What’s going on in the NC High Country January 2024
The real estate market in the high country commenced the year 2024 with vigor, showcasing resilience despite confronting challenges such as low inventory levels. The High Country Multiple Listing Service (MLS) revealed a snapshot of solid sales performance and healthy median prices across Alleghany, Ashe, Avery, and Watauga Counties. This comprehensive analysis delves into the dynamics of the January 2024 real estate landscape, providing insights into residential, land, and commercial property sectors, along with a comparative analysis of county-wise performance and national trends.
Residential Market Overview
In January 2024, High Country REALTORS® facilitated the closure of 124 residential properties, totaling an impressive $76.4 million in sales. Notably, the median sales price for residential properties stood at $491,500, reflecting a robust market sentiment. Despite the challenges posed by a low inventory, properties spent an average of seventy-six days on the market, indicative of sustained buyer interest and competitive demand.
National Outlook
According to Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), the housing market is poised for significant growth over the next two years. Yun emphasizes the critical role of increased supply in meeting burgeoning demand, underscoring the importance of addressing inventory constraints to sustain market momentum.
Inventory Analysis
In January 2024, the High Country MLS reported 466 active residential properties, with 132 new listings entering the market. This translated to a 3.8-month supply of residential inventory, highlighting the persistent imbalance between supply and demand. Despite challenges in the residential segment, land listings remained abundant, with 1,440 active listings and a generous 19.2-month supply, offering opportunities for prospective buyers and developers.
Commercial Properties
The commercial property sector also exhibited notable activity, with forty-one active listings reported by the High Country MLS. The majority of these listings emerged in January, signaling continued interest and investment in commercial real estate ventures within the region.
County-wise Performance Analysis
Alleghany County: In Alleghany County, REALTORS® closed seven residential properties, totaling $2.1 million in sales. The median sales price for residential properties was $299,000, with eight land sales amounting to $807,000. Despite a comparatively lower median sales price for land, properties in Alleghany County experienced an extended median time on the market, reflecting the influence of abundant listings on market dynamics.
Ashe County: Eighteen residential properties closed in Ashe County, generating $8.6 million in sales. The median sales price for residential properties stood at $423,750, showcasing robust market performance. Additionally, twenty-five land sales were recorded, totaling $2.7 million, with a median sales price of $52,000.
Avery County: Thirty-two residential properties closed in Avery County, amounting to $15.1 million in sales. The median sales price for residential properties was $401,250, indicating strong buyer interest in the county. Furthermore, eleven land sales were reported, totaling $2 million, with a median sales price of $92,000.
Watauga County: Watauga County emerged as a frontrunner in January 2024, with sixty-seven residential properties closing for $50.5 million in sales. The county achieved a record high median sales price of $690,000 for residential properties, underscoring robust market dynamics and sustained demand. Additionally, thirty-one land sales were recorded, totaling $4.7 million, with a median sales price of $85,000.
Interest Rates and Mortgage Trends
Freddie Mac reported prevailing interest rates of 6.77% for a 30-year fixed-rate mortgage and 6.12% for a 15-year fixed-rate mortgage. Despite competitive rates, mortgage application activity witnessed a decline in over half of all states compared to the previous year, reflecting evolving consumer sentiments and market dynamics.
Lori Eastridge local trusted Real Estate Professional in the NC High Country
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, look no further than Lori Eastridge, Realtor®/Broker of NC High Country Real Estate, powered by Realty One Group Select.
Lori has an in-depth familiarity with the market and surrounding areas and 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.
