We’ve known for a while now that the Crystal Coast will see a lot of growth from I-42 as it creates bypasses around bottlenecks between here and the Triangle. When completed, drive times from the Triangle to the Crystal Coast will rival those to the Wilmington area, providing more second-home coastal options for the landlocked.
But we’re seeing an increase in home purchases for primary residents as well. What’s playing out nationally is playing out regionally: Americans are moving to less crowded areas. When school was cancelled in the spring, as question marks have come up about fall programs, and as companies have formed longer-term work-from-home policies, families gained more flexibility around where they live.
Many are opting for fresh air, access to the uncrowded outdoors, and home offices. They no longer care as much about the number of retail stores as they do about whether FedEx and UPS being can reach them.
This newfound flexibility is leading families to the Crystal Coast. And they’re taking advantage of what the real estate market has to offer. The median existing-home price for all housing types here in July was 20% below the national average, according to the NCR MLS. Existing-home sales shot up here 26% in June. And even though sales dipped nationally 11% from this time last year, we’re only down 4% in our region.
Months of supply, July 2019 vs. July 2020. Source: NCR MLS
Active listings, July 2019 vs. July 2020. Source: NCR MLS
Adding to these strong market conditions the fact that inventory is tight, it’s a great time to sell. With less than three month’s supply of homes, there’s an upward pressure on prices: Existing-home prices increased 7.7% regionally in the first quarter of the year.
But mortgage rates remain at record lows, which is giving a big incentive to buyers to act now.
If you’re interested in learning more, or if you’re thinking about buying or selling a home, please get in touch. We’d love to answer any questions.