National housing inventory just hit 1.62 million homes — the first time it has topped 1.6 million since November 2019 — and months of supply rose to 4.9, the highest level in over a decade, according to the National Association of Realtors. Sellers now outnumber buyers by 58% nationally. The leverage is shifting to buyers — and in North Carolina's High Country, it already has.
This is not a market in freefall. It is a market rebalancing — and the High Country is moving through that transition faster than the rest of the country. Our four counties — Ashe, Alleghany, Avery, and Watauga, straddling the Tennessee and Virginia borders — closed 191 homes on $142.9 million in volume in August, with median prices holding firm at $557,000 in Watauga and $404,500 in Ashe.
Why should you care this month? Because the choice that barely existed three years ago — waiting for a better deal, inspecting carefully, negotiating on price — is back. Buyers have time and options. Sellers who price right the first time win; those who do not watch their listings sit.
The 1.62 million milestone
Start with the number that matters most. At the end of August, there were 1.62 million homes for sale nationally, up 3.2% month over month and 5.9% year over year — the first time inventory has exceeded 1.6 million units since November 2019 (HousingWire). That translates to 4.9 months of supply, up from 4.6 in July and the highest level in more than a decade.
Prices are still climbing — the national median rose 1.6% to $429,100, marking the 38th consecutive month of year-over-year gains (NAR). But the momentum underneath has flipped. Sellers now outnumber buyers by 58% nationally, the widest gap ever recorded, and one in five listings took a price cut in September — the most for any September since 2018.
NAR Chief Economist Lawrence Yun framed the shift plainly. "The ample supply of homes for sale on the market is giving homebuyers better opportunities to negotiate," he said (NAR). When months of supply crosses roughly five, the market tips from seller to buyer territory. The nation is closing in on that line. The High Country has already crossed it.
The High Country edge
Here is the number that separates this market from the national story: 6.4 months of supply. The High Country's August MLS report recorded 1,222 active residential listings across Alleghany, Ashe, Avery, and Watauga counties — enough to exhaust the current sales pace in more than six months, versus the 4.9-month national average (Clem Satterfield, Cottage Realty).
Six months of supply is the textbook definition of a balanced market; anything above five tips in favor of buyers. At 6.4, buyers hold the leverage. The same report shows the trade that followed: 191 closed residential sales on roughly $142.9 million in volume in August, with a four-county median sale price of $492,000.
What does that leverage look like in practice? For buyers, a slower market buys time — for inspections, surveys, contractor estimates, and insurance checks, all without the pressure of a bidding war. For sellers, it makes accurate pricing and strong presentation the difference between a quick close and a listing that ages on the market. The rebalancing does not punish either side; it rewards whoever prices honestly and moves deliberately.
Land of opportunity
The most striking number in the report is not in the residential column at all. Across the High Country, there were more than 1,300 active land listings in August (Clem Satterfield, Cottage Realty). With land absorbing far more slowly than homes, that surplus signals a sustained buyer's market.
That surplus reshapes what custom building looks like in the NC mountains. For buyers who want to build, the math has changed: more lots, more choices, more patience from sellers, and far more room to negotiate on price, terms, and seller-financed improvements. For developers and builders holding inventory, it is a signal to price lots against a buyer's market rather than a seller's — the days of multiple offers on the same parcel are over.
The land story is the clearest evidence that this is not a temporary wobble. Land sits on the market longer than homes and absorbs inventory slowly. With more than a year of supply on the books, it does not correct in a quarter — it points to a sustained buyer's market that will shape how properties are priced and negotiated through 2027.
Price vs. value
Why do prices hold when supply climbs? Because the High Country market is driven by a mix the national averages do not capture: primary homes, second homes, and a steady stream of buyers relocating to the mountains. The demand pool stays deep even as inventory grows, and the region's inelastic land supply keeps new construction from flooding the market. Higher list prices also carry premium mountain attributes — views, elevation, usable acreage — that hold value differently than a suburban tract home.
None of that means prices are immune to pressure. The same report shows buyers have room to negotiate: Alleghany County's September snapshot recorded a median sale-to-list ratio around 96%, a sign that list prices are coming down to meet buyers rather than the reverse (Clem Satterfield, Cottage Realty). The market is not falling — it is pricing more honestly, property by property.
What this means for you
If you are a buyer, this is the window buyers waited a decade for. The 6.4-month supply means you can compare three or four homes instead of fighting over one, order an inspection without a seller's deadline hanging over you, and negotiate price and closing costs with genuine leverage. For sellers, the rule is pricing it right the first time. A home that was aggressively priced a year ago now needs a realistic number, strong presentation, and patience — because buyers know the next good option is a week away.
The High Country is not simply following the national cooling trend. At 6.4 months of supply versus 4.9 nationally, and with land inventory running more than a year deep, the mountains have already crossed into buyer's territory — faster than most of the country. That is not bad news. It is a market returning to balance, where decisions are made on facts instead of fear. If you have been waiting on the sidelines, this is what a shifting market looks like from the inside.
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