Home sales in the Cape Fear Region have continued their usual hot-season uptick, as well as 2018’s trend of improvements over 2017. New Hanover, Brunswick, Pender and Onslow counties show marked increases in year-over-year homes sold, and a trend towards fewer days on market. Median prices, the halfway point of all sold homes, maintained a gradual increase across the region.
Local home sales bucked national trends, as detailed in the the National Association of Realtors’ (NAR) for May 2018, which was released on Wednesday, June 20. The NAR report found the number of homes sold nationally dropped 3% from a year ago.
New Hanover County saw an 8.86% increase in homes sold over last May. The median sold price in the County currently stands at $260,000, an increase of 3.9% over May 2017, just below the national median price, $264,800. The housing market in New Hanover County and the other counties in the Cape Fear Region is not as tight the market on a national scale. While nationally the average number of days on market, the amount of time it takes a home to go from listed to sold, dropped one day from 2017’s 27 to 26 this year, days on market in New Hanover County dropped to 65 from last year’s average of 66.
Buyers are paying more attention than ever to Brunswick County, favoring a short commute into Wilmington over the higher housing costs in New Hanover County, and taking notice of the booming Leland area. The median sold price in Brunswick increased 4% over May 2017 but stands at a more affordable $235,000. 18% more homes sold this May than in May 2017. It’s no coincidence that the average days on market dropped 24% to 96 days.
Another bedroom community that is seeing significant interest is Pender County, where sales were up 32% year-over-year. The median sold price in Pender County is up 3% to $266,500, only slightly above the national median. The average days on market is lower than Brunswick County at 89 days.
Onslow County, one of the nation’s top military markets, home to Marine Corps Base Camp Lejeune, and Marine Corps Air Station New River, also saw a dramatic increase in sales while remaining one of the most affordable markets in our region. 14% more homes sold this May as compared to May 2017. The median sold price in May inched up less than one percent over 2017 but remains substantially lower than the national average at $160,000.
Our Cape Fear Region data for May is based on a June 22 analysis of residential sales in the North Carolina Regional MLS, while national numbers were released June 20 in the National Association of REALTORS® (NAR) .
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