Brunswick County Residential Real Estate Market Update - May 2023
Brunswick County’s residential real estate market demonstrated consistency in May, with the number of new listings being an outlier. The average sales price inched upward compared to May 2022, while total sales volume and the number of homes sold decreased slightly. The number of new listings saw a more significant drop compared to last year. Almost half of all sales in May were new construction.
“May’s numbers are tracking very similar to 2022, with the exception of new listings,” said Cynthia Walsh, BCAR CEO. “The bottom line is that demand remains strong as sellers continue to receive nearly all of their asking price. Additionally, in May we saw almost as many sales as new listings, which leaves a pretty tight inventory of new homes to choose from.”
Brunswick County saw $267,920,000 in total sales volume in May, a 1.6% decrease from $272,240,000 in May 2022. The average sales price increased 0.3%, from $464,572 to $465,943. New listings fell 20.8%, from 751 to 595. The number of units sold dropped 1.9%, from 586 to 575. Homes spent an average of 60 days on the market, up from approximately 30 days last May, and sellers received approximately 98% of their original list price. Forty-six percent of sales in May were new construction.
Year-to-date sales volume through May totaled $967,610,000, down 7.6% from last year’s $1,046,920,000. The average sales price for the year dipped 0.9% from 2022, from $444,963 to $440,865. The number of units sold through May fell 8.9%, from 2,346 to 2,137, and the number of new listings is down 2.5%, from 2,787 to 2,718. Thirty-seven percent of sales this year have been new construction.
New Listings
May 2023: 595
May 2022: 751
Increase/Decrease: -20.8%
Units Sold
May 2023: 575
May 2022: 586
Increase/Decrease: -1.9%
Average Sales Price
May 2023: $465,943
May 2022: $464,572
Increase/Decrease: +0.3%
Median Sales Price
May 2023: $374,900
May 2022: $361,350
Increase/Decrease: +3.7%
Total Sales Volume
May 2023: $267,920,000
May 2022: $272,240,000
Increase/Decrease: -1.6%
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