Luxury real estate professionals in Wilmington see a bright future for their market after some sparkling sales in 2024, resulting in optimism for this year while inventory remains a concern.

The market “continues to show remarkable strength and resilience, with record-breaking sales volumes and significant price appreciation in recent years,” said Daniel Malechuck, CEO of Landmark Sotheby’s International Realty, which has an office near Wrightsville Beach among many others. “In 2025, we anticipate continued growth in both the number of luxury homes sold and their pricing, driven by sustained demand from high-net-worth buyers attracted to Wilmington’s vibrant coastal lifestyle and economic vitality.”

In July, Nick Phillips, of Landmark Sotheby’s, represented Chris Dunbar and his wife, Crystal, in the sale of a Figure Eight Island home that fetched the highest price ever recorded, $13.9 million, at the time for a single-family home in New Hanover County. Buzzy Northen, of Wilmington-based Intracoastal Realty Corp., represented the buyer, Herbert A. Allen III, president of New York investment bank Allen & Co.

Phillips said in July of the 102 Beach Road South house, “We had several showings within the first week on the market. There were multiple offers.”

A different home on Figure Eight set the previous record when it sold for $13 million in 2023.

The exclusive Figure Eight Island is only accessible to homeowners and their guests via a gated bridge. In recent years, a lack of inventory and a spike in the luxury market have driven home prices on the New Hanover County island up to seven figures. 

Pender and Brunswick counties have also seen significant sales in recent years.

In the spring of last year, a purchase on Topsail Island reached a new height.

The $4.5 million sale of 230 N. Anderson Blvd. in Topsail Beach set a record for the highest-priced sale of a single-family home the Pender County island has seen, according to Realtors involved in the transaction. It was the second-highest home sale in Pender behind a mainland house that fetched more than $4.5 million.

The seller’s agent was Michael Nelson, of Landmark Sotheby’s International Realty. Frank Sherron, also of Landmark Sotheby’s International Realty, represented the buyer in the transaction. 

Realtors said the residential real estate price record, which was previously $2.7 million on Topsail, was a sign of the times for the area’s oceanfront dwellings, although not all oceanfront and luxury property types are experiencing the same traction.

Malechuk said higher interest rates might temper some segments of the local residential real estate market, but the luxury sector “remains robust” because of a limited inventory and the ability of luxury buyers to pay cash. 

He said the coastal real estate market in Southeastern North Carolina in 2025 “will experience both unique challenges and significant benefits. On the benefits side, the region’s growing appeal as a lifestyle destination continues to attract buyers seeking luxury homes and vacation properties. Strong economic growth, low taxes and the area’s favorable weather make it an increasingly attractive option for remote workers, retirees, and those relocating from higher-cost regions.”

Supply is a hurdle.

“As more people move to the area for its quality of life and economic advantages, inventory constraints could lead to sustained competition and continued upward pressure on home prices, especially in the luxury and coastal segments,” Malechuk said.

He remains optimistic.

“It’s anticipated that continued rate reductions will result in more inventory being listed for sale across the market as a whole, and as a premier destination for upscale living, Wilmington’s luxury market is poised for another successful year,” Malechuk said.

Like Malechuk, Vance Young said he is “very encouraged with the trends of our local market.” Young, of Intracoastal Realty Corp., specializes in luxury sales, which in New Hanover, Brunswick and Pender counties are defined as homes costing $1 million or more.

“A brief review of 2024 saw us continue to hit new highs in every luxury market from Wrightsville Beach to Figure Eight to Landfall and nearly every other neighborhood,” Young said. “The market did stall in the summer and really slowed down going into the election, but the phone started ringing literally the day after the election, and activity in late November and December offers a clue as to what we expect in 2025.”

He said the COVID pandemic, which started in 2020, helped shine a spotlight on the area’s luxury offerings and “continues to pay dividends as many people brought their family and friends to the area. I always felt like our area was somewhat undiscovered and certainly undervalued compared to other coastal markets (such as Hilton Head and Kiawah in South Carolina).”

“Those family and friends that visited during COVID have told other family and friends, and we now are on the national radar,” he said.

Young said the exposure of the area on national lists helps fuel sales. In 2024, Wilmington topped Southern Living Magazine’s Top 25 Cities on the Rise, while Wrightsville Beach was the national publication’s North Carolina pick for Best Waterfront Town in Every Southern State.
The area’s price points are another draw.

“While those of us who have been here for years are amazed at our price escalation,” Young said, “we still remain a solid value compared to astronomical markets such as Nantucket, South Florida and the West Coast.”