HOMES

sell. Homeowners also have more limited inventory to choose from elsewhere if they want move. As inflation slows and interest rates come down, it is expected more sellers will capitalize on the increased equity in their homes and list their homes.

SALES AND PRICING:

For the past year through May, there were 169 homes and condos sold in Blowing Rock, a decrease of 23.2%. Of those sales, 41 were condos and 128 were homes. The median sales price for the past three months is $735,000, a 2.8% increase over last year. The average sales price per square foot is in the $400 range, and varies widely.

Prices are expected to remain flat or grow slightly for the remainder of the year. Multiple offers and sales prices significantly over asking price have slowed significantly, but still happen with popular properties. Homes are still selling at 99% of asking price.

TIME ON MARKET:

Median time on market has increased to 69 days. Note that this includes the time while under contract (usually 30-45 days). Higher interest rates have made buyers more selective about homes. While we are seeing very quick sales for popular types of properties, some with multiple offers, there is a little more time for buyers to view homes.

Tips For Buyers In This Market

For buyers both curious and serious about purchasing a home in this market, a local High Country Realtor can help you navigate the process. Here are some suggestions:

• Be prepared to move quickly for popular listings, with your financing ready, and willingness to come to view a home on short notice.

• Work with a lender to get pre-approved for a loan before you make your visit. A pre-approval letter or proof of funds if you are paying cash is highly recommended with any offer.

• Even if you are further out in your purchase process, contact a Realtor® now to set you up on a property search directly from the MLS so that you get a better sense of the market. You never know when the right house will come on the market.

• Ask your Realtor to schedule a virtual showing so that you can decide whether to make a trip to see the home.

Overview Of Blowing Rock Homes

Luxury Homes

Blowing Rock is well known for its gorgeous mountain homes, both newer and historic. Several of these homes have been featured in magazines and on tours and have entertained visitors including U.S. Presidents, dignitaries, and celebrities. These homes can be found in town in the historic Mayview and Laurel Park neighborhoods and along Main Street, as well as in nearby gated neighborhoods such as Timber Creek and Firethorn. For buyers looking to build a custom home, this area boasts some excellent builders and offers many options for land purchases.

Condominiums

Most condo and townhome developments are in the town limits of Blowing Rock. These include Royal Oaks, Glen Burney, Village on the Green, as well as more luxury condos such as

Chestnut at Blowing Rock.

Chetola Resort is the largest condominium development, and it boasts a hotel, fine dining restaurant and spa. There are condos with views in the Mayview area of Blowing Rock as well as in the Blue Ridge Mountain Club (noted below). The most recent addition to the condo market is The Bluffs at Blowing Rock, located about 4 miles down Hwy 221.

Vacation Rentals

A strong segment of the Blowing Rock Real Estate market is second homes that can also be used as vacation rentals to help pay for the cost of owning and maintaining the home.

There are several excellent vacation rental management companies in the area that can manage the entire vacation rental process.

Vacation rentals of less than 28 days are not allowed in the town limits of Blowing Rock and in some developments. If you are looking for a home that can also be used as a vacation rental, be sure to ask whether vacation rentals are allowed in that location.

AREAS OF TOWN:

In Town Blowing Rock: The town of Blowing

Homes

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Rock is known for its grand homes along Main Street and in historic Mayview and Laurel Park as well as cottages and homes around Ransom Street and Chestnut Drive. Most condo developments are in the town limits.

In Town Across 321: Cross U.S. 321 (Blowing Rock Blvd) to Echo Park, Green Hill Road, Wonderland Woods and areas surrounding the Blowing Rock Country Club and Golf Course. There is a wide variety of home styles and sizes in these quiet neighborhoods.

U.S. 221 Southwest: There are several neighborhoods on either side of Highway 221 headed southwest toward Linville, some offering beautiful