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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Banner Elk Township is a buyer's market

Buyer's
Market

Difference Since November 2023

At the same time last year, Banner Elk Township was a Seller's Market.

Key Takeaway

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

Housing Prices in Banner Elk Township, NC

How much do homes in Banner Elk Township, NC cost?

Median Sold Price

$315,000

$303/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

-$114,000(-26.6%)

Key Takeaway

Homes in Banner Elk Township have sold for 26.6% less than they did a year ago.

Summary: The median home sold price in Banner Elk Township was $315,000 in November 2024, down 26.6% from last year, and the median price per square foot was $303.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $167.5K$186.1K
+11.1%
2 $300K$265K
-11.7%
3 $732.5K$707.5K
-3.4%
4 $680.9K$1.0M
+57.3%
5+ -$8.6M
N/A

Summary: Banner Elk Township housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 11.1%, 2 bedroom homes decreased by 11.7%, 3 bedroom homes decreased by 3.4%, 4 bedroom homes increased by 57.3%, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Cities

Banner Elk Township
-26.6%
Banner Elk
-30.4%

Housing Supply in Banner Elk Township, NC

How many homes are available in Banner Elk Township, NC?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
4345+4.7%

Summary: The Banner Elk Township real estate market had 45 homes for sale in November 2024, a 4.7% increase compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 55
0.0%
2 1921
+10.5%
3 1010
0.0%
4 66
0.0%
5+ 33
0.0%

Summary: The Banner Elk Township 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 increased by 10.5%, 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 Township, 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 Township 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 Township, NC

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

Average Sale Time

Nov 2023Nov 2024CHANGE
36 Days8 Days-76.6%

Summary: Homes in Banner Elk Township had an average of 8 days on market in Nov 2024, down by 76.6% compared to last year.

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 Township are selling fast, if you're buying plan to act quickly.

Summary: During November 2024, 2 homes were sold in Banner Elk Township; 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 21 Days Ago

Newest Listings in Banner Elk Township, NC

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