BOONE: MOVE HERE FOR THE QUALITY OF LIFE

BY LESLIE EASON

leslie@easonteam.com

To live in Boone is to experience a great quality of life. The great schools, the outdoor activities, and the four seasons make the area a great place to live – or to have a second home. Demand for our area expanded significantly during the COVID-19 pandemic, with the desire to move away from larger cities and enjoy a good quality of life.

Boone has more primary homes than the overall High Country area, since it is the business center of the High Country and home to Appalachian State University. The increased ability to work from home has made moving here full-time possible for more homebuyers.

The challenge with Real Estate in our area is a lack of inventory and affordable homes. The median sales price 2022 year to date in Boone is $485,000 and is currently over $500,000. Over the last two years inventory was tight because sellers could not find housing elsewhere. Currently the challenge is the higher interest rates keeping people tied to their existing lower interest rate loans and in their homes longer. This is coupled with an increased demand from buyers purchasing homes as vacation rentals.

We do expect some minor correction in overall pricing. The sales prices this year reflect competitive bidding that took prices above market value. With higher interest rates this is no longer the case. However, we do not foresee massive price declines, since demand for our area still exceeds supply.

2022 MARKET FACTS AND BUYING STRATEGIES

This year continued the wild ride in the housing market, following the momentum of the last two record breaking years record breaking year in 2020, with the only limiting factor being tight inventory.

Total Real Estate sales volume in the Boone zip code year 2022 date is up by 26.85%, driven by an increase in median price by almost 26%. Average price increased to $635,652, up 31%. This number reflects the bidding above market prevalent this year. There were 369 sales of condos and single family homes, a decrease of 3.15% over 2021.

Demand continues to be strong even with the significantly higher interest rates. One of the drivers is the fact that 41% of home purchases in Boone are cash. For many buyers obtaining financing or purchasing with case, the plan is to refinance in two years when interest rates are expected to come down.

Time on market continues to be tight, with only a couple weeks until under contract. See the section on

Market trends for Boone. GRAPHIC COURTESY LESLIE EASON

SEE MOVE ON PAGE 30

APARTMENTS AND RENTAL PROPERTIES

The rental market in Boone is dominated by student rental apartments and condos and generally follows the period of Aug. 1 through July 31. There is not a very strong selection of rental homes for families, although they can be found. Most rental properties are available through property management companies.

There are several new student-oriented apartment projects that have recently been completed.

The best bet for anyone looking for a rental property is to use these three sources:

There are several rental management companies. Most cater primarily to student apartments but also have other homes. Search ‘Long Term Rentals Near Boone’ on your Internet Browser. All of the property management companies will appear in the search.

Look in the classifieds section of the local papers, which are also available online. The largest classifieds section is in the Mountain Times and Watauga Democrat and there are an increasing number of resources on Facebook.

Look on Craigslist Boone: boone.craigslist.org/. Even the rental companies post their listings there. Just be aware that there are many scammers on Craigslist. If it looks too good to be true, it likely is. Never send a deposit to someone without seeing the property inside in person.

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being prepared for your home search below.

Prices are not as high as you head further out of town, so it can be helpful to be more flexible on location. If you are not familiar with this area, plan a ‘scouting trip’ to acquaint yourself with the various parts of the county that would be of interest. This helps tremendously when you see properties come on the market in your online search.

HOMES, NEIGHBORHOODS AND AREAS

The Boone area offers as broad a variety of home styles and neighborhoods. You can find everything from starter homes to large mountain homes and from farmhouses with acreage to condos for students at ASU. What is not common in this area are large subdivisions with similar homes.

A large portion of the homes in Boone are tucked away in small subdivisions and neighborhoods. With the terrain and numerous side roads it is difficult to really know where to find many of these homes. If you are interested in purchasing a home and want to get a feel for these neighborhoods, your best bet is to contact a local Realtor® to represent you as your buyer’s agent. The seller pays the Realtor®’s commission, so there is no cost to you.

Boone is the largest town in the High Country of NC. It is located in the center of Watauga County and is bordered by Blowing Rock on the south, Banner Elk on the southwest, Deep Gap on the east, Vilas, and Sugar Grove to the north and west and Todd and Zionville due north. If you are preforming searches for real estate online it is helpful to know the names of these towns and that they are part of this area.

Within Boone town limits there are great established neighborhoods near ASU off King Street, and behind Earthfare Market. Take 321 through the town and there are neighborhoods past the hospital and golf course and along Deerfield and Bamboo Roads.

Following Poplar Grove road from campus you will find The Meadows and Kalmia Acres. Poplar Grove Road crosses Highway 105 and extends four miles until it meets with Shulls Mill Road, passing several neighborhoods along the way.

Heading out of town, there are neighborhoods off of 321 toward Blowing Rock and along the Blue Ridge Parkway north. These neighborhoods include Sorrento, Goshen Valley, Grandview and Greystone. The Blue Ridge Mountain Club is also in this area.

If you take 105 South from the main intersection at Wendy’s, there are neighborhoods in an area called Foscoe as you are headed to Banner Elk. The largest developments there are Echota (condominiums) Hound Ears Country Club and Twin Rivers.

North on 194 from New Market Center you can take Howard’s Creek Road, or continue on 194 to Castleford Road or on toward Todd.

BE PREPARED FOR YOUR REAL ESTATE SEARCH

In this competitive market it is important for home buyers to be prepared and proactive as they begin their search. Here are some tips to be ready. • Even if you are casually looking, it helps to partner with a REALTOR® early in the process. They can talk to you about the market and set expectations. They can also set you up on a real estate search directly from the MLS so that you see new listings as soon as the hit the market. • Talk to a mortgage lender and begin the paperwork to obtain a pre-approval. Not only will this tell you how much you can afford, almost all sellers require a pre-approval letter with an offer. If you are a cash buyer, be ready with a proof of funds letter from your financial institution. • If you are like most homebuyers, you are not living in our area, so if you see a home hit the market in which you have interest, ask your REALTOR® give you a virtual tour live from the home or take a video and send it to you. Then you know if it is a home you want to come to see quickly. • Plan a visit to this area to see homes early on, even if you are not quite sure if you are ready to buy. This will help you narrow your search to the areas and neighborhoods of interest, and you will be better able to know when the right home comes on the market.

A house on Wilson Ridge. PHOTO COURTESY LESLIE EASON

A house on Queen Street. PHOTO COURTESY LESLIE EASON

Leslie Eason is a Realtor® with Keller Williams High Country Realty in Boone, NC and is the leader of the Leslie Eason Real Estate Team.