Is Banner Elk Township, NC a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 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
$305,000
$290/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Banner Elk Township have sold for 1.7% more than they did a year ago.
Summary: The median home sold price in Banner Elk Township was $305,000 in May 2024, up 1.7% from last year, and the median price per square foot was $290.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $164.5K | $167.5K | +1.8% |
| 2 Bedrooms | $249K | $275K | +10.4% |
| 3 Bedrooms | $550K | $712.5K | +29.5% |
| 4 Bedrooms | $680.9K | $1.0M | +57.3% |
| 5+ Bedrooms | - | - | N/A |
Summary: Banner Elk Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 1.8%, 2 bedroom homes increased by 10.4%, 3 bedroom homes increased by 29.5%, 4 bedroom homes increased by 57.3%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Banner Elk Township | $300K | $305K | +1.7% |
| Banner Elk | $475K | $334.9K | -29.5% |
| Beech Mountain | $535K | $317.4K | -40.7% |
Housing Supply in Banner Elk Township, NC
How many homes are available in Banner Elk Township, NC?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 35 | 35 | 0.0% |
Summary: The Banner Elk Township real estate market had 35 homes for sale in May 2024, the same as April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 5 | +25.0% |
| 2 Bedrooms | 13 | 13 | 0.0% |
| 3 Bedrooms | 5 | 4 | -20.0% |
| 4 Bedrooms | 8 | 8 | 0.0% |
| 5+ Bedrooms | 5 | 5 | 0.0% |
Summary: The Banner Elk Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 25%, 2 bedroom homes remained the same, 3 bedroom homes decreased by 20%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 5 | 4 | -20.0% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Banner Elk Township, you may be able to get a good deal. 100% of homes here sold below asking price last month.
Summary: A total of 4 homes were sold or pending in Banner Elk Township in May 2024, down by 20.0% month-over-month. Of the 4 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 80 Days | 27 Days | -65.8% |
Summary: Homes in Banner Elk Township had an average of 27 days on market in May 2024, down by 65.8% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Banner Elk Township are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 4 homes were sold in Banner Elk Township; 50% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
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