BLOWING ROCK — Despite four months in the doldrums because of the COVID-19 economic lockdown and stay-at-home orders issued by the governor, the real estate market activity in Blowing Rock’s 28605 zip code was robust during 2020, according to a report obtained from Scott Macintosh, broker-in-charge for the Blowing Rock and Boone offices of Allen Tate Realtors. Total sales in 2020 inside the Blowing Rock zip code totaled $156.55 million, a 16.34 percent increase over 2019’s $134.56 million.
In 2020, the largest transaction was $4 million, the list price, for 183 acres. The average transaction was $480,229 (the sold price), while the median sold price was $387,500.
The largest transaction in the 28605 zip code during 2019 was an 81-acre parcel listed at $2.999 million that sold for $2.79 million. The average sold price per transaction was $450,040, while the median price was $365,000, according to the Multiple Listing Service derived report.
“There are many factors that contributed to this robust growth in the Blowing Rock market,” said Pat Riley, president and CEO of Allen Tate Companies. “First, interest rates remain at historic lows. Second, the virtual workplace allows professionals to work from anywhere, including more rural and what have been regarded as resort communities, like Blowing Rock. Third, a lot of buyers who might have been on the fence about a decision to purchase a second home, made that decision. And fourth, record-low inventory in the Blowing Rock market creates a buying frenzy for new listings, especially those priced below $500,000.”
Macintosh added that compared to more urban settings Blowing Rock offers larger homes with greater living space.
“And relatively speaking,” Macintosh said, “our homes are priced low compared to other resort areas in the U.S. New construction can be purchased for less than $300 per square foot.”
Blowing Rock is not unique, explained Riley.
“What Blowing Rock is experiencing is being replicated across the mountains and beaches of North Carolina and South Carolina,” Riley said. “We are blessed with these beautiful areas in the Carolinas; it is our challenge and opportunity to keep them special.”
The Allen Tate professionals also acknowledged the role the pandemic has played in the real estate market’s uptick.
“COVID-19 also played a significant role in the increased market activity,” said Macintosh. “The High Country has had very low rates of infections compared to more populated and urban areas, and people want an escape. Of course, there is a lot more space to roam and not be in close contact with others in the mountains and national parks.”