New Hanover County Real Estate Market Update – February 2025
As we move through the first quarter of 2025, New Hanover County’s real estate market is showing a mix of resilience and adjustment. Based on the latest data from February 2025, here’s a breakdown of what buyers, sellers, and investors should know about the current housing landscape.
Inventory is Growing
Active listings saw an 18.4% increase year-over-year, jumping from 854 in February 2024 to 1,011 in February 2025. This rise in inventory is giving buyers more options, helping to ease the tight market conditions we’ve seen over the past few years.
New listings are also up significantly—24.2% higher than last February, indicating more homeowners are entering the market, possibly in response to the still-strong prices.
Prices Holding Steady with Minor Fluctuations
The average list price in February 2025 was $722,557, down slightly (-2.61%) compared to February 2024. The average sale price also dipped slightly to $537,945, a 1.62% decrease year-over-year.
However, median prices are holding steady:
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Median list price: $529,000 (+0.76% YoY)
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Median sale price: $435,902 (+0.67% YoY)
These small increases suggest the market is maintaining value overall, despite slight softening in upper-tier averages.
Homes Are Sitting Longer
The average cumulative days on market (CDOM) jumped to 68 days, a nearly 20% increase from last year, suggesting that homes are taking longer to sell. However, the median CDOM actually dropped slightly from 41 to 35 days, indicating that well-priced homes are still moving relatively quickly.
Sales Volume is Down
Closed sales were down 15.3% compared to last February, with 260 homes sold in February 2025 versus 307 in 2024. Year-to-date, the number of sold listings has dropped 4.6%, a sign that some buyers may be pausing amid interest rate changes or market uncertainty.
Shifts by Price Point
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The $250K–$399K range remains the most active, with notable increases in sales between $250K–$299K (+50%) and $350K–$399K (+14.7%).
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High-end activity ($700K+) is mixed: sales of homes in the $700K–$749K range doubled, while sales in the $950K–$1.1M range dropped sharply.
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Luxury listings ($1.5M and up) saw sporadic activity, with some segments experiencing strong growth (e.g., $1.5M–$1.6M up 200%), while others dropped to zero.
Pending Sales and Future Outlook
Pending sales were down 6.2% for the month and 10.3% year-to-date, indicating a possible slowdown in momentum heading into spring. However, many mid-to-high price brackets (especially $450K–$900K) saw modest increases in pending deals, which may translate to a more active spring market.
Bottom Line
New Hanover County's housing market in February 2025 reflects a transitioning phase. While price growth has cooled slightly and homes are taking longer to sell, inventory is rising and demand remains steady in key price ranges. Buyers are gaining more leverage with increased options, while sellers still benefit from relatively strong prices.
If you're considering buying or selling this year, working with a local expert who understands these shifting dynamics is key. The market is no longer sprinting—but it's far from stalling.