Brunswick County’s residential real estate market closed out 2023 with numbers very similar to last year’s performance. The number of new listings increased while the average sales price, the number of homes sold and total sales volume all saw slight decreases compared to 2022.
“2023’s numbers were very similar to 2022, and our market seems to be cruising along steady and smooth,” said Cynthia Walsh BCAR CEO. “Thanks to continued strong demand, average sales prices increased throughout the year, however, total sales volume is slightly down compared to last year, but it’s hard to complain about $2 billion in sales. Overall, our market is positioned for a strong 2024.”
Total sales volume decreased from $2,530,790,000 in 2022 to $2,486,990,000 in 2023. Average sales prices for the year were down 2.8% compared to 2022, from $453,440 to $440,865. New listings increased 5.6%, from 6,068 to 6,407, and the number of units sold dropped 5%, from 5,572 to 5,295.
When it comes to December’s numbers, they tracked as expected with fewer homes sold, and a slight increase in new listings and average sales prices.
Total sales volume decreased 5.9% compared to December 2022, from $180,100,000 to $169,400,000, while average sales prices were up 4.1%, from $445,799 to $464,117. Luxury homes may have been the holiday gift of the season, with 22 transactions in excess of $1 million, four in excess of $2 million and one in excess of $3 million.
New listings were up 6.2% in December, from 325 to 345, and the number of units sold dropped 9.7%, from 404 to 365. Homes spent an average of 50 days on the market in December. The absorption rate, which is the amount of time it would take to sell all available inventory, remains around three months.
Brunswick County Residential Real Estate Market Update - December 2023
New Listings
December 2023: 345
December 2022: 325
Increase/Decrease: +6.2%
Units Sold
December 2023: 365
December 2022: 404
Increase/Decrease: -9.7%
Average Sales Price
December 2023: $464,117
December 2022: $445,799
Increase/Decrease: +4.1%
Median Sales Price
December 2023: $353,500
December 2022: $359,900
Increase/Decrease: -1.8%
Total Sales Volume
December 2023: $169,400,000
December 2022: $180,100,000
Increase/Decrease: -5.9%
