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%. We've been on an extraordinary 31 month losing streak, where each month is down compared to same month previous year.

Nearby counties saw smaller decreases, home sales in Pender fell 14%, and Brunswick fell 5%. As a whole, the three county region had a 12% decrease in sales, and this comes off 2022 when sales were down 19%.

Home sales will likely continue to be down in New Hanover County, partly because of higher interest rates but more due to prices getting too high. I would guess that home sales will start to pick back up in the second half of 2024, and will end up being close in volume to 2023.

Home Prices
The average sales price of a sold home in New Hanover County increased by 8% compared to 2022, that number was up from 18% from 2021. In 2023, the average price of a sold home was just over $542k, a record high. The average price per square foot of a sold home also hit a record high, of $284.

Brunswick and Pender Counties also hit record high prices. Brunswick average home sale prices were also up to just under $470k, with an average price per square foot of $255. Pender was up to just under $490k, and $234 per square foot.

Hard to predict how things will fall out in 2043. 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. 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 2023 was 583, the highest it has been in three years, though that number is less than half of what it was in 2019 (1231), less than a third of what it was in 2015 (1986) and dramatically down from the peak in 2008 (3577).

The most recent check of inventory in early January showed 750 homes for sale, compared to 511 same time last year, and 299 in January of 2022.

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