324 Embassy Cir, Wilmington 28412: $435,500 Sale at $194/Sq Ft Sets Mid-Market Benchmark

Property Summary

324 Embassy Cir in the Echo Farms subdivision of south Wilmington closed on March 23, 2026, at $435,500 — or $194/sq ft — after just 21 days on market. The sale provides a clean data point for the 28412 zip code's mid-market segment, where a 4-bed / 2.5-bath home on a 0.38-acre pond-front lot transacted well below per-square-foot norms in Wilmington's trendier zip codes like 28401 and 28403.

With Redfin reporting 135 Wilmington sales in the past month, this transaction signals continued absorption in a high-volume, less headline-grabbing corner of the market — exactly the type of deal that middle-market investors and buyer agents should be benchmarking against.

Fast Facts

• Address: 324 Embassy Cir, Wilmington, NC 28412
• Sale Price: $435,500
• Beds / Baths: 4 bed / 2.5 bath (2 full, 1 half)
• Square Footage: 2,250 sq ft
• Lot Size: 0.38 acres (pond-front, cul-de-sac)
• Year Built: 1975
• Price Per Sq Ft: ~$194
• Days on Market: 21
• HOA: None
• Tax Assessed Value: $361,600 (annual taxes ~$2,128)
• MLS#: 100554538

What Stands Out

• No HOA fees. Echo Farms carries no homeowners association, which removes a recurring cost line that typically runs $100–$375/month in comparable south Wilmington subdivisions. For investors modeling cash flow, that's a material delta.
• $194/sq ft undercuts comparable zips. The sale price sits meaningfully below per-square-foot pricing in 28401 and 28403, where recent median sale prices have landed at $245–$252/sq ft. The discount reflects age and location, but the spread is notable.
• 21 DOM in a 135-sale month. Three weeks to contract in a market absorbing 135 closed sales per month suggests adequate but not frenzied demand at this price point. The property moved — it didn't sprint.
• Renovation work completed. Listing details reference quartz countertops and new appliances, indicating recent capital investment by the seller. The scope of additional renovations (roof, HVAC, plumbing) is not confirmed in public listing details.
• Pond-front lot on cul-de-sac. The 0.38-acre lot with pond frontage and wood fencing provides a privacy and lot-size advantage over newer subdivisions in the zip, where smaller lots are more common.
• Tax assessment gap. The $361,600 assessed value sits 17% below the sale price. Buyers should anticipate a reassessment cycle that could push annual taxes above the current ~$2,128.

Pricing Lens

At $194/sq ft, this sale sits at the lower end of what 2,000–2,500 sq ft homes command in south Wilmington. The 1975 build year is the primary drag — newer inventory in the zip generally commands a premium. The property relisted after closing at an asking price of approximately $450,000 (~$200/sq ft), representing a 3.3% markup over the March sale. Zillow's automated estimate of $435,200 (range $413,000–$457,000) closely tracks the closed price, suggesting the relisting tests the upper bound of current market tolerance.

Direct comps within Echo Farms were not available in public listing data at the time of this analysis. The table below contextualizes the sale against the only verified benchmark:

Key takeaway: Any buyer at $450,000 is paying a $14,500 premium over a sale that closed fewer than 30 days prior. Without material improvements in that window, the markup is a negotiation lever.

Neighborhood & Market Context

Echo Farms sits in the 28412 zip code in south Wilmington, historically anchored by the former Echo Farms Golf and Country Club, which opened in 1974 and closed in fall 2017 after a lawsuit settlement cleared the way for redevelopment. The area benefits from proximity to Carolina Beach Road and Independence Boulevard corridors, providing access to the growing commercial and medical infrastructure along South 17th Street.

The 28412 zip is one of Wilmington's highest-volume transaction zones. It skews toward established subdivisions with 1970s–1990s housing stock, which keeps per-square-foot pricing lower than downtown (28401) and midtown (28403) markets. For investors targeting buy-and-hold or value-add repositioning, this is where the math often works — lower entry cost, no HOA drag, and stable renter demand driven by proximity to UNCW and New Hanover Regional Medical Center.

Risks & Watch-Outs

• 1975 construction. A 51-year-old home carries elevated risk on major systems: roof, HVAC, plumbing, and electrical. Listing details reference forced air electric heat and central AC but do not confirm ages or recent replacements beyond kitchen upgrades.
• Flood zone status unconfirmed. The property is pond-front on a 0.38-acre lot. No flood zone designation was found in public listing data. Flood insurance costs could materially change the carrying cost equation.
• Slab foundation. The listing confirms a slab foundation, which limits remediation options if plumbing issues arise beneath the slab — a known concern in coastal NC homes of this vintage.
• Tax reassessment exposure. The $73,900 gap between the assessed value ($361,600) and the sale price ($435,500) signals likely upward reassessment. Model taxes at $2,500–$2,800 to be conservative.
• Quick relist premium. The property relisted at approximately $450,000 shortly after the $435,500 close. Buyers should scrutinize whether any value was added between transactions.

Before You Buy

• Confirm FEMA flood zone designation and obtain a flood insurance quote before underwriting
• Request age and condition reports for roof, HVAC system, water heater, and electrical panel
• Verify scope of recent renovations — listing mentions quartz counters and new appliances, but full renovation scope is not detailed publicly
• Pull New Hanover County tax records to understand reassessment timeline and projected tax liability
• Confirm slab foundation condition via structural inspection, especially given pond proximity and age
• If relisting markup is the play, verify what, if any, capital improvements were made between the March 2026 sale and the current listing
• Run rental comps for 4-bed homes in 28412 to model LTR yield at a $450,000 basis