Real estate market sees higher prices, fewer homes sold in January due to all-time low inventory

Brunswick County’s residential real estate market saw fewer homes sold in January due to inventory being at an all-time low. Total sales volume was only down 1.5% thanks to higher average sale prices, which were fueled by the low inventory, strong demand, and strong luxury sales.

“As usual, January came with broken resolutions, bad weather and fewer homes sold,” said BCAR CEO Cynthia Walsh. “Inventory is extremely low, which makes it harder for buyers to find the right home. Working with a professional REALTOR® who can help them navigate this competitive market is a must for homebuyers. The market is positioned to remain in a seller’s market for the foreseeable future.”

Brunswick County saw $161,440,000 in total sales volume in January 2022, a 1.5% decrease from last January’s $163,890,000. New listings dropped 29.9%, from 552 to 387, and the number of units sold was down 17.4%, from 465 to 384. Active listings decreased 40.8% compared to January of 2021, from 1122 to a 12-month low of 664. The absorption rate, which is the amount of time it would take to sell all available inventory, is at an all-time low of 40 days. The average sales price increased 19.3%, from $352,452 to $420,409. In January of 2022 there were 11 sales in excess of $1 million, with two sales in excess of $2 million. Additionally, 26% of all homes sold in January went for more than $500,000.

“With little to no inventory, few new listings, and selling prices continuing to rise, the luxury sales are leading the way for a strong market in 2022. We expect a continuation of the conditions we saw last year,” said Walsh.

Brunswick County Residential Real Estate Market Update - January 2022

New Listings

January 2022: 387

January 2021: 552

Increase/Decrease: -29.9%

Units Sold

January 2022: 384

January 2021: 465

Increase/Decrease: -17.4%

Average Sales Price

January 2022: $420,409

January 2021: $352,452

Increase/Decrease: +19.3%

Median Sales Price

January 2022: $335,470

January 2021: $289,000

Increase/Decrease: +16.1%

Total Sales Volume

January 2022: $161,440,000

January 2021: $163,890,000

Increase/Decrease: -1.5%

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