The real estate market in the High Country has remained strong through the summer. The big news items are low home inventory, low interest rates and a flurry of buyer activity. The market has seen a record number of sales but less homes coming on the market.
Buyer activity has increased due to several factors. Some buyers are able to work remotely and want to move to our area permanently. Others desire a vacation home to get away from a city environment and perceive our area to be a safe haven in times of uncertainty.
As we write this, there are around 700 homes for sale in our High Country market. Last year we averaged over 1600 homes for sale throughout the summer. The reduction in homes available for purchase is less than half of what it was a year ago. This has put upward pressure on prices and caused some home listings to get multiple offers.
With few homes for sale, land sales are continuing to improve as well. We are seeing a greater number of building permits across our four county market. Building costs remain high and average around $200~ sq ft for general single family construction. However, with increasing home prices the opportunity to build has become more attractive.
Land in gated communities or with deed restrictions is still slow moving, but the other market factors are helping drive a rebound in all land activity.
If you are considering selling, low inventory makes it an attractive time to list your home or land for sale. Some properties that come on the market are selling very quickly. We are seeing trends for updated primary/secondary homes, investment properties and unrestricted rural land.
If you are looking to buy, there have been quality homes that have come available for sale this year. We are seeing more modern building trends and remodeled properties that offer great value for the price-point. Sellers have had more time to focus on maintenance and upkeep so there are still deals to be had. When properties do come on they can move very quickly. It is best to be flexible for virtual showings, digital signature for offers and anything else that can expedite the purchase process.
We have had several clients who have built in the last year. For some, the building process can be intimidating. However, we have local building partners that can help. We are also a resource that can help get the ball rolling. If your goal is to build but you don’t know where to start, please get in touch and we will help any way we can.
Kelsey continues to have good reports and is now in her third trimester. We are looking forward to the blessing and challenges of a growing family. This year has provided more time with family.
We just launched a new logo thanks to our friend Karen at Laut Design in Raleigh. We are excited to build it out with new marketing material this fall/winter.
If you know anyone looking to buy or sell, please send them our way.
Best, -Nate & Kelsey Wright