T
he High Country Real Estate Market in Alleghany, Ashe, Avery, and Watauga Counties experienced a 7.1% decline in sales and an 8.4% increase in inventory during October compared to the same period last year. A total of 182 single-family and condo/townhouse properties were sold, with a combined closing value of $120.2 million. The median sales price for these counties was $450,000, down 10.4% from the previous year.

    Nationally, the real estate market is showing signs of recovery after two challenging years. According to Lawrence Yun, chief economist of the National Association of Realtors, "the worst may be over" for those in the home sales industry or looking to buy or sell a property.

    Inventory levels in the High Country counties were at 696 active listings during October, with 156 new properties entering the market. This represents a 3.8 supply of inventory, up 16.8% from last year's numbers. Land sales for the month totaled $4.9 million, while commercial sales reached $610,000.

    Breaking down the data by county:

    * Alleghany County saw 27 residential sales with a median price of $359,000 and 65 active listings.

    * Ashe County reported 40 residential sales at a median price of $370,000 and 103 active listings.

    * Avery County had 34 residential sales with a median price of $449,000 and 224 active listings.

    * Watauga County led the counties with 81 residential sales at a median price of $538,000 and 304 active listings.

    Mortgage rates have been fluctuating over the past year, ranging from 6.08% to 7.44%. According to Lawrence Yun, these rates are expected to stabilize at the lower end of this range for 2025 and 2026.

    Note: Figures are based on data from the High Country Multiple Listing Service and may not be entirely accurate due to reporting processes.