COASTAL MARKET FORECAST

Cooling Market Conditions Still Haven’t Met Pre-Covid Conditions

At the conclusion of the second quarter, many of the key markets represented in this report have more active inventory than pending transactions. In most price segments, this represents a rebalancing of the market to what are still solid conditions, with most price segments displaying under 90 days of inventory, or healthy conditions. While some price decreases are beginning to bubble up, many of these are occurring with properties that came to market at historically high price points as much as 20% above trailing comps, and thus decreases may not reflect a decline of sold values so much as just a lessening of appreciation.

These results are similar to what is happening elsewhere in North Carolina. Financial markets continue to see levels that are three times greater than ten years ago, and luxury real estate continues to not only remain a stable investment, but one in which owners have multiple options in the case of secondary and investment properties.

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The long history of high demand of the Wilmington and Wrightsville Beach area has led many people to turn to other markets for luxury inventory. To read our 2023 report on coastal North Carolina's emerging markets, please visit the link below https://bit.ly/3rps3PT