Oak Island Real Estate Market Forecast 2023

 

Oak Island is a small community in Brunswick County, N.C. The area is known for its sandy beaches and beautiful sunsets. The Oak Island real estate market has been growing in demand over the last decade. This can be attributed to the increasing popularity of this area and the availability of new homes.

The main reason why people love living on Oak Island is that they get all the benefits of living near a beach without having to deal with overcrowding or high prices that are associated with coastal areas. With a population of some 8,100 residents, Oak Island offers residents an opportunity to live in a quiet neighborhood where they can enjoy nature without traffic or noise pollution.

Oak Island is an idyllic community with a rich history, luxury homes, and beautiful scenery. How do these qualities translate into the real estate market? Read on to learn more about Oak Island’s current real estate market and what it means for 2023.

As the real estate market grows, Oak Island is becoming an increasingly popular destination for home buyers and sellers. Oak Island is a seller's market and has been since 2021. Median sold prices are up, so if you're looking for an advantage as a buyer, focus on your sales strategy and getting your offer accepted. If you know what you want and can make a compelling case for why the seller should accept your bid, you will have an advantage over other buyers vying for the same property. And if you are a seller in this market, do not be afraid to sit back and wait for the right buyer.

The value of Oak Island real estate has continued to rise since 2020, and we expect that trend to continue in 2023. The population of Oak Island will continue to increase as people seek a quality of life that is increasingly hard to find elsewhere.

Oak Island's flat sale-to-list ratio suggests that homes sell at the same price they have been listed. This is good news for sellers, as it means they can rest easy knowing that if they put their house on the market, it will likely sell for the expected price. With no real incentive for sellers to lower their asking prices, it may become more challenging for buyers to afford luxury homes in desirable neighborhoods.

 

On average, Oak Island homes tend to stay on the market between two and three months. The past year has seen days to close decrease month-over-month. Going into 2023, however, demand for Oak Island real estate may slow significantly. Patient buyers can finally strike, and sellers may reconsider their asking prices. So if you’re planning to sell a luxury home in Oak Island, the sooner, the better.

 

There are encouraging trends if you’re looking to buy a luxury home in Oak Island. For example, the number of four-bedroom properties is rising, indicating that more options are becoming available. Condos comprise only a small percentage of the market, but they are becoming more available as the local market expands. Most properties listed are single-family residences, which could be due to an increase in families moving to the area or an influx of younger couples looking for starter homes. Because of this growing demand, we predict that buyers may have more luck finding their dream home in 2023 than they do today because there will be less competition for each property on the market.

 

The Federal Reserve has doubled the national mortgage interest rates to the seven percent range. As of this writing, North Carolina's current average interest rates for home loans were 7.23 percent for a 30-year fixed loan and 6.47 percent for a 15-year fixed loan. These rates indicate an overheated real estate market, and home prices will likely rise in the coming months.

This dynamic will affect buyers by making it more expensive to purchase homes, which may lead some buyers to consider renting instead of buying their dream home. This will also affect sellers by making it more difficult for them to sell their homes at a price that reflects their property's value in today's market. We may see prices begin falling again due to decreased demand from buyers who have decided against purchasing homes due to rising interest rates or lower incomes.

The coastal community of Oak Island is known for its beautiful beaches, upscale neighborhoods, and quality schools. The cost of living in Oak Island is on par with the national average, and the quality of life is high, making it a great place to call home. In addition to being a great place to live, it is also a great place to look for a long-term investment property. Some estimates indicate Oak Island real estate has appreciated by over 200% in the past two decades. Expect that upward trend to hold steady despite the abovementioned mortgage rates.

A few of the best neighborhoods to invest in are Long Beach, Yaupon Beach, Town Center, and Oak Island East. Once you have decided on a property as a buyer, divide the total price (including closing fees) by the average rent price in the area (consult a trusted agent for the latest figures). Your property is deemed profitable if the price-to-rent ratio is lower than 15. This calculation is one of many ways you and your agent can assess the fluid market for rental properties.

Oak Island is a unique and special place, and we are thrilled to be able to share it with you. Are you interested in buying or selling real estate in the area? Jenna Kazmierczak has the resources sellers need, an excellent track record, and a network of listings you will appreciate as a buyer. Contact Jenna today as the next key step in your homeownership journey.