Key Takeaways
- The New Bern housing market is currently neutral, meaning that prices are reasonable and homes don’t linger excessively.
- In February 2024, the median home sale price in New Bern increased 9.2% over the previous year to $306,200.
- The average time it took to sell a home in New Bern in February 2024 was 49 days, an increase of 19.4% year-over-year.
Understanding the Costs of Selling a Home in New Bern
Selling a home involves more than just the final sales price. Here’s a breakdown of typical costs you may face as a seller in New Bern, NC:
- Real Estate Agent Commissions: The biggest expense is usually the commission paid to the real estate agents involved. Typically this totals between 5% – 6% of the home’s final sale price and is split between the buyer’s and seller’s agents.
- Closing Costs: Closing costs average around 2% – 5% of the home’s sale price. These include title fees, escrow charges, transfer taxes, and other administrative expenses.
- Home Preparation: Even with a neutral market, getting your home ready for sale can involve costs. Cleaning, repairs, staging, or landscaping might be necessary to attract top offers.
- Seller Concessions: In some cases, you may offer concessions such as paying a portion of the buyer’s closing costs.
The Housing Market in New Bern, NC
To understand how much your home might sell for and therefore what your costs might be, here’s a look at the current New Bern market:
- Prices: The median sold price in February 2024 was $306,200. This has increased by 9.2% compared to February 2023. Prices also vary somewhat based on the number of bedrooms.
- Inventory: In February 2024, there were 504 homes for sale in the New Bern market, an increase from the previous month.
- Days on Market: The average number of days a home stays on the market before being sold was 49 in February 2024, a moderate increase compared to the same period last year.
Additional Considerations
- Negotiation: The final sale price and who pays various costs can be negotiated between you and the buyer.
- Professional Guidance: Working with a reputable, local real estate agent will help you accurately estimate your selling costs, price the home competitively, and navigate the process smoothly.
F.A.Q.: Understanding the New Bern, NC Housing Market (February 2024)
Q1: Is the New Bern housing market currently good for buyers or sellers?
A: New Bern’s housing market is currently neutral. This means that prices are generally reasonable, and homes don’t tend to sit on the market for excessively long periods. It’s a balanced environment for both buyers and sellers.
Q2: How much does the average home cost in New Bern right now?
A: As of February 2024, the median sold price for a home in New Bern is $306,200. This represents a 9.2% increase compared to the same time last year.
Q3: Have home prices in New Bern increased or decreased in the past year?
A: Home prices in New Bern have trended upwards. There has been a 9.2% increase in the median sold price since February 2023.
Q4: How quickly are homes selling in New Bern?
A: In February 2024, homes in New Bern spent an average of 49 days on the market before being sold. This is slightly longer than the same period last year, where the average was 41 days.
Q5: If I’m buying a home in New Bern, can I expect to negotiate below asking price?
A: There’s a good chance you could negotiate below asking price. In February 2024, more than half (57.1%) of homes in New Bern sold for less than their original asking price.
Let me know if you’d like any other questions answered about the New Bern housing market!
In Summary
Selling a house in New Bern, NC involves several costs, but understanding the current market and working with the right experts will help minimize your expenses while maximizing your return.
