Thanks to Remote Work, North Carolina’s Beaches Are Hotter Than Usual
The COVID-19 pandemic may be waning, but some changes, like novel remote work policies, are likely here to stay. Along with low-interest rates, this shift in workplace flexibility has inspired many buyers to stake their claim at North Carolina’s most desirable beaches.
Remote Work Is Here to Stay
According to a recent Gallup poll, the majority of Americans prefer to work remotely as much as possible — which is good news for the 36.2 million Americans predicted to be working remotely by 2025. (This figure is an 87% percent increase from pre-pandemic levels.) Meanwhile, an article published in the New York Times shows that allowing workers to remain remote benefits both employers and employees in the following ways:
Employees Are More Productive: One Stanford University-led study suggests that remote workers are roughly 13% more productive than traditional office-goers.
Employees Are More Satisfied: An Owl Labs study says remote workers reported being happy in their jobs 22% more than those who report into the office.
Remote Work Helps Retain Talent: The same Owl Labs study also found that those who work remotely are more likely to stay with their employer.
The Savings Are Huge: On average, a business that allows its employees to work remotely can save roughly $11,000 per year per employee. Employees, on the other hand, can save roughly $4,000 per year.
Remote Work and Real Estate
Remote work often gives employees the chance to live wherever they wish. Some cities are taking advantage of this by offering incentives to attract remote workers while others — like North Carolina’s beach towns — are hotter than the mid-afternoon sand in late July. Even those who’ve elected to work remotely part-time can still regularly enjoy extended stays at their beachfront digs. If not, they might look to rent a beachfront from an investor, so demand for beachfront properties is likely to remain strong.
Oak Island, for example, has experienced significant growth. The median listing price in this sandy spot has risen by 45% since this time last year. Does it get any more “on the beach” than this 3 bed, 2 bath beach house listed for $665k?
Real estate tides have been rising in the popular Emerald Isle, too. Median listing prices experienced a 53% bump since last year. With that kind of jump, it’s no surprise that this breezy 3 bed, 3 bath beach house is worth $1.6 million.
Likewise, Carolina Beach, where you can snag this 2 bed, 1 bath beach cottage listed for $425k and just steps from the beach, has experienced a 77% increase in median listing price in a single year period.
Beachfronts Are the Most Popular Vacation Purchase
National Association of REALTORS® data shows that 33% of vacation homebuyers purchased property in a beach area, whereas 21% of buyers purchased on a lake, and only 15% purchased in a rural area.
Of course, purchasing and selling vacation properties comes with its own unique set of challenges, ranging from financing to taxes. If you’re looking to get your feet wet with vacation homes, consider earning your Resort and Second-Home Property Specialist Certification, and sell that sunshine!
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