Expensive homes remain on market longer than most

A home on Highway 10 in Tahlequah is currently up for sale with the listing price set at $2.9 million, and is one of six residential homes for sale in Cherokee County listed at $1 million and above.

The real estate market is constantly active, but high-end properties and luxury homes typically lay dormant in terms of the rate of transactions.

There are currently six residential properties worth seven figures for sale in Cherokee County, but based off of previous years, they could remain on the market for a significant amount of time. For instance, there were 369 homes under $200,000 that were sold in the county last year, compared to zero homes sold that are worth above $600,000. In the last three years, only one home sold for more than $1 million.

"I would say that's pretty typical," said Jasen Wright, of Century 21 Wright Real Estate. "You can expect what we would consider a lengthy amount of time on a seven-figure property - maybe even years at a time."

While the six most expensive homes available in Cherokee County are worth seven figures and up, their features vary, as many factors come into play when pricing a residence. Wright said the three biggest factors are location, among of acreage, and the square footage of a home. The condition of the home and the year it was built also play a role.

"There's just a lot of variable that come in and you combine them together," said Wright. "As a result, you come up with a price with the assistance of the seller."

So while some properties might include large houses that occupy more square footage, a property with a significant amount of land can be valued just as high, if not more.

For example, the house for sale at 1301 S. Ross Ave. in Tahlequah has a square footage of 7,716, sits on 22 acres of land, and is listed at $1 million. Meanwhile, a house on South 590 Welling Road has a square footage of only 1,837, but sits on 490 acres of land, and is listed at $1.32 million. Comparatively, a third house on Highway 10 in the Lowrey School District area occupies 6,270 square feet, sits on 93 acres, and is listed at $2.9 million. In some scenarios, owners might consider selling off parts of their land, but Wright said the owner of the third home wouldn't want to do that.

"You definitely wouldn't want to do that with this 93-acre property, because it's got the Highway 10 frontage and it's got the [Illinois] River frontage," he said. "It's kind of a case-by-case basis on each one."

One reason why properties with a large amount of land might be worth more is due to the fact that are not as many of them. Wright said it is very seldom that Wright Real Estate lists properties over 100 acres.

So although home buyers have their options in Cherokee County, they are limited. And when people are considering such large purchases, it's not uncommon for buyers to take their time.

"We do prepare our sellers for the limited number of buyers that are available and in our market for those particular properties," said Wright. "Whenever you get over the $400,000 range, you can see what's out there is limited, as well as the buyers that are interested in those properties in our market."

There is evidence to show that more people from outside of the county are moving this way. In 2019, Century 21 Wright Real Estate sold 43 percent of properties to buyers within Cherokee County. Meanwhile, 43 percent of buyers were from outside of the county, and 14 percent of buyers were from out of state.

The Daily Press reached out to several other area real estate agents, but they could not be reached by press time.

For more information on area homes for sale, visit century21wright.com or realtor.com.

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