Is Oak Island, NC a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Oak Island is a buyer's market

Buyer's
Market

Difference Since November 2023

At the same time last year, Oak Island was a Seller's Market.

Key Takeaway

Oak Island is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Oak Island, NC

How much do homes in Oak Island, NC cost?

Median Sold Price

$637,166

$425/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$85,302(+15.5%)

Key Takeaway

Homes in Oak Island have sold for 15.5% more than they did a year ago.

Summary: The median home sold price in Oak Island was $637,166 in November 2024, up 15.5% from last year, and the median price per square foot was $425.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $321.4K$294.2K
-8.5%
2 $385K$392.5K
+1.9%
3 $551K$624.9K
+13.4%
4 $778.3K$815K
+4.7%
5+ $1.2M$1.2M
-2.3%

Summary: Oak Island housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 8.5%, 2 bedroom homes increased by 1.9%, 3 bedroom homes increased by 13.4%, 4 bedroom homes increased by 4.7%, and 5+ bedroom homes decreased by 2.3%.

Median Sold Price Compared To Nearby Cities

Smithville Township
+17.7%
Caswell Beach
+17.2%
Oak Island
+15.5%
Saint James
+4.0%
Boiling Spring Lakes
-1.9%

Housing Supply in Oak Island, NC

How many homes are available in Oak Island, NC?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
311310-0.3%

Summary: The Oak Island real estate market had 310 homes for sale in November 2024, a 0.3% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 01
+100.0%
2 4242
0.0%
3 163160
-1.8%
4 7472
-2.7%
5+ 3235
+9.4%

Summary: The Oak Island housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes remained the same, 3 bedroom homes decreased by 1.8%, 4 bedroom homes decreased by 2.7%, and 5+ bedroom homes increased by 9.4%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
5636-35.7%

Asking Price vs. Sold Price

26 Homes Were Sold
Under Asking

8 Homes Were Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Oak Island, you may be able to get a good deal. 72.2% of homes here sold below asking price last month.

Summary: A total of 36 homes were sold or pending in Oak Island in November 2024, down by 35.7% month-over-month. Of the 36 sold homes, 72% were sold under asking, 22% were sold at asking, and 6% 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

Nov 2023Nov 2024CHANGE
42 Days94 Days+124.1%

Summary: Homes in Oak Island had an average of 94 days on market in Nov 2024, up by 124.1% compared to last year.

Breakdown of Home Sale Times

12 Homes Were Sold
Under 30 Days

7 Homes Were Sold
In 30 - 90 Days

17 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Most homes in Oak Island are taking a long time to sell, it's a good idea to negotiate on homes here.

Summary: During November 2024, 36 homes were sold in Oak Island; 33% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 47% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 20 Days Ago

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