LOCAL MARKET UPDATE - January 2024

Make sure to review the data located at the bottom of this blog post, which shares information about two counties along The Crystal Coast, from Swansboro to Beaufort.

“U.S. existing-home sales slipped 1.0% month-over-month and were down 6.2% year-over-year as of last measure, while pending sales jumped 8.3% from the previous month, marking the largest gain since June 2020,” according to the National Association of REALTORS® (NAR).

“After a brief decline, national sales of new residential homes are on the rise again, increasing 8% month-over-month an d 4.4% year-over-year to a seasonally adjusted rate of 664,000 units,” according to the U.S. Census Bureau.

“Lower interest rates and a shortage of existing-home inventory continue to be a boon for the new-home market, with sales of new residential homes up 4.2% from 2022 to an estimated 668,000 units in 2023. For the 12-month period spanning February 2023 through January 2024, Under Contract Sales in Triangle area were down 6.0 percent overall. The price range with the largest gain in sales was the $245,000 to $344,999 range, where they increased 1.5 percent. The overall Median Sales Price was down 1.2 percent to $400,000. The property type with the smallest price decline was the Townhouse-Condo segment, where prices decreased 0.9 percent to $352,700. The price range that tended to sell the quickest was the $345,000 to $469,999 range at 39 days; the price range that tended to sell the slowest was the $244,999 or Less range at 65 days,” as reported by the Triangle MSL.

New Listings in the Triangle Region increased 17.2% to 3,507. Under Contract Sales homes decreased 0.4%. Inventory decreased 25.9% to 5,506. Median Sales Price decreased 1.1% from $385,150 to $381,000. Days on Market decreased 7.1% to 52. Months Supply of Inventory decreased 17.4% to 1.9. 

New Listings in Chatham County increased 23.2% to 117. Inventory decreased 25.2% to 217. Median Sales Price increased 0.8% from $575,000 to $579,430. Days on Market increased 16.3% to 57. Months Supply of Inventory decreased 20.7% to 2.3. 

New Listings in Durham County increased 11.1% to 360. Inventory decreased 33.9% to 467. Months Supply of Inventory decreased 21.1% to 1.5. The Median Sales Price and Average Sales Price increased 8.4% and 6.4%, respectively. The number of Closed Sales decreased 26.2% to 183.

New Listings in Orange County increased 54.1% to 114. Inventory decreased 1.1% to 172. Months Supply of Inventory decreased 7.1% to 1.5. The Median Sales Price and Average Sales Price increased 13.3% and 28.8%, respectively. The number of Closed Sales decreased 32.4% to 50.

New Listings in Person County increased 26.7% to 38. Inventory increased 7.8% to 69. Months Supply of Inventory increased 5.3% to 2.0. While the Median Sales Price decreased 8.8%, the Average Sales Price increased 5.8% to $272,257. The number of Closed Sales decreased 4.5% to 21.

New Listings in Wake County increased 13.9% to 1,483. Inventory increased 39.6% 1,790. Months Supply of Inventory decreased 33.3% to 1.4. The Median Sales Price and the Average Sales Price decreased 4.3% and 0.9%, respectively. The number of Closed Sales decreased 10.2% to 807.

In Carteret County, there were 563 active and 187 new listings in January, comprising residential and multi-family properties. The number of sold properties was 77, while the average sold price was $631,651. The average list price, meanwhile, hovers at $737,240 thus far in February, good news for sellers in Carteret County.

In Onslow County, there were 1,255 active and 402 new listings in January, comprising residential and multi-family properties. The number of sold properties was 301, while the average sold price was $289,490. The average list price, meanwhile, hovers at $488,729 thus far in February, good news for sellers in Onslow County.

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REALTORS are plugged into the pulse of the real estate market, and Carl Johnson Real Estate takes this to the next level, especially in the Greater Triangle. Carl’s comprehensive understanding of local trends, property values, and neighborhood dynamics gives you a distinct advantage. Whether you're a buyer seeking the perfect location or a seller aiming for the optimal listing price, Carl Johnson Real Estate's market insights are invaluable. 

If you’re ready to buy or sell at the beach in Carteret or Onslow County, Carl Johnson Real Estate can help you at the Crystal Coast. Give us a call at Carl Johnson Real Estate at 919-880-0904 to learn more about how we will help. ​To learn more about the Crystal Coast CLICK HERE.