Last Updated on August 19, 2024 2:56 pm
The High Country Real Estate Market of Alleghany, Ashe, Avery, and Watauga Counties saw sales climb slightly during the month of July. For July, there were 201 closed sales on single-family and condo/townhouse properties. That combined closing total came in at $125.7 million for the month. The combined median sales price was $478,500.
Nationally: According to a recent National Association of Realtors® report, and quoted in the report is Lawrence Yun NAR’s chief economist, “Housing affordability worsened in the second quarter as mortgage rates increased. The monthly mortgage payment on a typical existing single-family home with a 20% down payment was $2,262, up 11.1% from the first quarter ($2,036) and 10.3% – or $212 – from one year ago. Families typically spent 26.5% of their income on mortgage payments, up from 24.2% in the previous quarter and 25.3% one year ago.”
“First-time buyers encountered limited inventory and rising home prices in the second quarter, resulting in deteriorated affordability conditions compared to the prior quarter. For a typical starter home valued at $358,800 with a 10% down payment loan, the monthly mortgage payment jumped to $2,218, up 11.1% from the previous quarter ($1,997). That was an increase of $207, or 10.3%, from one year ago ($2,011). First-time buyers typically spent 40% of their family income on mortgage payments, up from 36.5% in the prior quarter.”
“A family needed a qualifying income of at least $100,000 to afford a 10% down payment mortgage in 48% of markets, up from 40.7% in the previous quarter. Yet, a family needed a qualifying income of less than $50,000 to afford a home in 2.7% of markets, down from 4.5% in the prior quarter.”
“Housing affordability will improve in upcoming months,” Yun said. “Mortgage rates have fallen measurably, and more supply is reaching the market. Therefore, the income required to buy a home will decrease.”
INVENTORY: Alleghany, Ashe, Avery, and Watauga Counties had 795 active single-family and condo/townhouse listings during the month of July, with 269 new listings coming onto the market. This is a 4.0-month supply of inventory, down 17.4% compared to June 2024.
LAND: Our four counties had 1,540 active land listings during July, an 18.8-month supply of inventory for local land.
COMMERCIAL: Currently reported to the High-Country Multiple Listing Service, sixty commercial properties are listed. There were three commercial sales within the four counties combined in July for $423,500.
Alleghany County: Realtors closed on sixteen total residential sales. The median sales price for the county is $375,000 for July. There are currently seventy-nine active residential listings for the county. Seven land closings were coming in for July with a median sales price of $60,500. There are currently 263 active land listings in Alleghany County.
Ashe County: Realtors closed on thirty-five residential sales for July, and that median sales price came in at $385,000. There are 122 active residential properties in the county. There were twenty-nine land sales for July, and that median sales price was $60,000. There are currently 441 active land listings in Ashe County.
Avery County: Realtors closed on forty-three residential properties during the month, with a median sales price of $442,500 for July. There are 245 active residential properties currently. Avery County saw sixteen land sale closings in July, with a median sales price of $25,500. There are 306 active listings for land in Avery County.
Watauga County: Realtors closed on 107 residential properties in July, and that median sales price was the largest in our counties, at $565,300. There are 359 active residential properties in the county. There were thirty land sales, and that median sales price was $70,000. There are currently 530 active listings for land in Watauga County.
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.
