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

$795,150

$358/sqft

Based on all homes sold in March 2024.

Difference Since Last Month

+$460,150(+137.4%)

Key Takeaway

Homes in Banner Elk have sold for 137.4% more than they did a month ago.

Summary: The median home sold price in Banner Elk was $795,150 in March 2024, up 137.4% from last month, and the median price per square foot was $358.

Median Sold Price By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 --
N/A
2 $335K$315.3K
-5.9%
3 --
N/A
4 -$1.2M
N/A
5+ --
N/A

Summary: Banner Elk housing prices by bedroom type for March 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 5.9%, 3 bedroom homes did not change, 4 bedroom homes did not change, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Cities

Banner Elk
+137.4%
Banner Elk
-4.6%
Banner Elk Township
-7.6%

Housing Supply in Banner Elk, NC

How many homes are available in Banner Elk, NC?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
1720+17.6%

Summary: The Banner Elk real estate market had 20 homes for sale in March 2024, a 17.6% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 01
+100.0%
2 55
0.0%
3 45
+25.0%
4 67
+16.7%
5+ 22
0.0%

Summary: The Banner Elk housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes remained the same, 3 bedroom homes increased by 25%, 4 bedroom homes increased by 16.7%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
12+100.0%

Asking Price vs. Sold Price

0 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Banner Elk, expect to pay close to the asking price. 50% of homes here sold near the asking price last month.

Summary: A total of 2 homes were sold or pending in Banner Elk in March 2024, up by 100.0% month-over-month. Of the 2 sold homes, 0% were sold under asking, 50% were sold at asking, and 50% 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

Feb 2024Mar 2024CHANGE
3 Days61 Days+1933.3%

Summary: Homes in Banner Elk had an average of 61 days on market in Mar 2024, up by 1933.3% compared to last month.

Breakdown of Home Sale Times

1 Home Was Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

1 Home Was 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 March 2024, 2 homes were sold in Banner Elk; 50% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 50% 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 26 Days Ago

Newest Listings in Banner Elk, NC

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