Navigating the Competitive New Bern, NC Housing Market: Tips and Insights
New Bern, NC is a charming city located in Craven County, situated on the eastern coast of North Carolina. With its picturesque waterfront, rich history, and vibrant culture, it's no surprise that the city has become a popular destination for those looking to settle down or invest in property. In this blog post, we will take a closer look at the current state of the New Bern, NC housing market.
The housing market in New Bern, NC has been experiencing steady growth in recent years, and 2022 was no exception. According to our MLS data, the median home value in New Bern, NC was $275,000 as of February 2023, which is a 8.3% increase from the previous year. The increase in home values can be attributed to several factors, including the city's strong economy, low unemployment rate, and a surge in demand for housing due to the pandemic.
New Bern, NC's strong economy is largely driven by the healthcare and tourism industries. The city is home to several hospitals, including CarolinaEast Medical Center, which employs over 2,200 people. The tourism industry also plays a significant role in the local economy, with visitors drawn to the city's historic downtown district, museums, and cultural events.
In addition to the city's strong economy, New Bern, NC has a relatively low unemployment rate of 3.5%, which is below the national average. This means that there are plenty of job opportunities available for those looking to relocate to the area.
The pandemic has also played a significant role in the surge in demand for housing in New Bern, NC. Many people are looking to move to less densely populated areas and are seeking out homes with more space and outdoor amenities. As a result, the demand for single-family homes has skyrocketed, and inventory has remained low, causing prices to rise.
The real estate market in New Bern, NC is currently a seller's market due to our lack of inventory. We're still seeing multiple offer situations and the average home in New Bern, NC is still selling very close it's original list price, indicating that there is strong competition among buyers.
In conclusion, the New Bern, NC housing market is experiencing steady growth, driven by a strong economy, low unemployment rate, and increased demand for housing due to the pandemic. While this is good news for sellers, it can make it challenging for buyers to find the right property. Working with a local real estate agent who is familiar with the area can help buyers navigate the competitive market and find the home of their dreams.