Wilmington, N.C. – The Cape Fear luxury housing market has entered the fourth quarter of the year, already surpassing the one billion dollar mark. This is the third consecutive year that the sale of high-end homes has exceeded the 10-figure milestone, and never before has it happened this early in the year. In both 2022 and 2023, the milestone was reached with the final sales recorded in December.
So far in 2024, across New Hanover, Brunswick, and Pender Counties, a total of 554 luxury homes (properties with a price tag of $1 million or more) have sold. These transactions have a combined volume of $1,016,480,567. That figure is just $12,000 shy of all of last year’s luxury sales and only $47,000 below the all-time record high set in 2022.
“So, we know going into the last quarter that 2024 will be the most profitable year ever recorded,” said Scott Saxton of Just For Buyers Realty. “This happened during a time when the nationwide real estate market hit a massive speed bump. Overall, this has been a slower-than-average year. So the fact that the luxury market is booming during this time is further proof that the North Carolina coast is growing in popularity. More and more luxury buyers from across America are deciding that this is where they want to be.”
The billion-dollar threshold was crossed after September posted 54 luxury sales, totaling $104.8 million. By comparison, in 2023, 56 properties closed for a total of $103.1 million.
The most expensive single transaction last month was the sale of the estate located at 136 Skystasail Drive in Wilmington’s Shandy Point community. The waterfront property, which sits on just under an acre overlooking the Intracoastal Waterway, features four bedrooms and four bathrooms, and measures just over 3,700 square feet. Listed by Jessica Pirone and Rebecca Dawson of Full Circle Real Estate, the home closed on September 30th for $6,432,000.
| New Hanover County
Sept 2024 / Sept 2023 |
Brunswick County
Sept 2024 / Sept 2023 |
Pender County
Sept 2024 / Sept 2023 |
||||
| Newly Listed | 41 | 34 | 51 | 40 | 11 | 10 |
| Went Under Contract | 13 | 25 | 35 | 37 | 6 | 7 |
| Closed # Homes Sold | 33 | 26 | 17 | 25 | 4 | 6 |
| Total Closed $ Volume | $69.7M | $57M | $28.5M | $39.8M | $6.6M | $6.3M |
| Total Current Listings | 168 | 116 | 170 | 136 | 59 | 31 |
*Luxury homes defined as those priced at $1,000,000 or higher Statistics are from the North Carolina Regional Multiple Listing Service.
This report is presented by Just For Buyers Realty. As the name implies, Just For Buyers Realty serves only buyers. In a state where buyers purchase real estate at their own risk, the company’s mission is to serve as Superheroes for Buyers, using all of the secrets of the trade to protect buyers at every stage of the process. Contact Just For Buyers Realty by calling 910-202-4813 or by e-mail at scott@JustForBuyersRealty.com, or visit www.JustForBuyersRealty.com