Last Updated on July 17, 2023 9:35 am
A recent report from Showing Time said that the U.S. Real Estate Market is facing mixed trends with an overall decline in existing home sales and a rise in home prices in certain regions. That is true with the market here in the High Country as we see sales down 16.2 percent compared to this same time last year. The High Country’s median sales price is up 12.9 percent compared to this same time last year. Nar Chief Economist Lawrence Yun says that the market sits above recent cyclical lows. Limited inventory, fluctuating mortgage rates, and job gains show push-pull housing demand, adding to challenges and opportunities for buyers and sellers alike. Our High Country Realtors® recorded 197 closed Residential sales during June. The median sales price in our four counties of Ashe, Avery, Alleghany, and Watauga was $480,000.
INVENTORY: During June, the High Country MLS reported 293 new residential listings coming onto the market in our four county area bringing the total to 602 active residential listings during the month. June showed a 3.1 month supply of inventory in our four counties up compared to this same time last year. Our median days on the market was holding at around 40 days.
LAND: During June, we had 178 new land listings coming onto the market in our four counties of Ashe, Avery, Alleghany, and Watauga. This contributed to a total of 1,671 in active land listings. Our monthly supply of inventory for land is a whopping 18.8 months. Land is staying on the market longer at 95 median days on the market.
COMMERCIAL: High Country Realtors have around forty commercial properties listed for sale in the High Country MLS. June saw three commercial closings recorded in the MLS. Two were in Watauga and one in Ashe County. The combined total was $677,000.
Alleghany County: REALTORS® closed on eighteen residential properties during June. The median sales price was $393,750. June reflected forty-five in active inventory of residential listings in the county and a 2.5 month supply of inventory. There were thirteen land sales closed in the county during June. Alleghany has 298 active land listings and a 22.9 month supply of inventory.
Ashe County: REALTORS® closed on thirty-seven residential properties during June with a median sales price of $350,000. The county currently has ninety-four active residential listings and a 2.5 month supply of inventory as well. There were twenty-seven land sales during June with 534 land listings and a 19.8 month supply of land inventory.
Avery County: REALTORS® closed on thirty-eight residential listings during June with a median sales price of $377,500. There were 198 active residential listings and a 5.2 month supply of inventory. June had fourteen land closings. Land inventory is at 304 in active listings and a 21.7 month’s supply of inventory.
WATAUGA County: REALTORS® sold 104 residential listings during June with a median sales price of $569,500. There are 265 active residential listings and a 2.5 months’ supply in Watauga County. There were thirty-five closed land sales during the month. There are 535 active land listings and a 15.3 month supply of land.
INTEREST RATES: Real Estate News Source, Inman news recently reported that with the fed skipping any June rate hikes, this leaves the door open to future increases if the economy does not continue to cool.
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 – Info Hub. A public graphic is available on our website homepage at highcountryrealtors.org.