Wilmington’s real estate market saw an increase in both active listings and demand in July, signaling a robust and competitive environment for buyers and sellers alike, according to the latest data from Realtors.com
Active Listings: The number of active listings in Wilmington rose to 1,223 in July, up from 1,187 in June. This marks the highest inventory level since August 2020 and represents a 54% increase from the same period last year.
- Despite active listings rising, new listings in Wilmington fell to 542 in July, marking a 7.2% decrease from June and a 7.8% decrease from July 2023. This decline in new listings is the smallest increase since February, when new listings were also 542.
Days On Market: Properties in Wilmington spent an average of 52 days on the market in July, up from 49 days in June and 45 days one year ago.
- Although this is an increase, it is a significant improvement from the peak of 73 days seen in January of this year.
Prices Rise: The median listing price in Wilmington rose to $576,565 in July, a 1.2% increase from June and a 5.0% increase from one year ago. This price rise indicates a growing demand and competition among buyers in the market.
That’s Hot: Wilmington’s market hotness ranking improved for the third consecutive month, reaching 145 in July, up from 153 in June. This is the hottest ranking all year, driven by an increase in demand for the fourth straight month.
- The demand level is now at its highest since August 2023, contributing to the market’s overall heat.
- Despite the increase in demand, the supply ranking fell to the second lowest level in the past year, indicating that the available inventory is not keeping pace with the growing buyer interest.
Bottom Line: Wilmington’s real estate market is experiencing a dynamic shift, with rising active listings and demand pushing the market to new levels of competitiveness. The increase in median listing prices and the improvement in the market hotness ranking underscore the strong demand from buyers, even as new listings decline. This trend suggests a vibrant and active market, making Wilmington an attractive location for both buyers and sellers in the current real estate climate.
