Carteret County Real Estate Market Report for December 2023
Last year, the Carteret County real estate market was challenging. We dealt with a lack of inventory and interest rates that seemed to go up daily. Despite these issues, buyers and sellers found a way to come together in a stabilizing market. Sellers said goodbye to multiple offers received in a weekend, and buyers were finally able to negotiate. As mortgage rates continue to decline, we all want to know what the Carteret County real estate market has in store this year.
If rates continue to decline, we expect to see more buyers enter the marketplace. There has been significant pent-up demand from both buyers and sellers over the last two years who have been interest rate adverse. If demand increases, this will ultimately provide some pressure on home prices. While we do not think we will see the same upward pressure on prices that we saw a few years ago, prices will continue to rise. If demand spikes, inventory will grow throughout the year as sellers find comfort in making a move with more reasonable financing options. Additionally, we expect the selling season to start earlier this year than last. With pent-up demand, more favorable lending terms and warmer temperatures, there is nothing stopping buyers from getting out there.
Month-over-month the median close price dropped to $421,450, while closed sales increased. Most notably, the median days in MLS jumped from 16 to 31 days.
However, the outlook is more positive if we compare the numbers to this time a year ago with the same seasonal factors. Year-over-year new listings increased by 38 homes from last year. The median sale price jumped $2,700 and median days in MLS increased only slightly from 22 days last year to 31 days.
National predictions indicate a slight increase in inventory with prices staying relatively stable. Ultimately the trajectory of the year is dependent upon interest rates and consumer confidence.
If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. I’m here to help.
