Record-Breaking February: Cape Fear’s Luxury Housing Market Soars to New Heights

Wilmington, N.C. – February proved to be another profitable month in the Cape Fear’s luxury housing market. When compared to February 2023, last month outperformed its year-to-year counterpart in the number of total sales, the total volume of sales, homes that went under contract, new listings, and inventory.

In the combined areas of New Hanover, Brunswick, and Pender counties, a total of 40 luxury homes (homes with a final closing price of at least $1 million) were sold in February. The closings added up to a combined value of $60,964,820. These numbers compare to an anemic February 2023 when only 30 luxury homes sold for a combined $44.1 million. February 2023 is the lowest-performing month for luxury home sales in the last three years.

But that was then, and this is now. Not only did February 2024 outperform February 2023, but last month also went down as the most profitable February ever recorded for luxury home sales—following January 2024, also being recorded as the most profitable January ever recorded.

“Those experts who predicted a slowing down of the market, I think it can now be said, are proven to be wrong,” said Scott Saxton of Just For Buyers Realty. “January and February are traditionally the slowest months of the year. If we are seeing these kinds of numbers now, that bode really well for the spring and summer months.”

The most expensive home to sell throughout the region in February is located on 2507 N. Lumina on Wrightsville Beach. The marsh-front home offered four bedrooms and three baths, measuring just under 3,000 square feet. It was listed by the Sarah Harris team of Intracoastal Realty. The home closed on February 29th for $3,050,000.