By Todd Rice, REALTOR, Blue Ridge Realty & Investments, LLC
December 2024 saw 146 closed single family sales in the High Country Association of REALTORS Multiple Listing Service. Of those 146 sales, 120 were in Alleghany, Ashe, Avery and Watauga counties, the area we look at most closely when analyzing High Country Real Estate. Of those 120, 22 were condos or townhomes and 98 were single family detached.
List prices ranged from a minimum of $59,900 to a maximum of $3,650,000 with an average List Price of $675,409 and a median List Price of $527,000. Sold prices went from a minimum of $55,001 to a maximum of $3,450,000 with an average Sold Price of $638,791 and a median Sold Price of $502,500.
Minimum Bedroom and Bath count was 1/1 and the maximum was 5/6 with the average being 3/3 and median also at 3/3. The minimum HLA was 396, the maximum HLA was 5831 and average heated living area was 1948. With condos and townhomes in the mix, of course minimum acres was 0, but maximum was 12.36, average acreage was 1.24 and median was .59 acres.
The average Sales Price to List Price ratio was 95% and the median was 96%. The average days on market was 125 and the median days on market was 95.
Usually when looking back on the previous month, we’ll also compare the month to the same month from the previous year. This year that comparison is more telling because of Helene, just as it was for October and November; actually, more so. We imagine this change will impact the numbers for months to come.
November 2023 saw 161 closed sales in Alleghany, Ashe, Avery and Watauga counties. List prices ranged from a minimum of $55,000 to a maximum of $3,750,000 with an average List Price of $659,920 and a median List Price of $489,900. Sold prices went from a minimum of $43,800 to a maximum of $3,350,000 with an average Sold Price of $627,873 and a median Sold Price of $470,000.
The average Sales Price to List Price ratio was 96% and the median was 97%. The average days on market was 91 and the median days on market was 61.
For the most part in 2024, when comparing with 2023, inventory counts might have been down, but the list prices and sales prices were up. Days on market were up slightly some months, LP/SP ratios were down by a percent or two.
The drop in number of sales is not a surprise, and the rise in average and median sales prices in the aftermath of Helene is encouraging. The numbers that truly reflect Helene’s impact though? The drop of Sales Price/List Price Ratio from 97% in December 2023 to December 2024 and the increase in Average Days on Market from 91 to 125.
While we would not go so far as to say we believe we’ve seen the end of Helene’s impact on High Country Real Estate, the improvement in the majority of the numbers from December 2023 to December 2024 is encouraging and the three data points (inventory, DOM, & LP/SP ratio) that were not improved over 2023 are common for what we’ve seen in 2024.
Next week, we’ll take a look back on the entirety of 2024 for Real estate in the High Country.