St. James Plantation Real Estate Market Update 2024 vs 2023

The real estate market in St. James Plantation in Brunswick County, NC, has shown some notable shifts between January 1st and September 1st of 2023 and the same period in 2024. By examining the sales data for both land and homes, we can better understand the evolving trends in property values, market activity, and buyer behavior in this popular coastal area.

Home Market Comparison: 2023 vs. 2024

The residential market in St. James Plantation in Brunswick County also reflected significant changes from 2023 to 2024. In 2023, 125 homes were sold with an average size of 2,955 square feet. The homes had an average list price of $781,941 and were ultimately sold for an average of $762,725. Homes moved relatively quickly, spending an average of 51 days on the market, with the CDOM being slightly higher at 55 days.

By 2024, the number of homes sold increased slightly to 127, showing a stable buyer presence in the market. However, the average size of the homes sold grew marginally to 2,980 square feet, and the price per square foot saw a significant rise from $259.5 to $282.9. This increase reflects an overall boost in home values across the county. Correspondingly, the average sold price rose sharply to $851,706, while the average original list price saw a notable decrease to $910,153, suggesting that sellers may have adjusted their pricing strategies to align more closely with buyer expectations.

However, despite the higher prices, homes in 2024 took longer to sell, with the average DOM increasing to 73 days and the CDOM to 76 days. This extended market time could be indicative of buyers being more selective or the market adjusting to the higher price points. It also suggests a slightly more challenging environment for sellers, who may need to fine-tune their pricing or improve the appeal of their listings to attract buyers more quickly.

Land Market Comparison: 2024 vs. 2023

In 2023, the land market saw a total of 44 transactions with an average lot size of 0.35 acres. The average original list price for these properties was $225,005, while the final average sold price was slightly lower at $210,236. Properties spent an average of 85 days on the market, extending slightly to 96 days when considering cumulative days on market (CDOM), which accounts for properties that may have been relisted.

Fast forward to 2024, the land market experienced a noticeable decline in the number of sales, dropping to just 29 transactions. However, the land size remained consistent, with an average of 0.36 acres per sale. Interestingly, the average sold price jumped significantly to $283,672, a substantial increase from the previous year. This rise in sold prices occurred despite the reduced volume of transactions, suggesting that while fewer properties were sold, those that did sell were valued higher, possibly due to better location, amenities, or market conditions. Additionally, properties sold more quickly, with the average DOM dropping to 64 days, although the CDOM increased slightly to 90 days, indicating a more competitive market environment.

These changes point towards a higher demand or perceived value for land in St. James Plantation in Brunswick County, even as the number of sales fell. It appears that buyers are willing to invest more in quality land, pushing up the per-acre value and accelerating the transaction pace.

The 2024 market in St. James Plantation in Brunswick County reflects a dynamic landscape with appreciating property values across both land and homes. Land has seen a substantial increase in average sold prices despite a reduction in sales volume, indicating that buyers are investing in higher-value properties. Meanwhile, the residential market has experienced an uptick in both the number of sales and home values, although with a slight increase in the time properties spend on the market.

For buyers, this suggests an opportunity to invest in a market with appreciating values, but it also means being prepared for potentially higher costs. Sellers, on the other hand, can take advantage of the rising prices but may need to be strategic about pricing and presentation to ensure a timely sale.

At Discover NC Homes, we are here to guide you through these market changes, providing expert advice and local insights to help you make the best real estate decisions. Whether you are buying or selling, our team is dedicated to supporting you every step of the way in St. James Plantation in Brunswick County’s vibrant real estate market.