CAROLINA & KURE BEACH

With its proximity to Wilmington, the ferry to Southport and Wrightsville Beach’s escalating property values, the Pleasure Island area of Carolina and Kure Beach have become a highly sought coastal destination. Long known for its relaxed vibe and small-town beach atmosphere, this area ’ s real estate market has seen major jumps in property values as well as unit sell through

The $500,000-$1 million trend showed a nearly 38% decrease in the fourth quarter of 2022 when compared to that of 2021: there were 79 closed transactions in the first quarter of 2022 in this range and 57 in the first quarter of 2023 This is almost exact with the numbers from the fourth quarter of 2022, so interest rate decreases didn’t seem to affect this market as much. The $1 million-$2 million category showed a 47% decrease in closed transactions and the ultra-luxury segment experienced a 50% decrease, from 2 closed transactions above $2 million in the first quarter of 2022 to 1 in first quarter of 2023. The range between 1 million and 2 million has seen a run up of inventory relative to pending contracts, and thus might see more aggressive pricing trends from some sellers moving into the second quarter