Is Oak Island, NC a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Oak Island has remained a Seller's Market.
Key Takeaway
Oak Island is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Oak Island, NC
How much do homes in Oak Island, NC cost?
Median Sold Price
$580,520
$400/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Oak Island have sold for 8.9% more than they did a year ago.
Summary: The median home sold price in Oak Island was $580,520 in March 2024, up 8.9% from last year, and the median price per square foot was $400.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $402.5K | $321.4K | -20.1% |
| 2 Bedrooms | $365K | $385K | +5.5% |
| 3 Bedrooms | $535K | $575.8K | +7.6% |
| 4 Bedrooms | $820K | $783.5K | -4.5% |
| 5+ Bedrooms | $1.2M | $1.2M | +4.2% |
Summary: Oak Island housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 20.1%, 2 bedroom homes increased by 5.5%, 3 bedroom homes increased by 7.6%, 4 bedroom homes decreased by 4.5%, and 5+ bedroom homes increased by 4.2%.
Median Sold Price Compared To Nearby Cities
| Saint James | $610K | $702.4K | +15.2% |
| Caswell Beach | $508.6K | $579K | +13.8% |
| Oak Island | $533.1K | $580.5K | +8.9% |
| Smithville Township | $514.8K | $545.5K | +6.0% |
| Boiling Spring Lakes | $299K | $314.9K | +5.3% |
Housing Supply in Oak Island, NC
How many homes are available in Oak Island, NC?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 285 | 315 | +10.5% |
Summary: The Oak Island real estate market had 315 homes for sale in March 2024, a 10.5% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 36 | 40 | +11.1% |
| 3 Bedrooms | 157 | 171 | +8.9% |
| 4 Bedrooms | 46 | 59 | +28.3% |
| 5+ Bedrooms | 45 | 44 | -2.2% |
Summary: The Oak Island housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 11.1%, 3 bedroom homes increased by 8.9%, 4 bedroom homes increased by 28.3%, and 5+ bedroom homes decreased by 2.2%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 34 | 55 | +61.8% |
Asking Price vs. Sold Price
38 Homes Were Sold
Under Asking
11 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Oak Island, you may be able to get a good deal. 69.1% of homes here sold below asking price last month.
Summary: A total of 55 homes were sold or pending in Oak Island in March 2024, up by 61.8% month-over-month. Of the 55 sold homes, 69% were sold under asking, 20% were sold at asking, and 11% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 59 Days | 71 Days | +19.3% |
Summary: Homes in Oak Island had an average of 71 days on market in Mar 2024, up by 19.3% compared to last year.
Breakdown of Home Sale Times
25 Homes Were Sold
Under 30 Days
14 Homes Were Sold
In 30 - 90 Days
16 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Oak Island are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 55 homes were sold in Oak Island; 45% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 29% of homes were sold over 90 days.
Listings courtesy of Canopy MLS as distributed by MLS GRID.
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