Update! Several new 2s (astro, chart, chest, invest, monkey, pirate, pool), and a few repeated words have moved up the ranks (sea, war, witch).
24:
way
15:
village (16 if you count "villa")
12:
gift
8:
castle
7:
hunt
market
merchant
treasure
6:
city
guild
man
trade
work
5:
dame
keep
sea
sir
town
witch
4:
black
camp
fair
gold
haunt
house
mountain
royal
sheep
ship
smith
war
wood
3:
art (if you count "artificer" and "artisan")
bandit
capital
court
curse
duke (if you count "duchy" and "duchess")
farm
fort (if you count "fortress")
ghost
goat
ground
herd
horse
lose
mason
master
mine
misery (4 if you count "miser")
old (if you count "elder")
port
rat
road
room
ruin
secret
shop
zombie
2:
apprentice
astro
ball (not really, they're two different words)
bank
band
battle
border
bridge
camel
caravan
cave
chart
chest
coin
copper
count (also two different words)
cult
cut
delude
den
distant
dwell
earth
envy
estate
explore
field
fish
flag
folk
fool
forest
fortune
gate
grand
guard
guide
hag
hall
haven
herb
hero
high
horn
inn
invent
invest
iron
island
king
land
league
library
lodge
lord
make
map
mill
monkey
necro
noble
nomad
order
party
pass
pirate
place
plan
pool
post
prince
raid
scout
seal (not really; notwithstanding the pun, they're different words)
silk
sorcery
spice
spy
stone
swamp
tax
tell
tower
train
triumph
wall
watch
wind
wish
wolf
yard
function words
36: the
35: of
3: out
2: over