Brunswick County’s residential real estate market exceeded $2 billion in year-to-date total sales in October with luxury sales leading the way, and more than half of all homes sold during October were sold at or above list price.
“While $2 billion in total sales seemed like an unreachable milestone just a couple of years ago, it doesn’t come as a shock this year given our market’s consistently strong performance month over month,” said Cynthia Walsh, BCAR CEO. “Overall demand remains strong, prices continue to increase, and we continue to see a strong luxury market. Overall, our market is positioned for continued strength as we move into winter.”
Brunswick County saw $211,520,000 in total sales volume in October, a 0.5% increase from last year’s $210,450,000. The average sales price increased 9.3%, from $432,131 to $472,150. New listings were down 24.4%, from 622 to 470. The number of units sold in October dropped 8% compared to last year, from 487 to 448, and homes spent an average of 33 days on the market. The absorption rate, which is the amount of time it would take to sell all available inventory, remains at two months. Brunswick County’s luxury market was strong in October with 24 sales in excess of $1 million, including three sales over $2 million and a 3.4 million sale in Ocean Isle Beach.
Year-to-date sales volume through October is $2,168,330,000, down 3.9% from $2,255,559,429 last year. Average sales prices for the year are 11.9% higher than 2021, increasing from $393,703 to $440,574. The number of units sold through October is down 16.9%, from 5,723 to 4,756, and the number of new listings is down 11.3%, from 6,316 to 5,602.
Brunswick County Residential Real Estate Market Update - October 2022
New Listings
October 2022: 470
October 2021: 622
Increase/Decrease: -24.4%
Units Sold
October 2022: 448
October 2021: 487
Increase/Decrease: -8%
Average Sales Price
October 2022: $472,150
October 2021: $432,131
Increase/Decrease: +9.3%
Median Sales Price
October 2022: $425,000
October 2021: $343,168
Increase/Decrease: +23.8%
Total Sales Volume
October 2022: $211,520,000
October 2021: $210,450,000
Increase/Decrease: +0.5%
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