For New Hanover County, inventory declined again while number of listings sold, median sale price, and volume sold increased. The only negative indicator was an increase in days on market. Please read on for more details and information about Brunswick, Pender, and Onslow Counties. For New Hanover County, supply is still lagging behind demand, and sales continue to go up, despite homes staying on the market longer than in the recent past.
The first graph above shows average and median days on market for New Hanover County. You can see the steep decline throughout 2020 where they remained before gradually beginning to increase again in the second half of 2022. For May 2024, average days on market increased to 57 days. This may be reflective of the over pricing of homes when first listed. There is still very strong demand, but we are not seeing the bidding wars of the past few years. Pender County is seeing a similar trend, with average days on market of 60 for May 2024, down from 73 days in April. Onslow County average days on market also declined to 47 days in May, from 53 in April.
New Hanover County inventory moved down to 2.2 months in May, from 2.3 months in April 2024, although still up over May 2023. Pender County saw a similar trend, with inventory declining from 2.6 months in April to 2.0 months in May, and Onslow County also experienced a decline from 2.0 months in April to 1.9 months in May.
New Hanover County sales volume increased, from $200.6M in April to $265.3M in May. That represents a year over year increase of 12.4%. Pender County saw a big jump up to $93.6M in May from $64.7M in April. Onslow County sales volume increased from $142.4M in April to $158.3M in May, and less than a 1% increase over May 2023.
The median sale price of a home in New Hanover County increased to $480K in May, up from $450K 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 $420K in April to $430K in May, with its peak at $465K in August of last year. Onslow County was up to $289.5K, up from $285K in April, with May being it’s highest point.
Brunswick County is still performing differently than the other three counties. Days on market is similar with an average of 66 days for May 2024, up slightly from April. Inventory declined slightly from 3.4 months in April to 3.3 months in May. Sales volume increased slightly from $268.5M in April to $273.9M in May, a 1% year over year increase. Median sale price declined from $392K in April to $380K in May. 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 has more inventory and options for buyers.
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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