Last Updated on June 16, 2023 9:49 am
In the High Country Market of Alleghany, Ashe, Avery, and Watauga Counties we saw 167 sales close of Single Family, Condo / Townhouse properties during the month of May. That combined closing amount was $95 million for the month. The largest sold price was $3.1 million, and the least sold price was $55,000. The median sales price came in at $460,000 and the median days on the market were just 44 days! According to Inman News, “As the housing market continues to struggle with high rates, low inventory and unpredictable demand, new data shows that the National Association of Realtors’ membership is slightly down from this time last year.” Will we see a decline in membership in our High Country area with inventory shortages, rate hikes, and unpredictable demand? Time will tell. But so far things are still holding steady in the High Country Market.
INVENTORY: During May there were 305 new Single Family, Condo/Townhouse properties coming onto the market and a total of 580 in active listings during the month. The month’s supply of inventory was 3.5 months. Our inventory in the High Country is up 20.8% compared to May of 2022.
LAND: May had 230 new land listings come onto the market contributing to a total land inventory of 1,671 listings in the High Country Jurisdiction. Land is where it is at with a 17.6 month supply of inventory. Builders needed in the High Country! May saw ninety-five land listing close totaling $12.3 million in sales. The median sales price was $67,500 and median days on market were 91 days.
COMMERCIAL: We currently have thirty-eight active commercial properties in our High Country Jurisdiction. The highest priced commercial property is in Watauga County and priced at $10.8 million and the lowest priced is at $90,000 also in Watauga County. In May there were three sales recorded in the MLS for our area totaling $1.2 million in sales.
Alleghany County: REALTORS® sold 17 Single Family, Condo/Townhouse properties in Alleghany County during the month of May, those properties saw thirty-five as the median days on market and a median sales price of $290,000. Alleghany County has a 2.9 months’ supply of inventory equating to forty-nine active properties.
Ashe County: REALTORS® sold 35 Single Family, Condo/Townhouse properties in Ashe Country during the month of May. The median days on the market were 41 days and the median sales price was $355,000. Ashe County also has a 2.9 month supply of inventory with 103 active listings.
Avery County: REALTORS® sold 37 Single Family, Condo/Townhouse properties in Avery County for May. The median days on the market is forty-six and the median sales price is $318,550. Avery County has 186 active inventory and a 5.0 months’ supply of inventory.
WATAUGA County: REALTORS® sold 78 Single Family, Condo/Townhouse properties during the month of May. The median days on market was also 46 days and the median sales price was $550,000. There are 242 active listings for May and a 3.1 month supply of inventory.
INTEREST RATES: According to our affiliate member, Chris Holt of Guaranteed Rate Mortgage the current 30-Year Fixed rate is 6.450% and the 15-Year Fixed is 5.875%. An FHA 30-Year Fixed rate is 5.700%.
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 WebAPI 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.