Carteret County’s November Market Stats are in!
The average sold price for a single family home was $654,704, an increase of 33.5 percent from this same time last year. The average days on market was 49, a 53.1 percent increase from this same time last year.
The market is witnessing the typical end-of-the-year inventory decrease, which is likely a result of homeowners choosing to either wait to list their homes until after the New Year or remove their properties for the holiday season.
Our market has certainly changed, but how long will this change last and what can we expect for next year? Most of the answers are tied directly to when we will see relief from increasing mortgage rates. The spring market will be the best indicator of what 2023 will look like.
Although we can expect to see the Carteret County real estate market continue to change throughout next year due to interest rates + low inventory, it has continued to show strength + stability.
While home values are stable, the announcement of the new conforming loan limits for 2023 will aid in the affordability and accessibility for homebuyers. The baseline loan limit of $647,200 will increase to $726,200 nationwide. This sizable change will make it easier for buyers to qualify for a higher conforming loan, thus avoiding stringent jumbo loan requirements.
As always, reach out with any questions regarding our current market.
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. We’re here to help.
