Wilmington, North Carolina, is a coastal city with a vibrant economy and a growing population. The Wilmington housing market has been strong in recent years, with home prices rising steadily.
According to Movoto, the median list price of homes in Wilmington, NC was $459,640 in August 2023, compared to $465,000 in 2022. This represents a slight decrease in the median list price, but it is important to note that this is still a very strong market.
Homes in Wilmington are selling quickly, with an average time on market of just 42 days. This is a sign of the strong demand for housing in the city.
There are a number of factors driving the Wilmington housing market. One is the city's growing economy. Wilmington is home to a number of growing industries, including tourism, healthcare, and manufacturing. This is attracting new residents to the city, who are looking for homes to buy.
Another factor driving the Wilmington housing market is the city's desirable lifestyle. Wilmington is located on the coast, with beautiful beaches and a mild climate. The city also has a rich history and culture. This makes it a popular destination for retirees, second homeowners, and families.
The Wilmington housing market is expected to remain strong in the coming months and years. The city's economy is growing, and its population is increasing. This is driving demand for housing, which is keeping prices high.
Wilmington Housing Market: Prices and Trends
The Wilmington housing market has been making waves in recent years. With its competitive nature and quick turnaround times, it's essential to stay updated on the latest trends and statistics. In this section, we'll delve into the data by Redin for the Wilmington housing market, examining house prices, trends, and more.
Current Market Snapshot
As of July 2023, the Wilmington housing market continues to be fiercely competitive. Here are some key statistics:
- Average Time on Market: Homes in Wilmington are selling within an average of 13 days, up from 10 days last year.
- Median Sale Price: The median sale price for a home in Wilmington was $414,000 last month, reflecting a 3.6% increase from the previous year.
- Price per Square Foot: The median price per square foot in Wilmington is $235, marking a 4.0% increase from the previous year.
- Number of Homes Sold: In July 2023, 157 homes were sold in Wilmington, down from 202 in the previous year.
Market Competitiveness
Wilmington's housing market is known for its competitiveness. Here's a closer look at the competitive landscape:
- Redfin Compete Score™: Wilmington ranks very high on the Redfin Compete Score™, signifying intense competition in the area.
- Multiple Offers: Many homes in Wilmington receive multiple offers, with some buyers even waiving contingencies to secure their dream homes.
- Pricing: On average, homes in Wilmington sell for about 1% below the list price, often going pending in as little as 9 days.
Comparing Wilmington to Other Locations
How does Wilmington stack up against the national average and nearby cities? Let's take a look:
- Median Sale Price Comparison: Wilmington's median sale price is 7% lower than the national average.
- Cost of Living: The overall cost of living in Wilmington is 4% lower than the national average.
Migration Trends
People are on the move, and Wilmington is a destination of interest. Here's a glimpse of migration trends:
- Inbound Migration: 0.17% of homebuyers are searching to move into Wilmington from outside metros.
- Top Inbound Cities: Washington, New York, and Los Angeles lead as the top cities from which people are relocating to Wilmington.
- Outbound Migration: Some residents are also leaving Wilmington for other destinations, with Raleigh and Charleston being popular choices.
Additional Information
Before making a move, it's crucial to consider other factors:
- Schools: Learn about the schools in the Wilmington area, including their GreatSchools ratings.
- Natural Hazards: Explore information on natural hazards and environmental risks that could impact homes in Wilmington.
- Transportation: Understand the walkability, bikeability, and transit-friendliness of Wilmington.
Wilmington Housing Market Forecast
The Wilmington housing market is always a topic of interest for both residents and potential homebuyers. In this article, we'll delve into the latest insights and forecasts provided by Zillow regarding the housing market in Wilmington, North Carolina.
Current Market Overview
As of August 31, 2023, Zillow reports that the average home value in Wilmington stands at $389,999. This figure represents a significant increase of 6.4% over the past year, showcasing the market's upward trajectory. What's even more intriguing is that homes in Wilmington are going to pending status in an astonishingly short period, taking only around 7 days to secure a buyer. This swift turnaround time underscores the high demand for properties in the area.
Key Market Metrics
Let's take a closer look at some crucial metrics that offer insights into the Wilmington housing market:
- Median Sale to List Ratio (July 31, 2023): The median sale-to-list ratio reflects a balanced market, standing at 1.000 as of July 31, 2023.
- Percent of Sales Over List Price (July 31, 2023): A significant portion of sales, approximately 40.5%, are happening over the list price, indicating strong competition among buyers.
- Percent of Sales Under List Price (July 31, 2023): About 40.1% of sales are occurring under the list price, showcasing some negotiation room for buyers.
- Median Days to Pending (August 31, 2023): With a median of 7 days to pending status, homes in Wilmington are flying off the market, emphasizing the need for swift decision-making.
Wilmington MSA Housing Market Forecast
In addition to the local housing market, it's valuable to consider the broader Wilmington Metropolitan Statistical Area (MSA). According to the forecast, the Wilmington MSA is expected to see notable growth in housing values over the coming months. Starting with a modest 0.5% increase by September 30, 2023, the region is projected to experience substantial growth, with a forecasted increase of 6.7% by August 31, 2024.
Addressing Common Questions
Before concluding, let's address a couple of common questions regarding the Wilmington housing market:
Are Home Prices Dropping in Wilmington, NC?
No, according to Zillow's data, home prices in Wilmington, NC, are not dropping. In fact, they have experienced a significant increase of 6.4% over the past year, indicating a robust and appreciating market.
Is It Expensive to Live in Wilmington, North Carolina?
Wilmington, North Carolina, offers a diverse range of housing options, and the cost of living can vary. While home prices have been on the rise, the overall cost of living in Wilmington is influenced by factors such as housing, transportation, and amenities. It's advisable to consult local experts and consider your personal circumstances when evaluating the affordability of living in Wilmington.
In conclusion, the Wilmington housing market, as forecasted by Zillow, continues to exhibit growth and competitiveness, making it an exciting place for both homeowners and potential buyers.
Should You To Invest in Wilmington Real Estate Market?
Wilmington, North Carolina, is not only a picturesque coastal city but also a burgeoning real estate market with a lot to offer investors. Before delving into the reasons to invest in Wilmington real estate, let's start with an overview of the market:
Wilmington's real estate market has experienced consistent growth in recent years. With its beautiful beaches, vibrant culture, and a strong job market, the city attracts both residents and tourists. This influx of people has driven demand for housing, making Wilmington an attractive destination for real estate investors.
The city offers a diverse range of properties, including single-family homes, condominiums, and rental apartments. The market caters to various investment strategies, from long-term rental properties to short-term vacation rentals, providing flexibility for investors.
Now, let's explore the top reasons to invest in Wilmington real estate and potential drawbacks:
Top Reasons to Invest in Wilmington Real Estate
1. Strong Job Market
Wilmington's job market has been steadily growing, particularly in industries like healthcare, education, and technology. A robust job market can lead to increased demand for rental properties, making it an ideal environment for real estate investors.
2. Coastal Appeal
Wilmington's coastal location, with its beautiful beaches and waterways, attracts tourists and retirees alike. This popularity drives demand for vacation rentals and retirement homes, offering a wide range of investment opportunities.
3. Diverse Property Types
Investors can choose from various property types, including historic homes, waterfront properties, and new developments. This diversity allows investors to tailor their portfolios to their preferences and investment goals.
4. Steady Appreciation
Wilmington has seen consistent appreciation in home values over the years. This can lead to long-term wealth accumulation for real estate investors as property values increase.
5. Thriving Tourism Industry
The city's appeal to tourists means a steady stream of potential renters for vacation properties. Wilmington's rich history, cultural events, and entertainment options contribute to a robust tourism industry.
6. Sizable Student Market
Wilmington boasts a sizable student market due to the presence of esteemed educational institutions like the University of North Carolina Wilmington (UNCW). This student population creates a steady demand for rental properties, especially apartments and student housing, offering a reliable source of rental income for investors.
7. Low NC Property Tax Rate
North Carolina has a reputation for having relatively low property tax rates compared to many other states. This favorable tax environment can enhance the profitability of real estate investments in Wilmington, as lower property taxes mean higher potential returns for investors.
Therefore, investing in Wilmington real estate offers various opportunities, driven by the city's strong job market, coastal appeal, and property diversity. However, potential drawbacks, including competition and maintenance costs, should be carefully considered when formulating an investment strategy. Conducting thorough research and seeking advice from local real estate professionals can help investors make informed decisions in this dynamic market.
Buying an investment property is different from buying an owner-occupied home. Whether you are a beginner or a seasoned pro you probably realize the most important factor that will determine your success as a Real Estate Investor in Wilmington, NC is your ability to find great real estate investments in that area.
According to real estate experts, buying in a market with increasing prices, low interest, and low availability requires a different approach than buying in a cooler market.
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Remember, caveat emptor still applies when buying a property anywhere. The information contained in this article was pulled from third-party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. As a general policy, Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US.
References:
- https://www.movoto.com/wilmington-nc/market-trends/
- https://www.redfin.com/city/29661/MA/Wilmington/housing-market
- https://www.zillow.com/home-values/21320/wilmington-nc/
- https://www.realtor.com/realestateandhomes-search/Wilmington_NC/overview
