High Country Real Estate Market Update – March 2024
Overview: In March, the High Country Multiple Listing Service recorded 131 residential sales across Alleghany, Ashe, Avery, and Watauga Counties, encompassing both single-family homes and condo/townhouse units. These transactions totaled $65.6 million. The median sales price locally was $432,500, with properties staying on the market for an average of 76 days, indicating a robust increase in activity as we move into the prime selling season.
National Perspective: According to a report from Washington dated March 21, 2024, existing-home sales have seen an increase in February. The National Association of REALTORS® noted sales improvements in the West, South, and Midwest, with stability in the Northeast. However, a year-over-year comparison shows a decline across all regions.
Local Inventory Details:
Residential: New listings in the High Country surged by 35.3% from the previous month, with 538 active listings in March. This month saw 257 new listings, pushing the inventory supply to 4.1 months—a 44.4% increase from last year.
Land: The market remains strong with 1,413 active land listings, 163 of which are new. The supply stretches to 20.2 months. Land sales concluded 70 transactions in March, totaling $9.4 million, with a median market duration of 156 days.
Commercial: There are currently 46 active commercial listings, with two properties selling in Watauga County this March for a total of $1.2 million.
County-Specific Data:
Alleghany County: Saw the closure of five residential sales, accumulating $1.1 million, with properties averaging 90 days on the market. The median sales price was $221,500, with 52 active listings, 32 of which were new in March.
Ashe County: There were 34 residential sales, totaling $14.7 million. The median sales price stood at $399,625, with properties selling in 53 days on average. There are 96 active listings here, with 58 new this month.
Avery County: Closed 26 residential sales with a total value of $12.1 million. The median sales price was $324,500, and homes averaged 68 days on the market. There are 148 active listings, 62 of which are new.
Watauga County: Closed on 66 residential properties, with a median sales price of $489,000 and a total value of $37.6 million. Properties stayed on the market for about 96 days. Currently, there are 245 active listings, 105 of which are new.
Mortgage Rates
As of March 14, Freddie Mac reports the 30-year fixed-rate mortgage averaged 6.74%, a slight decrease from the previous week’s 6.88%, but an increase from 6.60% a year ago.
Working with Lori
Working with a local real estate professional is crucial when buying or selling your home. If you’re looking for a seasoned Realtor® in North Carolina’s high country, go no further than Lori Eastridge, Realtor®/Broker of NC High Country Real Estate, powered by Realty One Group Select. As a Certified Luxury Home Marketing Specialist™ (CLHMS) epitomizes the pinnacle of professionalism in the high-end real estate market, offering unparalleled expertise and knowledge in luxury properties. This prestigious certification is a testament to an agent’s exceptional skills in marketing, negotiating, and selling upscale homes, ensuring that they can meet and exceed the unique needs of affluent buyers and sellers. A CLHMS has access to exclusive market insights and a global network, enabling them to effectively target and attract the right audience for luxury listings. By choosing a Certified Luxury Home Marketing Specialist™, clients can rest assured that their high-value real estate transactions are handled with the utmost care, precision, and effectiveness, leading to successful outcomes that align with their refined lifestyles and aspirations.
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.
