Housing absorption causing economic concerns in Onslow County

Published: Jul. 23, 2021 at 6:49 PM EDT
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JACKSONVILLE, N.C. (WITN) - Housing absorption has the average house staying on the market for less than a month in 2021 in Onslow County.

In the Jacksonville Onslow Newsletter, Ray Evans, who is a real estate broker and owner of the RE/Max Elite Realty Group in Jacksonville and a member of the Newsletter’s panel of real estate professionals, shared statistics showing in July 2016, the housing absorption rate - which shows how long a house will typically stay on the market on average - showed that the average days on market was 2.75 months. In 2020 that number dropped to 1.75 months, and this year, homes are remaining on the market for less than a month at a time.

“What’s happening now is you’re getting multiple offers on almost every single house on the market. And they’re going over asking price and people are saying hey we’ll be willing to pay more than the appraised value,” said Evans when asked about the current trends for those looking for homes.

Royce Bennett, who is the Onslow County Commissioner, and a real estate agent for Century 21, said “I have regularly people calling me that are concerned about where they’re going to stay; because where they were paying $600 a month rent before, now they can’t find anything for $600 a month. The rents are a thousand or 1,200, or a lot more than they had been.”

Evans and Bennett said that the market conditions in the County are driving up the prices on homes for purchase or rent, and apartments. As a County official, Bennett expressed concerns about economic effects as well saying, “Businesses don’t want to come into an area where they can’t find a house to live in. They don’t want to come into an area where they can’t find a workforce.”

Bennett the County is discussing a number of different solutions to the issue, including working with water and sewer companies to get approval to build homes in closer proximity to each other due to the marshy geography and Camp Lejeune placing limitations on the amount of land available to build on. Evans says he suggest “building up”, and having larger apartment and condo buildings.

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