For the first time in 2024, Cape Fear’s luxury housing market witnessed a drop in overall sales and total volume compared to the same period last year. The first five months of the year saw record-breaking sales in the number of high-end homes throughout New Hanover, Brunswick, and Pender Counties.
May 2024 became the most profitable month ever recorded, with 95 homes priced at $1 million or more sold in the tri-county area for a collective volume of $170.7 million.
That momentum did not sustain in June. Last month, a total of 56 luxury properties sold for a combined $83.9 million. This is short of the mark set in June 2023, when 68 luxury homes sold for a collective $115.6 million.
“I don’t believe this is any reason for concern,” said Scott Saxton of Just For Buyers Realty. “It feels more like a hangover from May’s performance. You know whenever we see a record-breaking month, the very next month almost always drags a little. Last month, even though there was a decrease in closings, the number of luxury homes going under contract actually increased. Those are transactions that will become finalized this month or next month, and that increase paints a picture of a very healthy market.”
The most expensive home to sell last month was located at 1051 Ocean Ridge Drive in Wilmington’s Landfall community. The four-bedroom, six-bathroom home measures just over 5,500 square feet and overlooks the Intracoastal Waterway. The Mediterranean-inspired estate was on the market for only 3 days before it went under contract. It was listed by the Nick Phillips Group of Landmark Sotheby’s International Realty and closed on June 27 for $3.8 million.
| New Hanover County
June 2024 / June 2023 |
Brunswick County
June 2024 / June 2023 |
Pender County
June 2024 / June 2023 |
||||
| Newly Listed | 61 | 32 | 43 | 50 | 18 | 10 |
| Went Under Contract | 29 | 21 | 25 | 22 | 9 | 10 |
| Closed # Homes Sold | 24 | 34 | 21 | 30 | 8 | 4 |
| Total Closed $ Volume | $37.7 | $59.5M | $31.6M | $49.6M | $10.7M | $6.5M |
| Total Current Listings | 185 | 110 | 199 | 111 | 51 | 25 |
*Luxury homes are 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