As with all real estate, it depends on the location. Here in western North Carolina (Brevard, Hendersonville, Asheville) our market is still good and if you ask me, the mountain lifestyle is unbeatable. In fact Asheville is ranked 7th in the country as "the best place in America to live." Our home values continue to grow while other market areas are down, or at the least, stable. There are great values for people relocating here as well as those looking for vacation homes. Yes, we've seen a slight downturn this year, but since many of our buyers, especially second homes buyers, come from Florida, our slump is more of a reflection of the slow market along the Gulf Coast.
Land values continue to be extremely strong...increasing at a greater rate that homes. Land, especially when you want views, streams, rivers, etc. is in great demand. Hope this helps!