Tracking Growth on Oak Island NC

Three Rivers Realty
Published on December 13, 2018

Tracking Growth on Oak Island NC

Tracking the Growth of Oak Island

Impacting Buyers and Sellers

This year
the home and land sales on Oak Island have broken any and all records in recent
memory. The Town of Oak Island reports that there are 8,901 housing units; 7,100
year round residents and a very healthy [short and long-term] rental market.

Here’s a
preliminary report on the past year:

To date,
there have been 678 homes sold; 587 were single family homes; 21 were
manufactured homes and 70 were condominium/townhomes. Today there are 225 homes
on the Island available to purchase: 196 are single family homes, 4 are
manufactured homes and 25 are condominium /townhomes. Average median price for
a home in Oak Island is $350,000.

Lot sales
have been phenomenal, look at this statistic: today there are 125 lots for
sale; starting price is $49,900.  The
median price for lots to purchase is now $159,900. If you are interested in a
double lot, there are only 7 properties available to purchase now, lowest price
is $99,900.

Over the
past year there were 237 lots sold; with a median price of $79,500; if the
demand remains the same or increases, lot availability to purchase will be
potentially depleted in just slightly over 6 months.

December 13. 2018

Source: Oak
Island Town Hall; NC Regional MLS