Banner Elk, NC
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Banner Elk Neighborhoods Since 2000




Banner Elk, NC Real Estate Data

Source & Methodology

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.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Banner Elk Housing Market Information

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.

Banner Elk Home Appreciation Rates

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.

Average Home Values

 

Median Home Value:
$176,778

Banner Elk, NC HOME PRICES

Value Range
> $996,000 3.9
$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

High for NC
High for Nation

Value Relative to Nation Value Relative to State
39.2769248798781 30.8529945553539

Number Of Homes And Apartments:
306

Banner Elk Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NC*
Compared To
America*
Latest Quarter:
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
Since 2000:
2000 Q1 - 2017 Q1
26.66% 1.38% 5 3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$819 / per month

Homeownership Rate

Homeownership
Owners 29.64
Renters 70.36
Vacant 49.92

Housing Market Details

 

Age of Homes

AGE OF Banner Elk HOMES
2000 or Newer 36.8
1970 - 1999 35.7
1940 - 1969 16.2
1939 or Older 11.3

Types of Homes

TYPE OF Banner Elk HOMES
Single-Family 58.3
Townhomes 11.3
Small Apt. Buildings 18.8
Apt. Complexes 7.2
Mobile Homes 4.4
Other 0.0

Home Size

SIZE OF Banner Elk HOMES
No Bedroom 5.56
1 Bedroom 9.98
2 Bedrooms 22.59
3 Bedrooms 45.99
4 Bedrooms 12.27
5 or more bedrooms 3.60