August Market Update

Real estate is local, hyper-local!  The market in Craven County does not mirror our surrounding counties. The market in Vanceboro does not mirror the market in Havelock.  The market in your neighborhood does not mirror the market of your friend’s neighborhood on the other side of town.  This does not mean that markets close to each other do not impact each other and have similarities.  The difference between our local county’s real estate markets are more apparent when we look at the data about the markets.  Below is a summary of other surrounding county’s real estate markets by the numbers provided through our regional MLS by the Neuse River Region Association of Realtors.

Craven County:  Craven County currently has 291 residential properties for sale between $75,000 to $2,700,000.  The number of active listings in Craven County for the year is down 19.8%, or 366 homes for sale. Of the properties for sale, 158 are new construction which won’t be ready for at least a few months.  Currently there are 267 properties pending contract between $83,900 up to $1,450,000.  Year to date, Craven County’s average sales price is up 11.13% to $310,916 and average days on the market is up 34.62% to 35 days.  The number of sold residential properties is down 30.7% this year with 439 less sales by the end of July compared to the same time last year.  Only 993 homes were sold in the first 7 months of the year.

Pamlico County:  Pamlico County currently has 45 residential properties for sale, twelve of which are new construction, ranging from $149,000 to $2,780,000.  The number of active listings in Pamlico County is down a total of 19.4% for the year which is 41 less homes for sale.  For now, there are 17 residential properties under contract in Pamlico County that range from $80,000 up to $775,000.  Year to date, Pamlico County has seen their average sale price increase 2.38% up to $391,333 and their average days on the market jumped 72.41% up to 100 days.  The number of residential properties sold in Pamlico County by the end of July was down 22% to 99 total homes sold.  

Jones County:  Jones County currently has a total of 13 residential properties for sale between $38,000 up to $749,000, with five of the properties being new construction.  The number of listings in Jones County is up 10.3% with 75 properties active on the market so far this year.  Currently there are 20 properties under contract in Jones Conty between $45,000 up to $1,000,000. Year to date, Jones County has seen their average sale price increase 9.45% to $231,413 while their average days on market has fallen 2.5% to 39 days.  In Jones County the number of sold residential properties is 30.2% lower with only 37 homes closing so far in 2023.

Carteret County:  Carteret County currently has 289 residential properties for sale, 71 of which are new construction.  Of the 289 properties, they range in price from $99,999 to $5,250,000.  The number of active properties for sale this year is down 9.5% or 155 less homes available for buyers to choose from.  There are 205 residential properties pending contract at this time in Carteret County with a price point from $119,000 to $5,350,000.  Carteret County has seen their average sales price increase 3.98% to $514,991 this year while their average days on market has increased to 49 days, a 40% increase over last year.  The number of sold residential properties in Carteret County is down 18.9% with a total of 958 homes sold year to date.  

As you may notice by the information shared above, the real estate markets of eastern North Carolina have certain similarities.  The most glaring similarity is that the number of sales is down across the board.  This is not just a phenomenon locally, as we are seeing the number of sales down across the state and country.  There are a few reasons why the number of sales is down, even though we are in the third fastest growing state in our country.  One reason is the mortgage rates.  Mortgage rates have returned to being closer to the 40-year average of rates and not the 3% or lower rates that were available to buyers 18 months ago.  This has caused some buyers to not be able to afford houses and even more so caused homeowners locked into these low rates not to sell.  Three out of four counties had less homes for sale, which leads us to another reason there are less properties being sold.  Us Realtors do not have enough homes available to meet the demand for buyers coming to this area.  Supply and demand are Economics 101 that we learned in high school.  Supply and demand explain the reason we are still seeing prices go up, despite mortgage rates rising.  With demand being higher than supply, prices will continue to rise as our area grows.

It also isn’t hard to notice the differences in the different county’s real estate markets either.  For starters, Craven County’s real estate inventory for sale is 54% new construction homes that are a few months at minimum to be completed, as most of those homes are not even close to being started.  This also equates to over twice as many new construction homes on the market in Craven County than the other three counties combined.  Another glaring difference that should be obvious is that the less populated counties have a lot less properties for sale.  This makes sense as less people equates to less homes.  This also may be an opportunity for investors to find areas of future growth in these rural areas since they will grow too as our area grows.  Finally take note of the difference in price growth in the areas.  Craven County exceeds our neighbors as well being the highest in growth for average prices by almost 2-9% depending upon the county you compare it to.

If you have read any of my columns in the past, you have heard me say now is a great time to buy and sell around Craven County.  I think that still holds true. Buyers better buy as prices continue to rise and sellers better get moving before their next home is valued at more than they want to spend.  Just like I promote shopping local to support our local economy, it is also a wise idea to shop local when choosing a Realtor.  Make sure you are getting the experience of a local agent who can decipher the local market, knows the difference in neighborhoods and can help you determine the proper price to purchase or sell a property.  Buying and selling a home is dealing with most people’s biggest asset and investment.  Ensure you have a professional who can help you navigate your local market.  If you don’t know anyone, give me a call as I know a local guy that will be happy to help!