While interest rates and rising prices are major topics of conversation in the residential real estate community these days, other trends are emerging, some of them familiar and some of them new. Examples include an increase in townhome development, emerging markets for higher-dollar luxury real estate,  tax values going up in New Hanover County and more homes for sale.
 

1 – Townhomes turn up

Area planning departments continue to see townhome proposals, and it’s part of a nationwide trend.
According to the National Association of Home Builders, townhouse construction expanded 10% in 2024.
In a recent local example, a Charlotte-based real estate firm wants to develop 72 new townhomes at The Pointe at Barclay in midtown Wilmington.
Collett Capital LLC submitted plans for The Pointe Townhomes to the city of Wilmington earlier this year. The project site is about 5.5 acres at 1001 Gallery Park Blvd., a vacant tract bordered by Independence and Gallery Park boulevards.
Plans show 72 townhome units, which would be 2,400 square feet each.
Another Wilmington example: Raleigh-based development firm TBM Partners submitted plans to the city for 60 townhomes on a roughly 10-acre site at 120 Switchyard Road.
A different developer had proposed apartments on the site. Joe Cebina, managing director of TBM Partners, said the new plans reflect a market shift, following increased demand for townhomes.
 

2 – Outlying luxury

In May last year, 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.
The nearly 5,200-square-foot custom home has four bedrooms and seven bathrooms. The seller’s agent, Michael Nelson of Landmark Sotheby’s International Realty, said the property consists of multiple adjoining lots that total a little over an acre on a high bluff overlooking Banks Channel Sound. 
To some, the sale showed the appetite of luxury buyers willing to pay more for a home on the coast extending beyond New Hanover County’s beaches and Bald Head Island.
Danny Malechuk, CEO of Landmark Sotheby’s, said in a Greater Wilmington Business Journal announcing the record sale, “As low inventory and high demand for property in New Hanover County continue to escalate, many buyers are discovering the advantages of beach towns and properties along the Intracoastal in Pender County.”
 

3 – Revaluation revealed

This year, property owners in New Hanover County began receiving their revaluations.
Every four years, the county conducts “a comprehensive revaluation of all real property to ensure equitable taxation. This revaluation, mandated by North Carolina law, assesses the tax value of residential and commercial properties, including homes, office buildings, stores and farms,” according to the county’s website.
County tax administrator Allison Snell said in a Port City Daily story that residential and commercial values increased by about 67%.
Residents experiencing sticker shock from this year’s revaluations can appeal until May 22. The process involves providing evidence, such as recent sales of comparable properties or details about a property that might affect its value.
According to the county, “The appeal process is designed to be accessible to all property owners, and you can represent yourself by providing relevant evidence to support your case.”
 

4 – More to browse

The area’s inventory of homes for sale has steadily increased since May 2023, according to local Realtors.
In a news release about the local housing market in February, Cape Fear Realtors reported a nearly 18% increase in active listings compared to the previous year.
New listings jumped 24%, the report stated.
CFR President Brittany Allen stated in the report. “As the market increases in inventory, we will shift into a more neutral market.”
The Wilmington inventory situation mirrors a national trend.
As of January (the latest national numbers available as of press time), the nation’s total housing inventory was up 16.8% from the previous year, according to the National Association of Realtors.
“More housing supply allows strongly qualified buyers to enter the market,” said Lawrence Yun, NAR’s chief economist, in a news release. “But for many consumers, both increased inventory and lower mortgage rates are necessary for them to purchase a different home or become first-time homeowners.”

 

5 – Affordable gains

The New Hanover Community Endowment announced in September that it plans to invest more than $14 million across 15 grants to support existing and future housing programs.
The endowment had faced criticism from nonprofit leaders and the public for not funding affordable housing in its $53 million disbursement in December 2023.
The largest grant went to Cape Fear Habitat for Humanity, funding new home construction and infrastructure in Haven Place, a Habitat for Humanity development in Castle Hayne. The endowment’s funding also supported the infrastructure for Legacy Landing Phase II, a 14-unit townhome development.
Other local organizations, including New H.O.P.E. CDC, the Salvation Army, Cape Fear Collective and the Good Shepherd Center, received top grant awards.
“We’re excited to make these first investments to address affordable housing,” said Bill Cameron, former chairman of the NHCE board, in a news release. “This strategy is a collaboration between the Endowment and our housing partners. Our goal is to find lasting, transformational solutions.”

(Read more about the cost of housing in the area here)