Emerging Market Report
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Contents Coastal Surrounding Markets INTRODUCTION • Leland • Hampstead • Oak Island • Holden Beach • Surf City • Southport • Emerald Isle
Introduction The Southeastern coastal region of North Carolina has been a hidden gem of vacationers for decades due to affordability, a small-town feel, and immaculate beaches. In recent years, Wilmington and Wrightsville Beach have seen a dramatic increase in population with both baby boomers and young families wanting to live near the beach full–time and second home buyers, putting upwards pressure on pricing and decreasing supply. This trend skyrocketed with the introduction of COVID-19 and homebuyers flocking to communities with access to the outdoor activities afforded by the beaches, water, and great climate. As the stock market recovered and turned bullish, homebuyers had more access to more wealth and the ability to purchase second homes, supply decreased even more, driving prices even higher. We compared the number of homes sold in emerging market areas now attracting interest above $750,000 from four years ago (2018) to 2022 as these markets have developed increased popularity and appeal as high demand areas saw inventory decline during COVID.
Leland Considered one of the fastest growing cities in North Carolina, Leland is seeing a sudden surge of homeowners who want to live in Wilmington, but can no longer afford the increased cost of living or want more land as well as water proximity. The development of several brand new communities make it an ideal place to retire or for first time home buyers. Because of the targeted demographics, the luxury market is small, but slowly developing. In 2018, there was only 1 house sold over $750K and in 2022, there were 13.
Emerging Markets Sell Through Over 750K Over a Year with a Four Year Gap
Hampstead Hampstead is a fast-growing coastal community located in southeastern North Carolina just north of Wilmington. Bordered to the east by the Intracoastal Waterway, Hampstead residents are only minutes from Topsail Island and the shores of the Atlantic Ocean. Many are drawn to Hampstead by its proximity to the coast, home value, and the highly-rated Topsail School system. In 2018, there were only 10 houses sold over $750K and in 2022, there were 44.
Emerging Markets Sell Through Over 750K Over a Year with a Four Year Gap
Oak Island Separated from mainland North Carolina by the Intracoastal Waterway, Oak Island is an island tucked under the southern tip of North Carolina. Oak Island has an atmosphere far more casual than a typical beach island and has attracted a different type of buyer. But now more people desire the laid back atmosphere the Oak Island offers and this has shown dramatically over the last four years. In 2018, there were only 17 houses sold over $750K and in 2022, there were 148.
Emerging Markets Sell Through Over 750K Over a Year with a Four Year Gap
Holden Beach Holden Beach ranked in the ‘Top 10 Family Beaches in the US’ by National Geographic Traveler’s for it’s small town charm and family-oriented atmosphere. The barrier island was purchased in 1756 by Benjamin Holden and for generations and it wasn’t until the 1920’s that the Holden family began developing a resort community. Holden’s nostalgia has been maintained to this day by low density population and a strict limit on commercialism, making it popular for families and people seeking to really get away. In 2018 there were only 21 houses sold above $750K and by 2022, that number had increased to 92 houses.
Emerging Markets Sell Through Over 750K Over a Year with a Four Year Gap
Surf City Surf City is the heart of Topsail Island, which is another one of North Carolina’s barrier islands separated from the mainland by the Intracoastal Waterway. From an old pirate hideout in the 1700s, to a missile testing site, Surf City has become an emerging vacation spot for people to visit, not just for the beautiful beaches, but the different historic sites, such as the Missiles and More Museum. In 2018 there were only 7 houses sold above $750K and by 2022, that number had increased to 69 houses.
Emerging Markets Sell Through Over 750K Over a Year with a Four Year Gap
Southport Southport is a small, historic town at the Southeastern tip of mainland North Carolina and is bordered by the mouth of the Cape Fear River and the Intracoastal Waterway. Mainly used as a military town from the 1700s, Southport has only become a sanction from city life in the last century. In 2018 there were only 7 houses sold above $750K and by 2022, that number had increased to 75 houses.
Emerging Markets Sell Through Over 750K Over a Year with a Four Year Gap
Emerald Isle Emerald Isle is a town on the northern barrier island Bogue Banks Island that has beaches on the Atlantic Ocean side and on the Bogue Inlet side. In 1954, Emerald Isle was purchased from a Mrs. Anita Fort Maulik of Philadelphia for $350,000, which was the largest recorded sale in NC at the time. A developer described it as a “beautiful emerald resting in a sparkling sea” and declared “This place shall be known as Emerald Isle”. The late development of the town led to a slow increase in population, but over the last few years, has skyrocketed due to COVID relocations. In 2018 there were only 33 houses sold above $750K and by 2022, that number had increased to 115 houses.
Emerging Markets Sell Through Over 750K Over a Year with a Four Year Gap
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