Greetings from the Wilson Team;
My name is Wade Wilson, my wife Ashley and I are Realtors and neighbors. I do a review every year of neighborhood activity.
Carolina Heights is one of our favorite neighborhoods, we have sold more homes in the neighborhood than any other Realtors over recent years. It is also the neighborhood we call home, we have renovated two homes in recent years, 1807 Princess St and 1709 Princess St. We are living at 1709 Princess Street and love the front porch feel of this charming neighborhood.
Each year I put together a report showing real estate activity in the Carolina Heights neighborhood. I think everyone likes to keep up with what's going on in their neighborhood, and this gives you a good perspective on trends and home prices.
Neighborhood Outlook
In a neighborhood of 100-200 homes, numbers may be up or down without really being a fair assessment, and historic homes typically have a wide range in values depending on condition. But going just by the numbers, the last several years have been banner years for the neighborhood. Last year the average price of a sold home topped $513k, which is the highest ever, and the price per square foot topped $245, also a record. Each year the top price ceiling has been rising, first we were getting into the 500s, then 600s and 700s, and last year we had a sale in the 800s. In 2015, the top price was just 380k, last year the top price was more than double that, at 870k.
The average days on market for a sold home has been in the low 20s for the past two years, and the average sales price has been right at or even above the average list price, indicating that the neighborhood is in high demand. The average sales price per square foot has gone up substantially five years in a row. Most of the top sales have happened in the last few years. (see top sales in the neighborhood here)
If you are considering selling your house, this is the best time in a long time to be a seller. Right now inventory is very low, there are rarely houses for sale in Carolina Heights. Buyers are willing to pay top dollar for homes in our neighborhood, it may be because options further downtown are limited and expensive.
If you are even thinking about selling, give me a call and we can talk about options.
If you are thinking of buying in the neighborhood, or you know someone looking, we have three other new listings coming in the spring, ranging from 500-800k.
New Hanover County Outlook
Home sales have been down the past three years in New Hanover County, The numbers fell slightly in 2021, then 21% in 2022, and 19% in 2023. Part of the drop was due to lack of inventory, but in the latter half of 2022, demand did seem to slow and has not picked back up yet.
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 and another 8% in 2023. 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.
Click on the links at left to review the activity over the past years, plus detail on what sold last year.
Buyers are definitely still looking in the neighborhood. Carolina Heights is one of my favorite neighborhoods to recommend, because it has such historic charm and great neighborhood feel. Also because I live here!
Also, we have had conversations with buyers who are interested in the neighborhood, so if you are considering selling please let us know. If you or someone you know is looking to buy, we'd be thrilled to help them as well.
Get our free monthly newsletter, featuring stats on what sold and what is currently active on the local real estate market. Just send me an email request!
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Facts about the Neighborhood
100-200 homes
18 non owner occupied
Geographically, the neighborhood is between 20th and 15th and includes Market, Princess, Chestnut, Grace and Rankin
Five Oldest Homes (according to tax records)
1701 Princess St, built in 1897
1703 Princess St, built in 1897
1807 Chestnut St, built in 1903
1807 Princess St, built in 1904
(this excludes 320 N. 18th, originally built in 1853 in Ivanhoe and moved to Carolina Heights after 1950)
68 homes built prior to 1920
40 houses built 1921 - 1937
Newest home built in 2008
Averages
Tax Assessed Average Value is $264k
Average number of bedrooms 3.6
Average lot size is .23 acres
Average square footage is 2380
Ranges
Tax Assessed Values range from 100k - 679k
(Not including the Wise House, which is valued at $2.1 million)
Homes range from 9 bedroom to 2 bedroom
Square foot ranges from 800 - 8000 sq ft
See also:
Article on Carolina Heights here |
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| This is the study area |
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Interesting that Carolina Heights has three different zip codes within the neighborhood, 28401, 28403, and 28405.
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