The average price of homes in the Cape Fear region has dropped for the second consecutive month, and properties are lingering on the market for an additional 10 days compared to the same period last year. Here are some key figures compiled from the November housing market.
From November 2022 to November 2023, the average price of a home sold in the tri-county area of New Hanover, Brunswick, and Pender Counties dropped by nearly $18,000. This marks the first time since the summer of 2020 that the average price has fallen below $500,000.
Once again, the numbers show that homes are sitting on the market for longer periods of time. Compared to last year, the average home remained on the market for an additional 10 days before going under contract.
With prices declining and homes lingering on the market longer, an increasing number of homeowners are deciding that now is not the right time to list their properties. In November, new listings coming on the market decreased year-over-year by nearly 23%.
This graphic illustrates the percentage of the asking price that sellers are receiving. That figure did experience a slight increase last month.