Housing Market Report - Johnston County, NC - October 2023

Housing Market Report - Johnston County, NC - October 2023

Housing Market Report - Johnston County, NC - October 2023

New Listings and Closed Sales: In October 2023, Johnston County saw a 6.0% decrease in new listings compared to the same month in 2022. There were 375 new property listings in October 2023, down from 399 in October 2022. Additionally, closed sales experienced a more significant drop, down by 13.6%, with 336 properties sold in October 2023 compared to 389 in October 2022. Despite these declines in sales activity, it's essential to note that Johnston County continues to be an attractive housing market in the greater Raleigh area.

Housing Market Report - Johnston County, NC - October 2023

Median and Average Sales Prices: The median sales price for homes in Johnston County in October 2023 was $350,253, marking a 2.7% decrease compared to the median sales price of $360,000 in October 2022. Despite this slight decline in the median price, the average sales price increased by 1.4% from $370,763 in 2022 to $375,963 in 2023. This upward movement in the average sales price is noteworthy, indicating that while the composition of homes sold may have shifted slightly towards higher-priced properties, Johnston County remains an area where housing represents a solid investment.

Total Dollar Volume and Price Negotiation: The total dollar volume of home sales in Johnston County for October 2023 was $126.3 million, marking a 12.4% decrease from the $144.2 million recorded in October 2022. While there was a decline in the total dollar volume, price negotiation indicators remained stable, with the percent of original list price received unchanged at 97.8%. The percent of list price received decreased by a minor 0.2%, from 99.4% in 2022 to 99.2% in 2023. These figures suggest that despite changes in market dynamics, buyers and sellers in Johnston County continue to find common ground during negotiations.

Days on Market and Affordability: The average number of days on market until sale increased from 25 days in October 2022 to 28 days in October 2023, representing a 12.0% increase. This indicates that homes may take slightly longer to sell in the current market, providing buyers with more time to make decisions. Additionally, the Housing Affordability Index decreased by 3.8% from 79 to 76, indicating a modest decline in housing affordability in Johnston County. 

Inventory and Months Supply: The inventory of homes available for sale in Johnston County decreased significantly, with a 26.8% drop from 1,091 homes in October 2022 to 799 homes in October 2023. The months supply of inventory decreased by 14.8%, declining from 2.7 months in October 2022 to 2.3 months in October 2023. These figures indicate a tightening of the housing market, with reduced supply relative to demand.

Housing Market Report - Johnston County, NC - October 2023

In summary, Johnston County's housing market in October 2023 exhibited declines in new listings, closed sales, and inventory compared to the same month in 2022. However, despite these changes, the average sales price increased, underscoring the resilience and desirability of this housing market. Johnston County continues to offer excellent value in housing within the greater Raleigh area. The increase in days on market and months supply may provide buyers with more options and time to make informed decisions. Buyers and sellers should stay informed about these trends and work closely with real estate professionals to navigate this evolving market successfully.

Housing Market Report - Johnston County, NC - September 2023

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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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