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New Hanover County Outlook
Home sales have been down the past two years in New Hanover County, falling 4% in 2021 and 21% in 2022. Part of the drop was due to lack of inventory, but in the latter half of 2022, demand did seem to slow.
Prices have not yet reacted to the lower demand however, they seem to continue to climb. Average sales prices in the county went up 18% in 2022. Later in the year there were some signs of leveling, but at this point prices are still at record highs.
There doesn't seem to be any shortage of buyers, it appears that our area is a popular post pandemic location. Inventory remains low, so steady demand will mean prices will continue to rise.
There are clearly signs that we are moving away from a heavily slanted seller's market, and more towards a more even market.
Buyers are definitely still looking in the neighborhood. Sunset Park continues to be a popular place for first time home buyers.
Click on the links at left to review the activity over the past years, plus detail on what sold last year.
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Neighborhood Facts:
There are over 700 homes in Sunset Park, a school and several churches.
It was designated a national historic district on the National Register of Historic Places in 2003. Architectural styles in the neighborhood include Queen Anne, Bungalow, American Craftsman, California Bungalow, Tudor, Colonial Revival, Cape Cod, and ranch.
Early construction in Sunset Park was focused on a vision of suburban mansions akin to downtown and the historic overlay. The plan was for a 600 acre development that would include a marina on the river and other amenities, but the depression and the wars of the first half of the 20th century created the need to convert the marina to a state port and create simple, affordable housing close to the port.
The oldest houses in the neighborhood are 2032 Adams (1902), 417 Central (1907), 2138 Washington (1908). There are six built in 1910, 210 Northern, 1928 Jefferson, 2018 Washington, 414 Northern, 2036 Adams, 206 Northern.
230 homes built before 1940
289 built between 1941 - 1950
143 homes built between 1950 - 1960
Only about 40 homes newer than 1960
Average tax value: around 90k
Average lot size: .2 acre
Average age: 1944
Average Sq Ft: 1211
Biggest house at 4000 square feet is at 417 Central, built in 1907. Listed for sale as recently as 2007 for close to 900k.
wikipedia article on Sunset Park
living places article on Sunset Park |
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