LOCAL MARKET UPDATE - November 2023

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.

Low inventory and decades-high interest rates continue to weigh on the US housing market, according to a report by the National Association of REALTORS, as reported by the Triangle MSL. Carl Johnson's expertise and knowledge of the market shares this insight. "However in the Triangle of NC and other hot spots buyers are scooping up inventory.  The mindset of be married to the house not the rate, as you can refinance in the future when rates are lower."  Inventory remains at historically low levels nationwide, with only 1.15 million homes for sale heading into November. Locally, however, the news is much better: new listings in the Triangle region increased 1.4% to 2,917, while under Contract Sales were up 2.9%.

Across the entire Triangle Region, there was a 13.4% decrease in closed sales in November, while the median sales price increased by 1%. The number of days on the market remained the same year-to-date: 27 days in November of 2022 and 2023. 

In Chatham County, there was a 10% decrease in new listings in November. The number of closed sales decreased between 2022 and 2023, falling from 113 to 83 or by 26.5%. The median sales price increased by 20.4%, which meant in November, Chatham County's median sales price was substantially above the median sales price for all Triangle MLS listings.

In Durham County, the average November median sales price increased from $410,000 in 2022 to $421,165 this year, or by 2.7%. New listings and closed sales both decreased, by 6.9% and 15.9% respectively. The November median sales price in Durham County was a bit higher than the median sales price across all the Triangle MLS listings.

In Orange County, there were 96 new listings and 105 closed sales in November. While the average sales price was $605,322, the median sales price came in at $452,000 or 9.6% higher than this time last year. Overall, the November median sales price in Durham County has been on the rise and was a higher than the median sales price across all the Triangle MLS listings.

Person County showed the largest increase in new listings: up by 65.2% compared to November of last year. The number of closed sales fell by 18.9%, while the median sales price rose by 19.8% to $289,450. The number of inventory of homes for sale as well as the months supply of inventory also rose. The November 2023 median sales was higher in Person County than across all other Triangle MLS listings.

In Wake County, there was an increase of 3.1% in the number of new listings compared to November of last year. The number of closed sales, however, decreased, by 9.7%. The median sales prices also decreased, by 2.1% year to date, to $459,990, which is on par with the median sales price for all Triangle MLS listings.

In Carteret and Onslow County, there were 1,755 active and 532 new listings in November, comprising residential and multi-family properties. The number of sold properties was 394, which meant there were fewer sales in November than the previous month. While the average list price was $476,066, it shows to be increasing to an average of $513,900 thus far in December, good news for sellers in both Crystal Coast counties. 

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--919-880-0904 to learn more about how we will help.
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​To learn more about the Crystal Coast CLICK HERE.