The market feels slow to me, so I wanted to dive in and find out why. To do that, I looked at inventory (as always), median sales price, number of listings sold, and sales volume from January 2020 through June 2024. For New Hanover County, here are a few things to note:
- Inventory is back up over 3 months for June, indicating a stable market. Looking at the top left graph, you can see the lack of inventory for the last several years and the increase back up to pre-Covid levels this year. That said, we are still very close to a seller’s market with inventory hovering around 3 months.
- Pricing continues to increase over time, although not in a straight line. While prices dropped in June, the median sales price is still up year over year, and significantly higher than June 2020 ($457.5K versus $285K).
- Number of listings sold and sales volume are following their usual seasonal trend, but dropped off a little more in June than I expected. Typically the market stays more stable through June, then drops some in July, picks up sometimes through September, then drops off through January. I don’t have data on July yet, but it still “feels” slower. We will see if this is a market shift that we are seeing in other areas of the country (e.g., parts of Florida), or if it corrects and is just normal seasonality.
Please read on for more details and information about Brunswick, Pender, and Onslow Counties.
Pender County had lower inventory, barely over 2 months in June. The pricing trend is similar, with pricing mostly up over time ($414K median sales price in June 2024 versus $306K in June 2020). The number of listings sold and sales volume is more stable, with the number of listings sold decreasing from 175 in June 2020 to 163 in June 2024.
Onslow County saw just over 2 months of inventory in June 2024. The median sale price is also up over time, $295K in June 2024 versus $195K in June 2020. Number of listings sold is down and sales volume is up 12.6% overall from June 2020 to June 2024.
For Brunswick County, please remember that some numbers may be skewed as there is a lot of new construction and builders do not always put all of their inventory in the MLS. The MLS shows inventory holding steady at 3.4 months. The median sales price trend looks more stable, but is still up significantly from 2020 ($357K in June 2024 versus $265K in June 2020). Number of listings sold is stable and total sales volume is up 37% from June 2020 to June 2024.
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.
Buy
success stories
Sell
