7 Facts about the Wilmington NC Real Estate Market

NumbersIf you like numbers, hopefully you’ll like this quick view of the local market here in Wilmington, NC.  Because of the way our town functions and “lives” I use all of New Hanover County.

  • 3.01% appreciation year to date.  At midyear 2013, appreciation was at 6.95% so it has slowed drastically.  CLICK HERE to see the midyear market update.
  • 28% increase in 30 year mortgage interest rates since January 2013
  • 7.2 is the number of months it would take to sell all the single family homes, condos and townhomes currently available in New Hanover County if no more came on the market.  This is called the inventory level and 7.2 months is approaching a pretty balanced market, for the first time in 7 years.
  • $13,000 was the sales price of the least expensive home in Wilmington so far this year.
  • 312 square feet, the smallest property sold in Wilmington so far this year.  A condo at Waterway Lodge on Wrightsville Beach (CLICK HERE to read more about that area).  It sold for a whopping $272/SF or $85,000.
  • $257,103 is the average sales price year to date.
  • $192,000 is the median sales price year to date.

Essentially this shows me that the market is stabilizing and that prices are rising at a steady, sustainable rate.  It’s a great time to buy into this market as it appears that prices should continue to rise and interest rates, despite rising some, remain at historic lows.

Thanks for visiting and please keep coming back for more information!