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January 2024 Market Stats

January 2024 local stats are out!

Great news! After a slight dip, the market for new residential homes is booming once again! Sales surged by 8% from last month and 4.4% from last year, reaching a seasonally adjusted rate of 664,000 units, according to the U.S. Census Bureau. This uptick is fueled by lower interest rates and a limited supply of existing homes, making new homes even more attractive. In 2023, sales of new homes saw a healthy 4.2% increase compared to 2022, hitting an estimated 668,000 units. Despite a 19.0% drop in pending sales in Cape Fear over the past year, there’s reason to be optimistic. Even in the face of challenges, some price ranges are holding strong, like homes between $300,001 to $450,000, with only a 13.3% decrease in sales. Plus, the median sales price across the board climbed by 3.9% to $399,900, showing a positive trend. Single-family homes saw a particularly robust increase of 3.8% to $425,500. Homes priced between $150,001 to $300,000 are flying off the market in just 35 days, demonstrating strong demand. And while homes over $450,001 may take a bit longer to sell at 55 days, overall, inventory levels are up by 3.2%, offering more choices for buyers. Notably, condos saw a remarkable 30.7% increase in inventory. It’s an exciting time in the real estate market!

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