For New Hanover County, inventory declined again, along with sales volume, while the median sales price increased. Please read on for more details and information about Brunswick, Pender, and Onslow Counties. My overall feeling in the market is that buyers who don’t need to buy right now are waiting for interest rates to decline, however demand is still outpacing supply in most areas.
New Hanover County inventory moved down to 2.3 months in April, from 2.4 months in March 2024, although still up over April 2023. Pender County saw a similar trend, with inventory increasing just slightly from 2.5 months in March to 2.6 months in April, and Onslow County also experienced a decline from 2.4 months in March to 1.9 months in April.
New Hanover County sales volume declined, from $211.6 million in March to $199.8 million in April. That represents a year over year increase of 18.7%. Pender County was almost flat, rising slightly from $63.9M in March to $64.2M in April, and a year over year increase of 13.3%. Onslow County sales volume increased from $115.3 million in March to $142.1 million in April, and a year over year increase of 16.7%.
The median sale price of a home in New Hanover County increased to $450K in April, up from $410K in March. Looking back to January 2020, we see an overall increasing trend over time, reaching another peak last month. In Pender County, the median sales price rose from $398.4K in March to $420K in April, with its peak at $465K in August of last year. Onslow County was just about flat at $285K, up from $284.9K in March, also seeing its high in April 2024.
Brunswick County is still performing differently than the other three counties, and did see a small increase in inventory from from 3.3 months in March to 3.4 months in April. Sales volume increased from $254.6M in March to $267.7M in April, a 33.1% year over year increase. Median sale price continues to rise from $372.5K in March to a high in April of $393.1K. One thing to note about Brunswick County is that there is a lot of new construction, and many builders do not put all of their inventory and sales in the MLS. So this data may fully reflect the whole market.
To sum up, the market in New Hanover County including Wilmington is still a strong seller’s market with more demand than supply. Pender and Onslow Counties are similar, trending back towards a seller’s market for the strong selling season. Brunswick County, after heading into a buyer’s market, appears to be turning back to be more favorable to sellers.
These are based on overall market averages and may be different in micro markets of particular neighborhoods and price points. Would you like to search for homes in any location? This link allows you to search the MLS: https://kimberlycrouch.exprealty.com/
Questions? Looking for numbers for a specific neighborhood or town? Please email me at kim@thecoastalrealestategroup.com.
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