Brunswick County's residential real estate market surpassed $1 billion in sales volume in May, according to a report released recently by the Brunswick County Association of Realtors.

The number of homes sold in May was down slightly compared to the same month in 2023, but the total was the highest of any month so far in 2024, the report stated. The market also saw higher prices and more new listings in May.

“I don’t think I can emphasize how significant it is that we’ve already hit $1 billion in total sales this year,” said Cynthia Walsh, CEO of BCAR, in a news release. “To hit $1 billion in five months, when a decade ago we couldn’t hit $1 billion in a year, shows the growth and continued strength of our market. Inventory has steadily grown this year, but with consistent gains in sales volume and units sold, we expect demand to continue to meet supply.”

New listings increased 15.4% in May, from 603 to 696, while the number of units sold decreased 3.8%, from 583 to 561, according to the release.

The average sale price increased 4.8%, from $464,830 to $486,971, and median sale price increased about 2%, from $374,000 to $381,115. Total sales volume increased 0.8%, from $271,000,000 to $273,190,000.

"Thanks to steady increases in new listings this year, the months supply of inventory is now four months," the release stated. "Below five months is typically considered seller’s market territory."

Year-to-date sales volume through May totaled $1,101,480,000, up 54.8% from $711,610,583 at the same point in 2023.

"The average year-to-date sale price increased 38.9% compared to the same point in 2023, from $349,087 to $484,907, while the median sale price increased 29.2%, from $292,133 to $377,425," the release stated. "The number of units sold through May is up 3.8% compared to last year, from 2,173 to 2,255 and the number of new listings increased 25.2%, from 2,788 to 3,491."