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 neutral's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

Oak Island is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

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

+$63,000(+11.8%)

Key Takeaway

Homes in Oak Island have sold for 11.8% more than they did a year ago.

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

# BEDSMay 2023May 2024CHANGE
1 $402.5K$321.4K
-20.1%
2 $375K$387.7K
+3.4%
3 $542K$583.7K
+7.7%
4 $766K$827.5K
+8.0%
5+ $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
+17.4%
Smithville Township
+12.6%
Oak Island
+11.8%
Caswell Beach
+10.7%
Boiling Spring Lakes
+3.3%

Housing Supply in Oak Island, NC

How many homes are available in Oak Island, NC?

Number of Homes For Sale

Apr 2024May 2024CHANGE
317331+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

# BEDSApr 2024May 2024CHANGE
1 11
0.0%
2 3945
+15.4%
3 170176
+3.5%
4 6871
+4.4%
5+ 3938
-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 2024May 2024CHANGE
6153-13.1%

Asking Price vs. Sold Price

32 Homes Were Sold
Under Asking

12 Homes Were Sold
At Asking

9 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Oak Island, you may be able to get a good deal. 60.4% of homes here sold below asking price last month.

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 2023May 2024CHANGE
84 Days55 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

Breakdown of Home Sale Times

Key Takeaway

Many homes in Oak Island are selling fast, if you're buying plan to act quickly.

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.

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

Report Updated 1 Day Ago

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