Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With 1,138 people, 306 houses or apartments, and a median cost of homes of $176,778, Banner Elk real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Banner Elk, accounting for 58.27% of the town's housing units. Other types of housing that are prevalent in Banner Elk include duplexes, homes converted to apartments or other small apartment buildings ( 18.82%), row houses and other attached homes ( 11.29%), and a few large apartment complexes or high rise apartments ( 7.20%).
Renters dominate Banner Elk's housing market, and most live in three of four bedroom dwellings, chiefly found in single-family detached homes.
Banner Elk homes and real estate are some of the newest in America. 36.82% of Banner Elk's housing was built since 2000, making the town have a very new look and feel. If you like the amenities of newer homes and subdivisions, then you will probably like what the Banner Elk real estate market has to offer. Quite a bit of the housing here was also built between 1970-1999 ( 35.68%), and between 1940-1969 ( 16.20%). There's also some housing in Banner Elk built before 1939 ( 11.29%).
A decent proportion of the Banner Elk housing stock is seasonally occupied. That is, homes and condos in Banner Elk are occupied by people for a portion of the year - mainly for vacation purposes - and then locked up and left unoccupied for the remainder of the year as owners return to their primary residences. This characteristic of the Banner Elk housing market speaks to its popularity as a vacation location of choice.
Homes have actually lost value in Banner Elk over the last then years, as home values have seen a decline of 21.92% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Banner Elk home appreciation rates at -0.54%, which equates to an annual appreciation rate of -2.13%.
Over the last year, Banner Elk appreciation rates have trailed the rest of the nation. In the last twelve months, Banner Elk's appreciation rate has been 0.57%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Banner Elk were at -0.54%, which equates to an annual appreciation rate of -2.13%.
Notably, Banner Elk's appreciation rate in the latest quarter is one of the lowest in America.
Relative to North Carolina, our data show that Banner Elk's latest annual appreciation rate is lower than 80% of the other cities and towns in North Carolina.
|$747,001 - $996,000||3.6|
|$498,001 - $747,000||2.2|
|$398,001 - $498,000||3.3|
|$299,001 - $398,000||9.5|
|$200,001 - $299,000||22.4|
|$99,001 - $200,000||27.2|
|$50,001 - $99,000||16.1|
|$0 - $50,000||11.8|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Banner Elk HOMES|
|2000 or Newer||36.8|
|1970 - 1999||35.7|
|1940 - 1969||16.2|
|1939 or Older||11.3|
|TYPE OF Banner Elk HOMES|
|Small Apt. Buildings||18.8|
|SIZE OF Banner Elk HOMES|
|5 or more bedrooms||3.60|