video by @witntv
Eastern Carolina's real estate market has cooled due to rising prices and higher interest rates.
The recent Pitt County, North Carolina Real Estate Market report reveals a decline in home sales for the year by roughly 25 percent compared to 2022.
The main cause appears to be the increase in interest rates.
Greenville's market, in particular, is slowing down because of insufficient supply, fewer purchasers, and high rates.
Local real estate agents, however, remain optimistic.
They expect that despite the possible increase in rates from the Federal Reserve, buyers will come back eventually.
Low housing supply levels historically should improve and a drop in interest rates could spark renewed interest amongst hesitant buyers.
According to data, in Greenville, the number of building permits issued for single-family homes and townhouses has risen by an impressive 45 percent over the past year.
This suggests a growth in new buildings forecast.
On the flip side, homeowners are hesitating to use their home equity lines of credit because of these high interest rates.
More details:
Higher rates affect the housing market
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