Last updated on September 8, 2021 5:30 p.m.
With the unofficial start of Fall in the High Country underway, area realtors are gearing up for the second round of the sales season. But with residential inventories dwindling, buyers are turning to buying land. Land sales increase as buyers realize that in order to have some life on the mountain, their options may lead them to vacant land to build their homes.
RESIDENTIAL: In August, 294 homes sold in the High Country, up from 372 homes sold last August. Alleghany Realtors® has sold 18 homes totaling over $ 5 million. Ashe County Realtors® sold 47 homes for a total of $ 13.5 million. Avery County Realtors® has sold 72 homes for a total of nearly $ 37 million. Watauga County Realtors® sold 131 homes for a total of nearly $ 68 million. While unit sales are down, the market remains quite strong in terms of sales volume. High Country MLS reports over $ 135 million in total sales for August. That’s over 45% increase from two years ago (before market inflation).
High Country residential unit sales continue to decline, while residential selling prices rise. The median selling price for the month of August was recorded at $ 340,000, compared to last August, which saw a median price of $ 319,900. With residential inventory in the area continuing to be scarce, the other option for buyers is to turn to real estate listings.
EARTH: In Alleghany, Ashe, Avery and Watauga, 149 plots of land sold for a combined total of over $ 17.2 million in August. This is compared to last August, when the High Country registered 114 plots that sold for $ 10.3 million in August 2020. Plots sold last month totaled 914 acres.
In August, 57 plots were sold for $ 7.12 million in Watauga County. Ashe County recorded the second highest number of land sold with 39 plots that grossed more than $ 3.7 million. Avery County followed with 24 leaflets sold for over $ 3.2 million and Alleghany registering 9 leaflets which sold for just over $ 460,000. All counties except Watauga saw total land sales increase in August from the previous month.
COMMERCIAL: The High Country again recorded a total of 5 commercial properties sold for the month of August. The combined properties totaled over $ 5 million. The property sold in Watauga County was worth $ 4.2 million. Alleghany ($ 145,000), Ashe ($ 85,000) and Avery ($ 950,000) each recorded 1 commercial property sale in August. And there was an additional commercial property that sold for $ 168,000 in our MLS which was located in a neighboring county.
ALLEGHANY COUNTY: Alleghany County Realtors® sold 18 homes for $ 5.6 million. The median selling price for these properties was $ 295,000. An increase of 68.57% compared to August 2020.
ASHE COUNTY: Ashe County Realtors® sold 47 residential properties totaling $ 13.59 million. The median selling price was $ 279,000. A decrease of 5.42% compared to August 2020.
AVERY COUNT: Realtors® sold 72 homes in Avery County, for a total of nearly $ 37 million. The median selling price for these properties was $ 303,000. A decrease of 7.62% compared to August 2020.
WATAUGA COUNTY: Watauga County Realtors® recorded 131 residential properties sold for nearly $ 68 million. The median selling price was $ 405,000. An increase of 6.8% compared to August 2020.
INTEREST RATE: As inflation accelerates and economic growth stabilizes, Freddie Mac expects mortgage rates to moderate until the end of the year. The mortgage company reports that 30-year fixed rate mortgages edged up to 2.87% as of September 7, 2021.