Following a year defined by complex political landscapes and shifting global economic dynamics, the luxury property market continues to demonstrate resilience and potential. Bank of America Private Bank reports high-net-worth individuals are allocating 32% of their investment portfolios to real estate, while PricewaterhouseCoopers predicts we are on the cusp of the next real estate cycle upturn. In other words, now is the time to begin planning.
Navigate the evolving luxury real estate market with the 2025 Luxury Outlook report, designed to offer insights to help you make informed investment decisions.
Here in New Hanover county, North Carolina the luxury home market ended 2024 on a strong note, with $1,000,000+ properties reaching a median sales price of $1,430,000? up 2.9% from 2023's median of $1,390,000. New listings in this segment saw a 10% increase, rising to 543 compared to 493 in 2023, while closed sales jumped 22.3% with 340 transactions in 2024 compared to 278 the previous year. However, the median days on market increased significantly, ending the year at 29 days versus just 17 days in 2023. The median price per square foot also climbed 4.1%, reaching $433 in 2024 compared to $416 in 2023, further underscoring the upward trend in this competitive market.
This report investigates the unprecedented intergenerational wealth transfer of US$84 trillion currently taking place, and examines how Gen X and Millennial heirs may influence property markets and trends.
As the trends in this report also reveal, the world?s wealthy are in motion again, with more than 135,000 high-net-worth individuals poised to migrate to new countries in 2025. We identify the locations they are moving to and what draws them there. Here in New Hanover county, we continue to see luxury sales on Wrightsville Beach ($9,250,000), and record sales on Figure Eight Island ($13,900,000) and Landfall ($7,750,000). Both record breaking sales on Figure Eight Island and Landfall were both listed with Landmark Sotheby's International Realty.
The report also delves into the global cities that are consistently cited as the best places to live and the impact these rankings have on pricing and inventory. Here in coastal North Carolina, the best opportunities for investment are waterfront properties which continue to be much lower prices compared to other East coast locations.
Across the state in 2024, North Carolina saw record-breaking luxury home sales, including a $15.85 million Gothic-style estate in Banner Elk, a $14 million mountain lodge in Linville, and a $13.9 million oceanfront mansion on Figure Eight Island. These sales highlight the growing demand for high-end properties across the state.
I trust that this collection of research and industry insights, exclusively curated by Sotheby's International Realty, will guide you in making informed and strategic equity investments in the coming months.
Yours,
David and Samantha Benford