR Web API feed. HCAR Realtor® members can access these detailed and customizable reports and graphics for professional use by logging into the HCAR dashboard. A public graphic is available on our website homepage at highcountryrealtors.org.
