Housing Market Report - Johnston County, NC - November 2023

Housing Market Report - Johnston County, NC - November 2023

Housing Market Report - Johnston County, NC - November 2023

 

As the year draws to a close, Johnston County, North Carolina, continues to showcase an evolving housing market. In November 2023, data reflects a few noteworthy trends when compared to the same period in 2022. Despite a decrease in both new listings and closed sales, the county maintains a strong real estate presence. This report delves into the key metrics and provides insights into the current state of the housing market in Johnston County. 

New Listings and Closed Sales

In November 2023, Johnston County experienced a 17% decrease in new listings compared to the previous year, with 297 new properties hitting the market, down from 358 in 2022. Similarly, closed sales declined by 20.4%, with 269 properties sold compared to 338 in November 2022. This dip in new listings and closed sales may be indicative of seasonal factors or evolving buyer and seller behaviors.

Median and Average Sales Prices

Chart showing sold listings in Johnston County NC

Despite the decrease in closed sales, Johnston County's median sales price increased by 1.7% from $356,000 in November 2022 to $361,900 in November 2023. The average sales price also rose by 3.7%, with properties selling at an average of $385,802, up from $371,967 in the previous year. 

Total Dollar Volume

The total dollar volume of home sales in Johnston County for November 2023 amounted to $103.8 million, reflecting a 17.5% decrease compared to the $125.7 million recorded in November 2022. While the total dollar volume decreased, it's essential to consider that pricing trends remained relatively strong during this period, emphasizing the quality of properties sold.

Price Negotiation and Days on Market

Price negotiation metrics remained relatively stable, with the percent of original list price received increasing by a marginal 0.1% from 97.0% to 97.1%. The percent of list price received decreased slightly by 0.2%, from 99.2% to 99.0%. Days on market until sale increased by 6.3%, rising from 32 days in November 2022 to 34 days in November 2023. 

Housing Affordability and Inventory

Chart showing home sales information for Johnston County NC

The Housing Affordability Index in Johnston County decreased by 7.2%, falling from 83 in November 2022 to 77 in November 2023. This decline may be associated with rising home prices, impacting the affordability of the housing market. Concurrently, the inventory of homes available for sale decreased by 22%, with 881 homes available in November 2023 compared to 1,130 in November 2022. The months supply of inventory also decreased by 13.8%, signaling a tightening of the market, which can influence pricing dynamics.

In summary, Johnston County, NC, presents a housing market marked by shifts in new listings, closed sales, and inventory levels. The other areas of the Triangle MLS show a mixed bag of results, for example if we look at the Wake County Real Estate Housing Market for November sales were only down 9% but listing were up 3%. And in case you were wondering the median sales price of homes sold in Wake County in November was $459,990! Fuquay Varina had alll together different housing reports in November with new listings down 25% and sales down a staggering 35% from 2022. While there has been a decrease in closed sales, the median and average sales prices have shown resilience. This suggests that despite fluctuations in sales activity, the county remains an attractive destination for homebuyers and investors alike. However, it's important for both buyers and sellers to stay informed about market trends and work closely with real estate professionals to navigate this evolving landscape successfully.

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This post is brought to you by David O'Doherty, a licensed real estate agent since 2007 helping buyers and sellers in the Greater Raleigh Area of North Carolina. He is committed to providing his clients with exceptional service and personalized attention throughout every step of the real estate process. If you're looking to buy or sell a property in Raleigh or the surrounding areas or have any questions about the local real estate market, don't hesitate to contact David O'Doherty today. Call or Text (919) 601-2268 or email [email protected]

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