Southport Oak Island Realty Group, Inc

What You Should Really Know About Home Prices

According to recent data from Fannie Mae, almost 1 in 4 people still think home prices are going to come down in Southport NC and Oak Island NC. If you’re one of the people worried about that, here’s what you need to know.

A lot of that fear is probably coming from what you’re hearing in the media or reading online about Brunswick County North Carolina and nationwide. But here’s the thing to remember. Negative news sells. That means, you may not be getting the full picture of the housing market in Southport NC and Oak Island NC. You may only be getting the selling version. As Jay Thompson, a Real Estate Industry Consultant, explains:

“Housing market headlines are everywhere. Many are quite sensational, ending with exclamation points or predicting impending doom for the industry. Clickbait, the sensationalizing of headlines and content, has been an issue since the dawn of the internet, and housing news is not immune to it.”

Here’s a look at the local Southport North Carolina data to set the record straight.

Home Prices Rose the Majority of the Past Year in Brunswick County NC

Case-Shiller releases a report each month on the percent of monthly home price changes. If you look at their data from January 2023 through the latest numbers available, here’s what you’d see:

What do you notice when you look at this graph? It depends on what color you’re more drawn to. If you look at the green, you’ll see home prices rose for the majority of the past year in Brunswick County North Carolina.

But, if you’re drawn to the red, you may only focus on the two slight declines. This is what a lot of media coverage does. Since negative news sells, drawing attention to these slight dips happens often. But that loses sight of the bigger picture of the reality of Real Estate prices in Oak Island and Southport NC. 

Here’s what this data really says. There’s a lot more green in that graph than red, it is as simple as that! Even for the two red bars, they’re so slight, they’re practically flat. If you look at the year as a whole, home prices still rose overall for the Southport North Carolina and Oak Island North Carolina.

It’s perfectly normal in the housing market for home price growth to slow down in the winter, especiialy with the amount and rate of inflation we are currently experiencing nationwide. But also, because fewer people move during the holidays and at the start of the year, so there’s not as much upward pressure on home prices during that time. That’s why, even the green bars toward the end of the year show smaller price gains in Southport NC.

The overarching story is that prices went up last year, not down in Brunswick County, NC.

To sum all that up, the source for that data in the graph above, Case Shiller, explains it like this:

Month-over-month numbers were relatively flat, . . . However, the annual growth was more significant for both indices, rising 7.4 percent and 6.6 percent, respectively.”

If one of the expert organizations tracking home price trends says the very slight dips are nothing to worry about, why be concerned? Even Case-Shiller is drawing your attention to how those were virtually flat and how home prices actually grew over the year.

The data shows that, as a whole, home prices rose over the past year in Southport North Carolina AND Oak Island North Carolina. If you have questions about what’s happening with home prices in our area, let’s chat.

Share the Post:
Picture of Jon Langley

Jon Langley

Hi! Nice to 'meet' you and thanks for visiting our Southport and Oak Island Real Estate Blog! My name is Jon Langley, and I'm a REALTOR® in Brunswick County, NC. I work alongside some of the best Realtors in the Southport & Oak Island area. I'd love to learn more about you if you'd like to connect with me on Facebook and Instagram or connect with our team at Southport Oak Island Realty Group. Looking forward to connecting!

Related Blogs

Homes & Real Estate

Get a Free

Home Assessment