For more than a decade, the Topsail Island region of North Carolina has established itself as a hot spot for residential development. Paired with a strong tourism industry that continues to grow year after year, the area has attracted new permanent residents and lured savvy rental property owners looking to make new investments.
While residents continue to celebrate a high standard of public education including the development of new school facilities, the financial impact of these growth trends is a bit staggering to consider.
With property value data from 2022 finalized, the editors at Topsail Guide wanted to share a glimpse into what has been happening across a one-year and five-year timespan.
Home Values in Topsail Beach, NC
A quarter of the way through 2023, the typical home value in Topsail Beach, NC is $828,623. That number represents an increase of 12.9% over the past year (up $94,679 from $733,944) and an incredible 101.5% growth over the past five years (up $417,396 from $411,227).
Home Values in Surf City, NC
Average property values across the Town of Surf City are slightly lower, which makes sense given that the community is comprised of property on Topsail Island as well as on the mainland.
In Surf City, the typical home value today sits at $719,249 – an increase of 25.3% (up $145,227 from $574,022) in the past year, and a 95.9% increase over the past five years (up $344,597 from $374,652).
Impact of New Developments & Inventory
New residential development has had a drastic effect on the property values of Topsail Island and the surrounding area, but inventory is still available… at a price.
The continuation of new housing developments supports overall inventory, but experts warn that national economic drivers and mortgage loan interest rates are creating more challenging conditions for new home loans and refinancing.
Impact on Vacation Property Rentals
As property values in the Topsail Island region of North Carolina continue to increase, so too does the cost of vacation rentals. With a steady influx of new rental properties on the market and an ever-increasing demand from tourists, prices for vacation stays are rising as well.
This can make it difficult for those visiting the area to find affordable accommodations that meet their needs.
How Have Property Values Impacted You?
Share your experience living in or visiting Topsail Island and tell us how rising property values have impacted you! Contribute to the community discussion using the comments section, below!