Home Sales
Home sales in New Hanover County went bonkers in 2020 and 2021, with over 6300 homes sold each year, but since then the numbers have been tanking. In 2022 home sales fell 21% compared to 2021, and in 2023 sales fell 19%. In 2024, sales dropped just 1%.

Nearby counties, which have more available land, saw home sale increases. Pender was up 7%, Brunswick was up 8%. As a whole, the three county region had a 4% increase sales, and this comes off 2023 when sales were down 12%.

It is anybody's guess what home sales will do next year, there are a lot of variables in the mix. But the economy has been strong the past few years, and there are a lot of people moving here, so that bodes well.

Home Prices
Over the last several years home prices have been spiking. In 2024 the average price of a sold home was up 14% from 2023. In 2023, prices were up 8% compared to 22, and prices were up 18% from 2021 to 2022. We hit record highs in 2024, with the average price of a sold home coming in at over $597k, and the average price per sq ft coming in at over $300.

It is worth noting that the last four months of 2024, the average sales price went down each month. In September, the average sales price peaked at over $646k, by December that number had fallen to around $566k.

Brunswick and Pender Counties also hit record high prices. Brunswick average home sale prices were also up to just under $478k, with an average price per square foot of $256. Pender was up to over $480k, and $246 per square foot.

Hard to predict how things will fall out in 2025. I think that home prices have gone up too far, too fast, and will likely level out this year.

Days on the Market
After falling for ten straight years, the average number of days to sell a home has been up the last two years. In 2022 it was 26 days, in 2023 it was 33 days, in 2024 it was 48 days. We had a two year run where everything sold within a few days of hitting the market, but indications are that time has passed.

Inventory
Inventory is always a driving factor for New Hanover County, because it is a small county with little space to build. I have been checking the inventory of homes for sale in New Hanover County every month since 2008, and while the numbers are still historically very low, they do seem to be on the rise. The average inventory for for 2024 was 897 homes, compared to 2023 when it was 58. That number is way less than what it was in 2019 (1231), and 2015 (1986) and dramatically down from the peak in 2008 (3577).

Random numbers of a somewhat intriguing nature:
For the biggest, the smallest, the priciest, the cheapest, the oldest, and much more,
Go here to find the extremes of what sold in New Hanover County last year.

Click on the links at left to navigate the Year in Review