Lack of Inventory is still our problem. 

I hear a lot of conversation about interest rates, market volatility, market corrections...etc.  You name it, we as Realtors are hearing it.   Something always worth bearing in mind is there is no such thing as a national housing market.  The mainstream media loves to report statistics but there is no such thing.   Real estate markets are very local in nature.   I thought it would be interesting to share what our current real estate market looks like here in Morehead City.  Inventory continues to be a problem.  And as long as inventory is low, pricing is going to remain where it's at presently.   

The average price for a single family home in Morehead City is still rising as of July 2022.   We all know that rates have increased but with the lack of inventory we are not seeing any retreating on the pricing.   Numbers that really stand out for me are the average sales price in July was up 29% from July 2021, and the inventory in late 2019 was over 40 homes in MHC on the market, and that number dropped to 10 actives listings in July 2022.   The moral of this short story is that it is still a great time to sell.