Carteret County Real Estate Market Report from September 2023 is here!
While the market was unpredictable this spring, we are seeing the traditional seasonal slowdown in residential sales as fall takes over.
New listings dropped 3% this month, pending sales stayed the same and sold listings dropped slightly. The average sale price for a residential home in Carteret County was $532,371, a 15% increase from this same time last year. Months of inventory jumped 17% to 2.7, while average days in the MLS dropped 21% to 47 days from 57 last month.
While these are minimal changes, they indicate prices are still strong in Carteret County. Buyers aren't generally haggling on price; however, they are asking for concessions. As most Realtors® know, concession requests from buyers have been on the rise since the beginning of the year as they have made it easier for buyers to navigate this market.
Buyers and sellers continue to find common ground and people are moving every day for a number of reasons. One group that is leading the charge with new loan applications is first-time homebuyers. They aren't tied to historically low interest rates and feel the freedom to move as the current interest rates are all they know. Additionally, they understand that purchasing a home is a faster way to build wealth and gain equity as opposed to paying their landlord's mortgage. They are keenly aware that properties are sitting on the market longer, and sellers are often making multiple price reductions, providing first-time homebuyers with the leverage to ask for concessions.
In many ways, this is the perfect market for first-time homebuyers to seize opportunities. While interest rates are high, these buyers can negotiate instead of jumping into bidding wars where they might pay 10 percent over the asking price to secure a property like many did over a year ago.
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.
