High Country Median Home Price Hits $492,000 in August
The four-county region recorded 191 closed sales worth $142.9 million, while national inventory reached 4.9 months.
Key points
- The High Country median home price reached $492,000 in August across 191 closed sales.
- National housing inventory hit 4.9 months of supply, the highest level in over a decade.
- Watauga County median prices fell 15.3 percent to $557,000, while Alleghany rose 24.7 percent.
The median sales price for single-family homes in the High Country reached $492,000 in August. This figure reflects 191 closed transactions totaling $142.9 million across four counties. National existing home sales declined by 2.0 percent during the same period.
National Association of Realtors Chief Economist Lawrence Yun attributed the dip to higher mortgage rates. He noted that home prices remain stable with a 1.6 percent year-to-date increase. Rising wages and 643,000 net new jobs continue to support buyer demand in the region.
Inventory Levels Rise Across the Region
Active single-family and condo listings totaled 1,222 in August. This number decreased by 1.5 percent from July despite 298 new listings. The market currently holds a 6.4-month supply of available residential properties.
Nationally, the months of supply have grown to 4.9. This is the highest level recorded in more than a decade. Buyers benefit from this ample supply with better opportunities to negotiate final prices.
County Data Shows Mixed Performance
Watauga County reported 95 closed residential sales with a median price of $557,000. This price dropped 15.3 percent compared to July. The county also closed 22 land sales at a median price of $46,000.
Ashe County saw a 41.2 percent drop in residential sales to thirty closings. Its median price rose 7.9 percent to $404,500. Avery County closed 52 homes with a median price of $446,250.
Alleghany County recorded fourteen closed sales with a median price of $424,000. This figure represents a 24.7 percent increase from the previous month. These figures come from the High-Country Multiple Listing Service report.
Land and Commercial Sectors Remain Active
The region closed sixty-one land sales with a median price of $99,900. There were 1,305 active land listings, creating a 21.4-month supply. Commercial properties saw five sales totaling $2.2 million for the month.
These statistics are based on data provided by the High Country Association of Realtors. The information is for general purposes and may vary due to reporting processes. Source: wataugaonline.com.
