EXCEEDING EXPECTATIONS & DEFINING EXCELLENCE Walnut Cove Realty/Allen Tate/Leading RE/Luxury Portfolio International #1 #1 #1
The Ramble Biltmore Forest 2024 | MARKET PERFORMANCE REPORT
Strong buyer demand for the perennially popular Ramble community helps property values continue to rise. Property values rose appreciably with dollar volume up 24% to $64.9M and transactions up 19% to 43 properties sold. The increase in the number of larger lots sold at higher prices, particularly the release of long anticipated Tea House Drive lots, dramatically grew overall sales, while home values rose as well.
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HOME SALES
Home sales were flat at 17 homes sold, while dollar volume for homes rose 8% to $47.1M.
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The average price for all homes sold rose over $200K to $2,773,131. The entry price point to live in the Ramble has risen. For the first time, no homes under $2M were sold, compared to 2023 when four homes under $2M were sold. The median price for homes rose 13% to $2,900,000 from $2,572,000 a year ago. Three new construction spec homes managed by Walnut Cove Realty helped drive overall $/SF up to $597/SF from $556/SF in 2023. All three spec homes were priced in the mid to higher $3M range, at an average of $755/SF. Resale homes averaged $562/SF with an average price of $2,588,802. It took longer to sell homes with average days on market for resale homes up to 114 days from 73 days in 2023. Spec homes are typically on the market longer as they are listed early in the construction process. Home prices ranged from a high of $4.5M for the largest home at 8,179 SF to a low of $2.025M, for the smallest 2,822 SF home sold.
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The average size of homes sold was 4,642 SF with the median at 4,367 SF. Homes on average were sold at 95% of the list price with 74% cash transactions.
LOT SALES
LOT SALES
Lot sales increased 36% to a total of 26 lots, compared to 19 sold in 2023. Lot dollar volume rose 104% to $17.7M from $8.7M in 2023. The average price rose 50% to $682,442 primarily due to the release of the anticipated Tea House Drive lots. The median price of lots sold was $490,000. The highest priced lot sold was 807 Tea House Drive at $2.5M followed by 804 and 743 Tea House Drive selling for $1.8M and $1.6M respectively. On average lots sold in 127 days. The average size lot sold rose to 1.3 acres with the range from the smallest at 0.53 acres to the largest at 3.71 acres.
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