Average Home Price Down 10% From Last Year - 2010 Year-End Market Report For Murphy NC and Cherokee County

By
Real Estate Agent with Country Homes and Land Murphy NC Realtor

Despite historically low interest rates, the number of home buyers declined in Cherokee County in 2010.  There were 281 sales recorded, 28 fewer than 2009's 309 closed transactions.  Home prices fell by about the same percentage in 2010.  The average home price was $140,800, which is 10.6% less than the average home price of $157,600 in 2009.

Although only 3-4% of the active listings at any time are foreclosures, that category accounted for 23% of all recorded sales.  There were 64 foreclosures sold, ranging from $20,000 for a 2 bedroom, 1 bath fixer-upper to $349,000 for a 3 bedroom, 2 bath home on the river.

                             

Buyers concentrated on the lower priced homes. 

A whopping 63% of all the sales recorded were $150,000 or less.  Homes that were listed between $100,000-150,000 accounted for 30% of all sales in Cherokee County.  Homes over $300,000 accounted for only 5% of the total sales.

 

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Comments (1)

Karen Kruschka
RE/MAX Executives - Woodbridge, VA
- "My Experience Isn't Expensive - It's PRICELESS"

Kate  Being in Northern Virginia I can't comment on the actual numbers, but your Murphy and Cherokee County, NC is very prodessionally prepared - the work of a local professional

Feb 05, 2011 03:24 AM