Market characterized by strong demand, low supply
Demand remained strong in Brunswick County’s residential real estate market during March, with total sales volume and the number of homes sold increasing for the first time this year. Meanwhile, new listings were down and the market netted almost no new inventory.
“Home sales are picking up again as we shake off the winter cobwebs,” said Cynthia Walsh, BCAR CEO. “Demand for new homes typically increases as we move into Spring, and our market saw 3% more homes sold in March compared to 2022. This increase may seem small compared to 2021’s record-breaking numbers, but the number of homes sold in March 2023 was 21% higher than 2020, 20% higher than 2019, and 16% higher than 2018. With strong demand remaining and low inventory, our market is positioned to remain highly competitive as we move into Summer.”
Brunswick County saw $237,490,000 in total sales volume in March, an 8% increase from last year’s $219,840,000. The average sales price increased 2.8%, from $432,764 to $445,038. New listings were down 2.6%, from 615 to 599, while the number of units sold increased 3%, from 508 to 523. Homes spent an average of 55 days on the market. The absorption rate, which is the amount of time it would take to sell all available inventory, held steady at 2.5 months, which is still in seller’s market territory. Sellers received 97% of the original list price on average. Brunswick County’s luxury market remains strong with 25 sales in excess of $1 million, the largest coming in at $2.6 million on Holden Beach.
Year-to-date sales volume through March totaled $500,790,000, down 10.1% from last year’s $556,820,000. The average sales price for the year is up 0.2% from 2022, increasing from $436,083 to $436,794. The number of units sold through March is down 12.1%, from 1278 to 1123, and the number of new listings is up 8.3%, from 1450 to 1570.
Brunswick County Residential Real Estate Market Update - March 2023
New Listings
March 2023: 599
March 2022: 615
Increase/Decrease: -2.6%
Units Sold
March 2023: 523
March 2022: 508
Increase/Decrease: +3%
Average Sales Price
March 2023: $445,083
March 2022: $432,764
Increase/Decrease: +2.8%
Median Sales Price
March 2023: $364,995
March 2022: $351,068
Increase/Decrease: +4%
Total Sales Volume
March 2023: $237,490,000
March 2022: $219,840,000
Increase/Decrease: +8%
