Print
Real Estate - Residential

Rural Realtors See Some Similar Trends

By Cece Nunn, posted Nov 19, 2021
Southern Heritage Realty’s website shows this Wilson County three-bedroom house, priced at $184,500, as under contract. (Photo c/o Southern Heritage Realty)
For 34 years, the residential real estate market numbers for Sampson County remained “pretty flat” in Deno McLamb’s experience.
 
McLamb, broker and owner of Southern Heritage Realty in Clinton, said that changed amidst the COVID-19 pandemic.
 
“This past summer, it spiked just like the rest of the country,” said McLamb, who counts Wilmington- based Cape Fear Realtors among the associations he’s joined. “Currently it’s leveling back off some but we still have buyer demand.”
 
The rural county’s population as of 2020 was only about 60,000 people.
 
“When the market crashes, we don’t go down like it does in large cities,” McLamb said. “Whenever it really gains, we don’t get that big gain but this past summer we did pick up a little boost.”
 
Still, some real estate companies in rural counties are seeing some of the same trends as larger communities.
 
He said average prices are around $140,000 to $150,000 and are up about 15% for the year.
 
Evelyne Mills, 84, and her family own Associated Realty of Wallace in Duplin County, which she figures is the oldest office in town.
 
“As it stands now, our listings in the area are very low because everything that comes in it gets sold,” she said in a recent interview.
 
Mills said low interest rates are a main factor.
 
“Basically, I would say that interest rates have been driving it a whole lot,” Mills said. “If I’m going to buy, I better hurry up, people say, because of the good interest rates right now.”
 
When it comes to land sales, “out in the country, people don’t want to sell their land.” So, when it does come up for sale, Mills said, it sells pretty quickly.
 
In some cases when land does come on the market, heirs have moved away to find better pay.
 
“You don’t have the higher-paying jobs here like you would in Wilmington,” Mills said. “There’s some high-paying jobs but not that many in abundance.”
 
Mills said she doesn’t foresee a huge influx of people coming to Duplin County, but you never know. If that did happen, “I don’t know where they’re going to stay right now. There is a scarcity of houses,” she said. “There’s a terrible scarcity of rentals.”
Ico insights

INSIGHTS

SPONSORS' CONTENT
Jasonpathfinder3

Your Retirement Portfolio: Simplicity Is Your Friend

Jason Wheeler - Pathfinder Wealth Consulting
Ubs chadpearson headshotresized

The Three Dimensions Of Selling Your Business

Chad Pearson - UBS Decision Point Wealth Consulting
Dallasromanowski headshotcopy

The Virtuous Circle Of Improving Cash Flow

Dallas Romanowski - Cornerstone Business Advisors

Trending News

If City Seeks New Proposals, Company Has Castle Street Redevelopment Plans

Cece Nunn - Jan 14, 2022

Athletic Shoe Store Opening Second Location In Wilmington

Cece Nunn - Jan 14, 2022

MegaCorp Continues To Expand Office Footprint, Workforce

Johanna F. Still - Jan 14, 2022

Area Home Sales Closed Out 2021 On High

Jenny Callison - Jan 13, 2022

WilmingtonBiz Talk: New Hanover County Transformations

Staff Reports - Jan 13, 2022

In The Current Issue

Providers Vie To Offer State-limited Services

Just because a healthcare provider believes it needs – and can pay for – certain high-end equipment and new services doesn’t mean it will ge...


What's In Store For Banks In 2022

The new year is likely to bring a continuation of some current banking trends as well as some new developments affecting the industry....


Top 10 Most-read Stories Of 2021

Check out the top 10 most-read Greater Wilmington Business Journal by online readers in 2021....

Book On Business

The 2021 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

Trying to Grow a Business?
2020 Health Care Heroes
2020 WilmingtonBiz 100