Brunswick County’s real estate market began its typical seasonal warmup in March, with new listings increasing by more than a quarter compared to last March and a strong luxury market pushing the average sales price to almost $500,000.
“Our market typically starts heating up in March, but last month was one for the books,” said Cynthia Walsh, CEO of the Brunswick County Association of REALTORS® (BCAR). “March brought higher prices, driven in part by an extremely strong luxury market, and more homes coming onto the market. Homes are spending slightly fewer days on the market than last year, which indicates that demand remains strong. Overall, our market is strong as ever, and I see no indications of a slowdown in the coming months.”
New listings increased 27.9% this March, from 610 to 780. Total sales volume increased 5% compared to March 2023, from $240,610,000 to $252,670,000. The number of homes sold decreased 3.8%, from 527 to 507. Homes spent an average of 70 days on the market, decreasing by five days compared to last year. The absorption rate is hovering around 3 months; below five months is generally considered a seller’s market.
The average sales price increased 9.2%, from $456,567 to $498,365, while the median sales price increased 2.2%, from $365,000 to $372,990. These increases were likely fueled by last month’s strong luxury market, with a total of 38 sales over $1 million. Of the 38 luxury sales, there were 12 in Ocean Isle Beach, 10 in Oak Island, 10 in Holden Beach, five in Bald Head Island and one in Southport. The two highest sales include a $6 million sale on Bald Head Island and a $4.5 million sale on Holden Beach.
Year-to-date sales volume through March totaled $561,530,000, up 10% from $510,460,000 at the same point in 2023. The average year-to-date sales price increased 10.7% compared to the same point in 2023, from $430,939 to $477,169, while the median sales price increased 2.4%, from $363,527 to $372,316. The number of units sold through March is up 2.1% compared to last year, from 1,145 to 1,169 and the number of new listings increased 26%, from 1,625 to 2,048.
Brunswick County Residential Real Estate Market Update - March 2024
New Listings
March 2024: 780
March 2023: 610
Increase/Decrease: +27.9%
Units Sold
March 2024: 507
March 2023: 527
Increase/Decrease: -3.8%
Average Sales Price
March 2024: $498,365
March 2023: $456,476
Increase/Decrease: +9.2%
Median Sales Price
March 2024: $372,990
March 2023: $365,000
Increase/Decrease: +2.2%
Total Sales Volume
March 2024: $252,670,000
March 2023: $240,610,000
Increase/Decrease: +5%
