Published February 13, 2023
Craven County's home inventory for sale not correcting itself anytime soon
Craven County’s lack of home inventory for sale will not correct itself anytime soon and is one of the main factors that will keep the real estate market and prices strong.
The law of supply and demand is the basis of economics. Currently, the demand for housing around here outweighs the supply of homes. Typically, this is known as a seller’s market. However, buyers are gaining leverage, which is unusual in a market with such a low supply.
Currently, in Craven County, 172 residential properties are actively for sale between $43,000 all the way up to $2,700,000. If we look at the real estate market as a whole, there is currently a 1.17 month supply of homes. This means that at the pace homes are selling locally, in theory, it would take 1.17 months to sell every home on the market at this time if no new homes came on the market.
