By Holly Meyers, REALTOR, Blue Ridge Realty & Investments, LLC
The first two months of 2024 are in the books and the year is already rolling along at a healthy clip. February gave us an extra day and now that March is here, let’s see how the High Country real estate market was last month.
All information and statistics were gathered from the High Country Multiple Listing Service.
For the month of February for the counties of Alleghany, Ashe, Avery and Watauga, there were 121 closed residential properties.
The minimum List Price was $93,900, the maximum List Price was $11,885,000, the average List Price was $705,120 and the median List Price was $403,720. The minimum Sold Price was $82,000, the maximum Sold Price was $10,885,000, the average Sold Price was $667,551 and the median Sold Price was $399,000.
Compared to January 2024, there were three less properties sold in February. The List & Sold Minimums, Maximums and Averages were higher than January’s, but the median for both was a bit lower.
Minimum BR/BA count was 1/1, maximum 8/1, average 3/3 and median 3/2. Heated Living Area (HLA) minimum was 0 (likely a home without central heat so the square footage could not be considered heated area), maximum was 11,772 and average HLA was 1871. Acreage minimum, as always since residential properties include condos, was 0 and maximum is 391, average acreage was 7.53 and median was .63 acres.
Minimum Sales Price to List Price Ratio was 67%, maximum was 106%, average was 95% and median was 97%. Maximum Days On Market was 521, average was 84 and median was 63.
Now let’s take a look at land sales for the month of February.
High Country MLS reports 77 land and lot sales for February 2024 (down 7 from January), with a minimum List Price of $3,500, a maximum List Price of $599,000, with an average List Price of $120,755 and median of $80,000. Minimum Sold Price was $3,000, maximum Sold Price was $400,000, average Sold Price was $105,895 with a median of $75,450.
Of course, one of the most important factors when discussing land value is acreage. The minimum was .22 acres, the maximum 112.61, with the average being 6.87 acres and the median being 1.31 acres. The average Sale Price to List Price ratio was 89% and the median was also 89%. The average Days on Market was 228 and median clocked in at 149.
While February 2024 had slightly fewer sales than January 2024, most of the numbers overall were better. Compared to February 2023, there were 8 fewer sales, but both the average and median prices were improved over February 2023. Additionally, February 2024’s average and median Days on Market of 84 and 63 respectively were an improvement from February 2023’s 99 and 68.
While inventory continues to be less than normal, values appear to be rising and Days on Market decreasing. All of this is a sign of continuing healthy market for High Country Real Estate!
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