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Brunswick County Residential Real Estate Market Update - August 2023
Prices, total sales volume, number of homes sold up from 2022
Brunswick County’s residential real estate market saw continued momentum in August, with the highest number of new listings in 2023, the third-highest month of home sales in 2023, and the highest sale price Brunswick County has seen in the last 10 years. Additionally, we saw the second highest average sales price in 2023 and increases in total sales volume and the number of homes sold.
“Our market has struggled to keep up with much-needed inventory throughout the year, but we’re finally starting to see more homes on the market,” said BCAR CEO Cynthia Walsh. “While our market reached the highest number of new listings so far this year in August, which is good news for buyers, demand is staying strong and we’re still in a sellers’ market.”
Brunswick County saw $255,810,000 in total sales volume in August, a 10% increase from $232,570,000 in August 2022. The average sales price increased 5.9%, from $455,130 to $481,757, and the median sales price increased 5.1%, from $370,000 to $389,000. New listings decreased slightly by 0.2%, from 611 to 610, but is still the highest number so far in 2023. The number of units sold went up 3.9%, from 511 to 531. Brunswick County saw 28 sales in excess of $1 million, including a $6,750,000 transaction that is the county’s largest in in the last 10 years. Brunswick County sales accounted for 18% of all sales in the North Carolina Regional MLS.
Homes spent an average of 54 days on the market in August. The absorption rate, which is the amount of time it would take to sell all the current inventory, increased slightly to 2 ½ months.
Year-to-date sales volume through August totaled $1,700,670,000, down 2.5% from $1,744,390,000 at the same point in 2022. The average year-to-date sales price dipped 2.1% compared to the same point in 2022, from $450,508 to $440,865, while the median sales price increased 1%, from $362,747 to $366,224. The number of units sold through August fell 5.2% compared to last year, from 3,862 to 3,661 and the number of new listings decreased 5.1%, from 4,684 to 4,443.
New Listings
August 2023: 610
August 2022: 611
Increase/Decrease: -0.2%
Units Sold
August 2023: 531
August 2022: 511
Increase/Decrease: +3.9%
Average Sales Price
August 2023: $481,757
August 2022: $455,130
Increase/Decrease: +5.9%
Median Sales Price
August 2023: $389,000
August 2022: $370,000
Increase/Decrease: +5.1%
Total Sales Volume
August 2023: $255,810,000
August 2022: $232,570,000
Increase/Decrease: +10%
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