2021 Emerald Isle, NC Real Estate Trends You Need to Know
So what can buyers and sellers expect when it comes to Emerald Isle real estate in 2021? Well, while no one can predict the future—we do have current statistics that show what's trending now and in the coming months whether you're looking to buy a home on the Crystal Coast of North Carolina or sell your beach home in Emerald Isle. (This information is not financial advice but only informational.)
If you're looking for real estate professionals who know the local market, Sun-Surf Realty's experienced and knowledgable sales team can help. We look forward to serving you in the year ahead.
2021 Emerald Isle Real Estate Trends
Home Prices Continue to Rise
The median list price of homes in Emerald Isle, NC is $475K, trending up 14.5% year-over-year.
Median Price Per Square Foot
The current median listing price per square foot in Emerald Isle is $320.
Homes Sell Close to Asking Price
Homes in Emerald Isle sold for 1.79% below asking price on average making the Sale-to-List Price Ratio 98.21%.
It's a Seller's Market
Emerald Isle is a seller's market, meaning there are more people looking to buy than there are homes available.
Average # of Days on the Market
On average, homes in Emerald Isle, NC sell after 62 days on the market.
Median Sold Price of Emerald Isle Homes
The median sold price of homes on the market in Emerald Isle is $470K.
2021 National Real Estate Trends
The Washington Post gathered insight from the nation's top real estate experts. Here's what they had to say about the 2021 real estate market and trends they're seeing for the coming year.
The listings website predicts 2021 will be a robust sellers’ market as home prices hit new highs and buyer competition remains strong. Inventory is expected to make a slow but steady comeback, which will give buyers some relief.
The online real estate brokerage predicts the market will remain strong through 2021 as the economy recovers from the pandemic. Redfin predicts home buyers will remain undeterred and eager to take advantage of sub-3 percent mortgage rates while they last.
Zillow predicts annual home sales growth will be the highest in almost 40 years as “financial certainty brings more sellers into the market to meet the heavy demand and technology allows for faster connections with interested buyers.” Even so, rising home prices, mortgage rates and rents will bring affordability challenges. Home prices could reach new highs in 2021, climbing by 5.7 percent, as growth continues but at a slower pace.
From National Assoc. of Home Builders
For 2021, NAHB expects ongoing growth for single-family construction. Growth is expected because inventory of both new and existing homes remains low. Buyers want more space, and the increase in telecommuting allows buyers and renters to drive farther from urban cores to attain more affordable housing in the suburbs and exurbs (more rural areas beyond the suburbs). This favors housing demand in more affordable markets in outlying areas.
The financial website expects mortgage rates to fall even further in the early months of 2021 before beginning to climb.Greg McBride, Bankrate.com’s chief financial analyst, expects rates to end 2021 at slightly above 3 percent—but he says there could be dramatic swings throughout the year.
From American Enterprise Institute
Edward Pinto, director of the Housing Center, says the supply of new homes in 2021 will continue to be constrained. Pinto is seeing house price appreciation at 10.3 percent and expects that to continue in 2021. He also predicts that 2021 home sales will continue at or above their 2020 levels.