Wilmington, N.C. — The Cape Fear luxury housing market has hit a speed bump. For the first time this year, a month failed to match—or outperform—its sales numbers from the previous year.
In March, a total of 63 luxury homes—defined as properties priced at $1 million or more—sold across the region for a combined $110.3 million. That’s a noticeable drop from March 2024, when 74 homes sold for a total of $130.5 million.
But the bigger concern might be the steep decline in homes going under contract. In March 2025, only 41 luxury listings went under contract, compared to 71 during the same month last year—a 42% decrease region-wide. New Hanover County saw one of the sharpest declines, with pending contracts plummeting 91%. Pender County wasn’t far behind, down 88%.
Scott Saxton, Broker-in-Charge at Just for Buyers Realty, says the slowdown could be linked to uncertainty surrounding the economy.
“We’re hearing from a lot of clients who are uneasy about the current tariff and trade war situation coming out of Washington,” Saxton said. “In all this confusion, it seems clear that many buyers are hitting pause on their dream homes until things settle down.”
One of the homes that did sell last month is located at 1835 Middle Sound Loop Road in Wilmington. The four-bedroom home spans more than 4,200 square feet and overlooks the Intracoastal Waterway, complete with its own private boat dock. Listed by Vance Young of Intracoastal Realty Corp., the property spent 76 days on the market before going under contract. It officially closed on March 14 for $3,475,000.
| New Hanover County
March 2025 / March 2024 |
Brunswick County
March 2025/ March 2024 |
Pender County
March 2025/ March 2024 |
||||
| Newly Listed | 90 | 56 | 99 | 56 | 25 | 18 |
| Went Under Contract | 3 | 35 | 37 | 27 | 1 | 9 |
| Closed # Homes Sold | 31 | 32 | 24 | 38 | 8 | 4 |
| Total Closed $ Volume | $66.2M | $66.1M | $33M | $58.9M | $11.7M | $5.6M |
| Total Current Listings | 186 | 131 | 229 | 164 | 65 | 43 |
*Luxury homes are defined as those priced at $1,000,000 or higher. Statistics are from the North Carolina Regional Multiple Listing Service.
This report is presented by Just For Buyers Realty. As the name implies, Just For Buyers Realty serves only buyers. In a state where buyers purchase real estate at their own risk, the company’s mission is to serve as Superheroes for Buyers, using all of the secrets of the trade to protect buyers at every stage of the process. Contact Just For Buyers Realty by calling 910-202-4813 or by e-mail at scott@JustForBuyersRealty.com, or visit www.JustForBuyersRealty.com