Is Banner Elk, NC a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Banner Elk is a buyer's market

Buyer's
Market

Difference Since Last Month

Since last month, Banner Elk has remained a Buyer's Market.

Key Takeaway

Banner Elk is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Banner Elk, NC

How much do homes in Banner Elk, NC cost?

Median Sold Price

$8,240,000

$766/sqft

Based on all homes sold in November 2024.

Difference Since Last Month

+$7,580,000(+1148.5%)

Key Takeaway

Homes in Banner Elk have sold for 1148.5% more than they did a month ago.

Summary: The median home sold price in Banner Elk was $8,240,000 in November 2024, up 1148.5% from last month, and the median price per square foot was $766.

Median Sold Price By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 --
N/A
2 -$630K
N/A
3 $660K-
N/A
4 --
N/A
5+ -$15.8M
N/A

Summary: Banner Elk housing prices by bedroom type for November 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes did not change, 4 bedroom homes did not change, and 5+ bedroom homes did not change.

Housing Supply in Banner Elk, NC

How many homes are available in Banner Elk, NC?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
26260.0%

Summary: The Banner Elk real estate market had 26 homes for sale in November 2024, the same as October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 22
0.0%
2 77
0.0%
3 88
0.0%
4 66
0.0%
5+ 33
0.0%

Summary: The Banner Elk housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes remained the same, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
12+100.0%

Asking Price vs. Sold Price

0 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Banner Elk, you could pay more than the asking price. 100% of homes here sold above asking price last month.

Summary: A total of 2 homes were sold or pending in Banner Elk in November 2024, up by 100.0% month-over-month. Of the 2 sold homes, 0% were sold under asking, 0% were sold at asking, and 100% were sold over asking.

Days on Market for Banner Elk, NC

How long does it take to sell a home in Banner Elk, NC?

Average Sale Time

Oct 2024Nov 2024CHANGE
53 Days8 Days-84.0%

Summary: Homes in Banner Elk had an average of 8 days on market in Nov 2024, down by 84% compared to last month.

Breakdown of Home Sale Times

2 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Banner Elk are selling fast, if you're buying plan to act quickly.

Summary: During November 2024, 2 homes were sold in Banner Elk; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 2 Days Ago

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