We hear a lot of talk about a “bubble” or a “crash,” but the reality is that now is still a great time to buy or sell. People from all over continue flocking to our beautiful Wilmington, North Carolina and the surrounding Cape Fear region, and they all need a place to live. Check in with Cape Fear Living monthly to gain insight into what's happening in the real estate market.
Sponsored By Berkshire Hathaway Home Services: Carolina Premier Properties.
Contributed by Cailyn Hawkins
What will the new year bring for homebuyers, homeowners, and home sellers? Lower or higher home prices? Higher or lower mortgage interest rates? Or a continuation of the overheated pandemic-inspired housing market?
Overall, we're looking forward to a more "normal" market, where interest rates have leveled out, and home prices have become slightly more affordable. However, locally, demand remains high, and supply is still tight.
According to Fannie Mae, the combination of high inflation, monetary policy tightening, and a slowing housing market is "likely to tip the economy into a modest recession in the first quarter of 2023. Businessinsider.com reports that the Federal Reserve's overnight rate hikes have raised mortgage interest rates, pushing affordability to new lows, but that a recession could bring interest rates down again. So start those small projects you've been putting off and stay informed with the most current market happenings. Looks like the spring and summer of 2023 will be a great time to buy a home….and when you're ready, we will be prepared to help with the most educated agents in the business.
Castle Hayne/Burgaw/Rocky Point
Homes Sold: 38
Avg Sales price:273827
Months of Inventory: 2.26
Avg. Days on Market: 83
% Sold to list: 99.56
Price per sq ft: 159
Wilmington
Sold: 305
Avg Sales price:396816
Months of Inventory: 1.4
Avg. Days on Market: 51
% Sold to list: 99.91
Price per sq ft: 203
Leland/Navassa
Sold: 78
Avg Sales price: 355020
Months of Inventory: 1.96
Avg. Days on Market: 47
% Sold to list: 100.95
Price per sq ft: 175
Hampstead
Sold: 66
Avg Sales price: 398807
Months of Inventory: 2.21
Avg. Days on Market: 40
% Sold to list: 99.2
Price per sq ft: 172
Wrightsville Beach
Sold: 2
Avg Sales price: 1561750
Months of Inventory: 9
Avg. Days on Market: 47
% Sold to list: 98.79
Price per sq ft: 1050
Carolina Beach / Kure Beach
Sold: 40
Avg Sales price: 587898
Months of Inventory: 2.65
Avg. Days on Market: 45
% Sold to list: 98.65
Price per sq ft: 363