Brunswick County Residential Real Estate Market Update - June 2023
Brunswick County’s residential real estate market saw more homes sold in June despite low inventory and fewer new listings. Homes sold quickly due to continued strong demand, which combined with a hot luxury market to drive the average sales price upward to almost half a million dollars.
“While increasing mortgage rates and low inventory are impacting buyers and sellers nationwide, the market in Brunswick County is still going strong, we and aren’t far off of last year’s pace,” said Cynthia Walsh, BCAR CEO. “Half of all sales in June were at or above list price, homes sold quickly, and our inventory is still well within seller’s market range. The bottom line is that demand for homes in Brunswick County remains strong.”
Brunswick County saw $270,900,000 in total sales volume in June, a 9.2% increase from $248,140,000 in June 2022. The average sales price increased 4.7%, from $477,185 to $499,811, and the median sales price increased 1.3%, from $387,634 to $392,655. New listings dropped 17.7%, from 701 to 577.
The number of units sold increased 4.2%, from 520 to 542. Fifty percent of the 542 homes sold in June were sold at or above list price. Brunswick County’s luxury market made a significant impact in June with 30 sales in excess of $1 million, including six sales over $2 million and the highest sale at $3.2 million on Bald Head Island. Thirty-three percent of all sales in were $500,000 or more. Homes spent an average of 55 days on the market and a median of 21 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 June totaled $1,238,510,000, down 4.4% from $1,295,060,000 at the same point in 2022. The average sales price for the year dipped 2.1% compared to 2022, from $450,333 to $440,865, while the median sales price increased 1.4%, from $361,164 to $366,224. The number of units sold through June fell 6.5% compared to last year, from 2,866 to 2,679, and the number of new listings decreased 5.5%, from 3,488 to 3,295.
New Listings
June 2023: 577
June 2022: 701
Increase/Decrease: -17.7%
Units Sold
June 2023: 542
June 2022: 520
Increase/Decrease: +4.2%
Average Sales Price
June 2023: $499,811
June 2022: $477,185
Increase/Decrease: +4.7%
Median Sales Price
June 2023: $392,655
June 2022: $387,634
Increase/Decrease: +1.3%
Total Sales Volume
June 2023: $270,900,000
June 2022: $248,140,000
Increase/Decrease: +9.2%
