The median sale price for a single-family home sold in New Hanover County in July was $400,000. That’s an 18.7% increase from July 2021, according to localized USA TODAY Network analysis generated with data from real estate agent.com.
On an annual basis, prices have increased for 15 consecutive months. July’s median selling price represents an all-time high in a database that covers 91 consecutive months. July prices are up from $385,000 the previous month.
The number of homes sold fell 35% from the previous year. A total of 319 homes were sold across the county in July. During the same period a year earlier, 491 single-family homes had been sold.
High interest rates make mortgage payments more expensive. With prevailing mortgage rates and a 20% drop, the mortgage payment on the median single-family home in New Hanover County from July would have cost $1,777 per month, not including insurance, closing costs, homeowners association dues or other costs, according to a USA TODAY Network analysis. A month earlier, the median home loan would have cost $1,788. A year earlier, the median home loan would have cost $1,108.
The Brunswick County median sale price for a single-family home was $320,000, up 10.7% from a year earlier. Prices have increased for 40 consecutive months on an annual basis. Some 427 homes were sold in July, down 39.4% from a year earlier.
Real estate sales can take weeks or months to register and collect. This is the latest data made available by Realtor.com at USA TODAY Network.
New Hanover County condominiums and townhouses sold in July had a median sale price of $271,500. This figure represents a decrease of 0.5% year over year. Some 82 were sold, down 42.2% from the previous year.
How hot is the New Hanover County real estate market in North Carolina?
Information about your local housing markets is available via the USA TODAY Network, with more data from Realtor.com.
In New Hanover County, the top 10% properties sold for at least $790,000, up 18.1% from a year earlier.
In July, 27 properties sold for at least $1 million, consisting of 27 single-family homes.
In Brunswick County, the top 10% properties sold for at least $700,000, up 11.1% from the previous year.
The median sale price for single-family homes in North Carolina was $325,000 in July, up 12.1% from a year earlier. The state reported 12,428 single-family homes sold, down 22.1% from a year earlier.
The median home sale price – the midpoint of all homes or units sold over a period of time – is used in this report instead of the average home sale price, because experts say the median provides a better view. detail of what is happening in a market. To find the average price, all the prices of houses sold are added together and then divided by the number of houses sold. This measure can be distorted by a low or high price.
The USA TODAY Network publishes localized versions of this story on its news sites across the country, generated with data from real estate agent.com. Localized versions are generated for communities where data quality and transaction volume meet Realtor.com and USA TODAY Network standards. The story was written by Sean Lahman.
