New Hanover County - July 2024
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In July, the real estate market exhibited significant changes with a 48% year-over-year increase in active listings, while remaining unchanged from the previous month, indicating a substantial increase in inventory compared to last year but stability from June. The median listing price was positioned at $550,000. The market showed a considerable slowdown in turnover, evidenced by a 41% increase in the average days units spent on the market before selling. Despite this, the median sales price reached just over $440,000. There was a decline in sales volume, with units sold decreasing by 7% year-over-year and 2% month-over-month. These figures suggest that while inventory has grown significantly compared to last year, buyer activity has slowed, potentially creating more favorable conditions for buyers to negotiate.
