Where is the real estate market in ENC

GREENVILLE, NC (Stacker.com) – Last Wednesday, the Federal Reserve rising interest rates by half a percentage point, in order to reduce the current rate of inflation, which from March 2022 is up 8.5% year-on-year.

It’s the first time in more than 20 years that the Fed has raised interest rates to such an extent, and it comes on the heels of a quarter-percentage-point hike last March.

While this decision reflects a certain confidence in the job market, it nevertheless marks growing concern about the continued rise in the cost of living. As for how this rate hike will affect potential home buyers, the effects of the Fed’s March rate hike are already being felt, and those effects are expected to only grow stronger as that the 2022 home buying season is moving forward. the Mortgage Bankers Association reported on May 4 that mortgage applications increased slightly (2.5%) compared to last week; however, this was based on survey data for the week ending April 29, well before the Fed’s announcement. With the average 30-year fixed mortgage interest rate at 5.48%– up from 5.37% last week and still the highest since 2009 – enforcement rates are expected to fall in the coming weeks, continuing a downward trend in both New and existing home sales since March of last year.

To help you stay up to date with the market, ZeroDown compiled a weekly report on the real estate market in the Eastern North Carolina metropolitan areas using data from red fin. The stats are from the four weeks ending May 1, 2022. Metros with more than 50 homes sold during that time period were considered for metro-level rankings for each statistic.

1/6 Konstantin L // Shutterstock

Median selling price

Jacksonville, North Carolina Metropolitan Area:
– Median selling price: $227,375
– Change over one year: +19.7%

Greenville, North Carolina Metro Area:
– Median selling price: $261,959
– Change over one year: +54.9%

Rocky Mount, North Carolina Metro Area:
– Median selling price: $207,498
– Change over one year: +22.0%

New Bern, North Carolina Metro Area:
– Median selling price: $264,521
– Change over one year: +0.4%

Metros with the highest median sale price
#1. Metro San Francisco, California: $1.7 million
#2. Metro San Jose, CA: $1.6 million
#3. Metro Santa Cruz, CA: $1.3 million

Subways with the lowest median sale price
#1. Cumberland Metropolitan Area, MD: $111,312
#2. Davenport, IA Metro Area: $120,125
#3. Peoria, Illinois metro area: $120,238

2/6Volodymyr Kyrylyuk // Shutterstock

Median selling price per square foot

Jacksonville, North Carolina Metropolitan Area:
– Median selling price per square foot: $145
– Change over one year: +15.5%

Greenville, North Carolina Metro Area:
– Median selling price per square foot: $130
– Change over one year: +14.5%

Rocky Mount, North Carolina Metro Area:
– Median selling price per square foot: $120
– Change over one year: +24.0%

New Bern, North Carolina Metro Area:
– Median selling price per square foot: $145
– Change over one year: +7.1%

Subways with the highest median selling price per square foot
#1. Metro San Francisco, California: $1,126
#2. Metro San Jose, CA: $948
#3. Kahului, HI metro area: $938

Subways with the lowest median selling price per square foot
#1. Carbondale, Illinois metro area: $71
#2. Cumberland, MD Metro Area: $76
#3. Peoria, Illinois metro area: $84

3/6scarp577 // Shutterstock

Sales/list price ratio

Jacksonville, North Carolina Metropolitan Area:
– Average ratio of sales to list price: 1.02
– Change over one year: +0.01

Greenville, North Carolina Metro Area:
– Average ratio of sales to list price: 1.03
– Change over one year: +0.02

Rocky Mount, North Carolina Metro Area:
– Average ratio of sales to list price: 0.99
– Change over one year: +0.01

New Bern, North Carolina Metro Area:
– Average ratio of sales to list price: 1.01
– Change over one year: +0.01

Metros with the highest sales/list price ratio
#1. Oakland, CA metro area: 1.15
#2. Metro San Jose, CA: 1.14
#3. San Francisco, California Metro Area: 1.13

Metros with the lowest sales/list price ratio
#1. Carbondale, Illinois Metro Area: 0.96
#2. Cape Girardeau Metropolitan Area, Missouri: 0.97
#3. Beaumont, Texas Metro Area: 0.97

4/6ungvar // Shutterstock

Homes sold with price reductions

Jacksonville, North Carolina Metropolitan Area:
– Houses sold with price reductions: 0.4%
– Change over one year: +0.4%

Greenville, North Carolina Metro Area:
– Houses sold with price reductions: 0.0%
– Change over one year: +0.0%

Rocky Mount, North Carolina Metro Area:
– Houses sold with price reductions: 1.4%
– Change over one year: +1.4%

New Bern, North Carolina Metro Area:
– Houses sold with price reductions: 0.4%
– Change over one year: +0.4%

Metros with most homes sold with price cuts
#1. New York, NY Metro Area: 28.5%
#2. Utica, New York metro area: 28.5%
#3. Kingston, NY metro area: 26.8%

Metros with the fewest homes sold with price reductions
#1. Carbondale, Illinois metro area: 0.0%
#2. Lake Charles, LA Metro Area: 0.0%
#3. Davenport, IA Metro Area: 0.0%

Production 5/64 PM // Shutterstock

Out of market in two weeks

Jacksonville, North Carolina Metropolitan Area:
– Out of market in two weeks: 74.9%
– Change over one year: +61.4%

Greenville, North Carolina Metro Area:
– Out of market in two weeks: 81.7%
– Change over one year: +36.9%

Rocky Mount, North Carolina Metro Area:
– Out of market in two weeks: 69.1%
– Change over one year: +62.2%

New Bern, North Carolina Metro Area:
– Off market in two weeks: 70.0%
– Change over one year: +16.0%

Metros with the most homes off the market in two weeks
#1. Rochester, New York metro area: 89.9%
#2. Seattle, Washington Metro Area: 88.9%
#3. Olympia, Washington Metro Area: 88.7%

Metros with the fewest homes off the market in two weeks
#1. Metro Morristown, TN: 0.0%
#2. Urban Honolulu, HI metro area: 4.0%
#3. Appleton, Greater Wisconsin: 4.7%

6 / 6FOTOGRIN // Shutterstock

Months of supply

Jacksonville, North Carolina Metropolitan Area:
– Months supply: 3.7 months
– Change over one year: -13.9 months

Greenville, North Carolina Metro Area:
– Months supply: 4.1 months
– Change over one year: -6.1 months

Rocky Mount, North Carolina Metro Area:
– Months of supply: 5.7 months
– Change over one year: -13.8 months

New Bern, North Carolina Metro Area:
– Months supply: 4.5 months
– Change over one year: -66.8 months

Metros with the most months of supply
#1. Atlantic City, NJ Metro Area: 18.1 months
#2. New York, NY Metro Area: 17.7 months
#3. Beaumont, Texas Metro Area: 16.2 months

Metros with less months supply
#1. Metropolitan Lewiston, ME: 2.7 months
#2. Portland, ME Metro Area: 2.9 months
#3. Seattle, Washington Metro Area: 3.3 months

This story originally appeared on ZeroDown and was produced and distributed in partnership with Stacker Studio.


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Sandy A. Greer