Tuesday, July 23, 2024

While Covid-19 is battering the economy, the Cape Fear housing market is booming

The Cape Fear housing market remains strong. (Port City Daily photo / File)

WILMINGTON — Covid-19 has decimated the nation’s economy and sent unemployment skyrocketing, but the housing market in southeastern North Carolina has remained strong — in fact, July numbers were stronger than last year’s, with more listings, more sales, and faster turn-around times.

According to a release from the Cape Fear REALTORS® almost every market indicator was stronger last month compared to July 2019, including an increase in ‘multiple offer’ situations.

Pending sales for July were up 54.3% over last year; closed sales were up 15.5% over June and 34% higher than the same time last year. July’s 1,536 new listings represent a 10% increase over June and 18.3% over last July.

The median (not average) sales price for single-family townhomes and condos rose from a quarter-million dollars to $268,5000. The number of properties priced over $450,000 rose by more that 50%. Larger homes — with four or more bedrooms — are getting bought up faster than last year.

These numbers represent Brunswick, New Hanover, and Pender counties. Cape Fear REALTORS® said it expected that record-low mortage rates were expected to keep demand high through the rest of the summer and into the early fall.

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