What is the definition of a luxury home? Here in the Wilmington market a luxury home is typically considered a home priced at or above 1 million dollars. Believe it or not this quarter has seen a tremendous number of luxury home sales. We have seen 16 properties sell in New Hanover County during the months of January and February.
Current inventory on the N.C. Regional MLS shows eight active luxury properties—combined for a total of close to 14 million dollars.
With inventory low- Real Estate experts are expecting luxury properties that hit the market to be absorbed faster than typically expected. It is reported that this positive trend is expected to continue through March.
With 22 luxury properties currently under contract in New Hanover County –17 of those have expected closing dates before March 31. This quarter will possibly be the best first quarter in the history of local luxury home sales.
Our take away from this report is that the luxury market continues to prove strong in the Wilmington market. With that being said, there is no better time to build your own luxury home. With inventory low—we can provide you with a design-build in the location of your choice.
If you are looking to learn more about the Wilmington housing market and/or building a custom home. Contact us today!
Source: Wilmington Business Journal(2019). https://www.wilmingtonbiz.com/real_estate_-_residential/2019/03/06/luxury_home_market_continues_winning_streak/18649
