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Hurricane Ian affects Brunswick County real estate market

Tropical Slowdown

Brunswick County’s residential real estate market felt the impacts of Hurricane Ian during September with fewer new listings and fewer homes sold compared to last year. Prices ticked upward, continuing a recent and familiar pattern.

“September hurricanes often affect our real estate market, and Hurricane Ian was no exception,” said Cynthia Walsh, BCAR CEO. “Ian blew through at the end of the month, which is when a large number of closings typically occur. The timing explains why we saw a lower number of homes sold and lower total sales volume last month. While Ian brought a temporary tropical slowdown, and while our market isn’t moving at the frantic pace it once was, we continue to see strong demand, and our market remains on track for another strong year.”

Brunswick County saw $215,280,000 in total sales volume in September 2022, a 12.9% decrease from last September’s $247,120,000. The average sales price increased 7.5%, from $433,541 to $465,983. New listings were down 16.3%, from 559 to 468. The number of units sold in September dropped 18.9% compared to last year, from 570 to 462, and homes spent an average of 30 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 September with 28 sales in excess of $1 million, including a sale over $4 million in Ocean Isle Beach.

Year-to-date sales volume through September is $1,956,810,000, down 4.3% from $2,045,109,429 last year. Average sales prices for the year are 13.1% higher than 2021, increasing from $389,433 to $440,574. The number of units sold through September is down 17.7%, from 5,236 to 4,308, and the number of new listings is down 9.9%, from 5,694 to 5,132.

Brunswick County Residential Real Estate Market Update - September 2022

New Listings

September 2022: 468

September 2021: 559

Increase/Decrease: -16.3%

Units Sold

September 2022: 462

September 2021: 570

Increase/Decrease: -18.9%

Average Sales Price

September 2022: $465,983

September 2021: $433,541

Increase/Decrease: +7.5%

Median Sales Price

September 2022: $364,438

September 2021: $331,532

Increase/Decrease: +9.9%

Total Sales Volume

September 2022: $215,280,000

September 2021: $247,120,000

Increase/Decrease: -12.9%

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