Wilmington’s Housing Market Heats Up Slightly in May

The median home price in Wilmington rose to $554,450, reflecting a 2.6% increase from April and a 0.8% rise year-over-year. Interestingly, this uptick accompanies a significant swell in housing inventory, according to the latest data from Realtor.com

Inventory Climbs: Active home listings in Wilmington jumped to 1,045 in May, marking a 5.9% increase from April and an impressive 57% surge from the same time last year. The boost in inventory is largely attributed to a 7.2% hike in new listings this month, totaling 592—a 11.3% increase compared to last year.

Heating up: Despite more homes on the market, the local real estate scene, thanks to an increase in demand, saw a slight heating up in May. The “hotness” rating of Wilmington’s market has ascended to 157, improving 13 spots from April. However, the market is still significantly cooler than last year’s top 100 ranking of 97, indicating a cooling trend despite rising prices.

Bottom Line: The rise in both home prices and inventory suggests that while more sellers are entering the market, demand remains robust enough to drive up prices. However, the increased supply is beginning to temper the market’s heat, offering a more balanced dynamic between buyers and sellers.