Brunswick County real estate market sees strong demand despite dip in sales
Brunswick County Residential Real Estate Market Update - July 2023
Brunswick County’s residential real estate market stayed hot in July, with higher prices, and sellers receiving nearly 100% of their original list price. The number of homes sold and total sales volume both decreased slightly, likely driven by a decrease in new listings and a continued tight inventory.
“Our market is as hot as the temperature outside,” said BCAR CEO Cynthia Walsh. “Here’s the proof: in July, houses sold for 98% of their list price on average, with only about an $8,000 difference between the initial list price and the sale price. This is the closest margin we’ve seen in the past twelve months. Overall, demand remains strong in our market, and we see no signs of that changing in the immediate future.”
Brunswick County saw $206,350,000 in total sales volume in July, a 4.8% decrease from $216,760,000 in July 2022. The average sales price increased 2.4%, from $446,937 to $457,533, and the median sales price increased 3.6%, from $364,990 to $378,000. New listings dropped 8%, from 585 to 538. The number of units sold decreased 7%, from 485 to 451. Of the 451 homes sold in July, 56.8% were sold at or above list price. Brunswick County saw 21 sales in excess of $1 million, the largest being a $3,634,000 transaction on Ocean Isle Beach. On average, homes sold for 98% of their original list price.
Homes spent an average of 50 days on the market in July. While this is a quick turnaround, not all homes sold in 50 days. There were 39 homes sold the day they hit the market, 268 homes sold in 50 days or less, 83 homes sold in 51 to 100 days and 62 homes sold in over 101 days. The absorption rate, which is the amount of time it would take to sell all the current inventory, is holding steady at two months.
Year-to-date sales volume through July totaled $1,444,860,000, down 4.4% from $1,511,820,000 at the same point in 2022. The average year-to-date sales price dipped 2% compared to the same point in 2022, from $449,848 to $440,865, while the median sales price increased 1.2%, from $361,710 to $366,224. The number of units sold through July fell 6.6% compared to last year, from 3,351 to 3,130, and the number of new listings decreased 5.9%, from 4,073 to 3,833.
July 2023: 538
July 2022: 585
July 2023: 451
July 2022: 485
Average Sales Price
July 2023: $457,533
July 2022: $446,937
Median Sales Price
July 2023: $378,000
July 2022: $364,990
Total Sales Volume
July 2023: $206,350,000
July 2022: $216,760,000