Banner Elk, NC—28604
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Banner Elk, NC
Banner Elk, NC lacks sufficient home price data for analysis.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $486,000 | -1.9% |
| Single Family | $578,000 | -1.9% |
| Condos | $282,000 | -4.1% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $187,000 | -6.0% |
2 Bed | $328,000 | -3.5% |
3 Bed | $591,000 | -0.5% |
4 Bed | $791,000 | -1.1% |
| 5 Bed | $1,078,000 | -0.6% |
% of Housing Stock
Rental Trends — Banner Elk, NC
As of July '25, Rentcast reports the average rent in Banner Elk, NC is $2,260, with a year-over-year rent change of -8.1%. Per bedroom, the median rent as of July '25 in Banner Elk, NC is 1-bedrooms: $1,550, 2-bedrooms: $1,990, 3-bedrooms: $2,410, 4-bedrooms: $4,000. The most common rental property sizes in Banner Elk, NC are 2-bedroom and 3-bedroom, accounting for 70.2% and 15.1% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,050 | $2,260 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,550 | $1,550 |
| 2 Bed Rent | $2,000 | $1,990 |
| 3 Bed Rent | $2,200 | $2,410 |
| 4 Bed Rent | $4,000 | $4,000 |
% of Rental Stock
Property Listings — Banner Elk, NC
As of Oct '25, Realtor.com reports that the median days on market for a home in Banner Elk, NC is 109. This is a increase of 20.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 22.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $572,000 | -6.0% |
Listing Count | 453 | 17.0% |
| Listings as % of Homes | 2.1% | 17.0% |
Days on Market | 109 | 20.0% |
Demographics — Banner Elk, NC
As of the latest ACS Survey released in 2023, Banner Elk, NC has a population of 7,280, which has decreased by -4.6% over the past 5 years. Banner Elk, NC is a moderately popular place for families, as children make up 16.8% of the population. The area has a moderately educated workforce, with 44.1% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 12.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 7,280 | -4.6% |
% Under 18 | 16.8% | 7.7% |
% Seniors | 24.0% | 3.0% |
% WFH | 12.1% | 108.6% |
% w/ College Degree | 44.1% | 22.5% |
As of the latest ACS Survey released in 2023, Banner Elk, NC is a predominantly white area, with 87.6% of the population identifying as white. The white population has shrunk by 3.2% in the last 5 years. The second most common race or ethnicity in Banner Elk, NC is hispanic, making up 6.3% of the population. Foreign-born residents account for 4.3% of the population in Banner Elk, NC, and this percentage has decreased by 18.9% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 87.6% | -3.2% |
% Black | 1.5% | -28.6% |
% Hispanic | 6.3% | 37.0% |
% Asian | 0.9% | -25.0% |
% Foreign Born | 4.3% | -18.9% |
Mortgage and Risk — Banner Elk, NC
According to HUD data as of 2023, there were 388 mortgage originations in Banner Elk, NC, of which 97.0% of loans were conventional mortgages. The average loan-to-value was 64.0%, with 9.0% above 90% LTV (normal). This implies small mortgage risk in Banner Elk, NC. Investor activity is low, as 12.0% of loans were by investors. 4.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 388 |
% Conventional Loans | 97.0% |
% Government Loans | 3.0% |
% Investor Loans | 12.0% |
% Second Loans | 55.0% |
% Cash Out Refinance | 4.0% |
Loan Activity
Rentals and Section 8 — Banner Elk, NC
Banner Elk, NC lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 19 |
Total Units Section 8 | 19 |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | 87.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$640 | $1,550 | $910 |
| 2 Bedroom | -$820 | $2,000 | $1,180 |
| 3 Bedroom | -$770 | $2,200 | $1,430 |
| 4 Bedroom | -$2,120 | $4,000 | $1,880 |
Affordability — Banner Elk, NC
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 7.3 |
| Median Home Price | $486,000 |
| Median Household Income | $64,100 |