Homes spending less than a month on the market
Brunswick County’s residential real estate market remained competitive in July, with fewer homes sold, fewer new listings, higher prices, an uptick in the absorption rate, and homes continuing to sell quickly and at 99% of list price on average.
“Our market remains highly competitive thanks to strong demand paired with fewer new listings and a historically low inventory of available homes,” said Cynthia Walsh, BCAR CEO. “While we saw fewer homes sold in July compared to last year, we have a healthy number of pending listings, and the absorption rate increased for the first time in months. Buyers would highly benefit from working with one of our professional REALTORS® to navigate this competitive market.”
Brunswick County saw $216,760,000 in total sales volume in July 2022, a 14.3% decrease from last July’s $252,900,000. The average sales price increased 3.9%, from $430,096 to $446,937. New listings were down 14.1%, from 681 to 585. The number of units sold in July dropped 17.5% compared to last year, from 588 to 485, and homes spent an average of 26 days on the market. The absorption rate, which is the amount of time it would take to sell all available inventory, is up to 2 months for the first time since January 2021. Sellers received 99% of their list price in July on average. Brunswick County’s luxury market remained strong in July with 25 sales of $1 million or more, with the highest transaction at $2,550,000.
Year-to-date sales volume through July is $1,508,960,000, down 2.7% from $1,551,369,429 last year. Average sales prices for the year are 16.1% higher than 2021, increasing from $379,353 to $440,574. The number of units sold through July is down 18.1%, from 4,073 to 3,335, and the number of new listings is down 9%, from 4,453 to 4,053.
Brunswick County Residential Real Estate Market Update - July 2022
New Listings
July 2022: 585
July 2021: 681
Increase/Decrease: -14.1%
Units Sold
July 2022: 485
July 2021: 588
Increase/Decrease: -17.5%
Average Sales Price
July 2022: $446,937
July 2021: $430,096
Increase/Decrease: +3.9%
Median Sales Price
July 2022: $364,990
July 2021: $342,602
Increase/Decrease: +6.5%
Total Sales Volume
July 2022: $216,760,000
July 2021: $252,900,000
Increase/Decrease: -14.3%
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