Is Oak Island, NC a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Oak Island was a Seller's Market.
Housing Prices in Oak Island, NC
How much do homes in Oak Island, NC cost?
Median Sold Price
$595,000
$408/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Oak Island was $595,000 in May 2024, up 11.8% from last year, and the median price per square foot was $408.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $402.5K | $321.4K | -20.1% |
2 Bedrooms | $375K | $387.7K | +3.4% |
3 Bedrooms | $542K | $583.7K | +7.7% |
4 Bedrooms | $766K | $827.5K | +8.0% |
5+ Bedrooms | $1.3M | $1.2M | -9.1% |
Summary: Oak Island housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 20.1%, 2 bedroom homes increased by 3.4%, 3 bedroom homes increased by 7.7%, 4 bedroom homes increased by 8%, and 5+ bedroom homes decreased by 9.1%.
Median Sold Price Compared To Nearby Cities
Saint James | $629.5K | $739K | +17.4% |
Smithville Township | $515K | $579.9K | +12.6% |
Oak Island | $532K | $595K | +11.8% |
Caswell Beach | $516.5K | $572K | +10.7% |
Boiling Spring Lakes | $300K | $309.9K | +3.3% |
Housing Supply in Oak Island, NC
How many homes are available in Oak Island, NC?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
317 | 331 | +4.4% |
Summary: The Oak Island real estate market had 331 homes for sale in May 2024, a 4.4% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 1 | 0.0% |
2 Bedrooms | 39 | 45 | +15.4% |
3 Bedrooms | 170 | 176 | +3.5% |
4 Bedrooms | 68 | 71 | +4.4% |
5+ Bedrooms | 39 | 38 | -2.6% |
Summary: The Oak Island housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 15.4%, 3 bedroom homes increased by 3.5%, 4 bedroom homes increased by 4.4%, and 5+ bedroom homes decreased by 2.6%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
61 | 53 | -13.1% |
Asking Price vs. Sold Price
32 Homes Were Sold
Under Asking
12 Homes Were Sold
At Asking
9 Homes Were Sold
Over Asking
Summary: A total of 53 homes were sold or pending in Oak Island in May 2024, down by 13.1% month-over-month. Of the 53 sold homes, 60% were sold under asking, 23% were sold at asking, and 17% were sold over asking.
Days on Market for Oak Island, NC
How long does it take to sell a home in Oak Island, NC?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
84 Days | 55 Days | -34.0% |
Summary: Homes in Oak Island had an average of 55 days on market in May 2024, down by 34% compared to last year.
Breakdown of Home Sale Times
29 Homes Were Sold
Under 30 Days
11 Homes Were Sold
In 30 - 90 Days
13 Homes Were Sold
Over 90 Days
Summary: During May 2024, 53 homes were sold in Oak Island; 55% of homes were sold within 30 days, 21% of homes were sold within 30 to 90 days, and 25% of homes were sold over 90 days.