Wilmington’s housing market experienced its second price drop in the last decade, according to the latest FHFA Home Price Index.
- Q-O-Q: home prices in the city fell to 418.18 in the second quarter, marking a 0.09% decrease from the previous quarter.mmThis is the first decline in prices since the end of 2022 and only the second drop since 2013.
- Y-O-Y: Despite this quarterly dip, home prices in Wilmington remain 4.1% higher compared to the same time last year.
Still Rising: North Carolina reported a 2.3% rise from the first quarter which helped push prices up 5.8% year-over-year. Nationally, home prices increased 5.7% over the last year and saw a 0.9% gain from Q1 2024.
What They’re Saying: Dr. Anju Vajja, Deputy Director for FHFA’s Division of Research and Statistics, commented on the national slowdown in home price growth: “U.S. house prices saw the third consecutive slowdown in quarterly growth…The slower pace of appreciation as of June end was likely due to higher inventory of homes for sale and elevated mortgage rates.”
The Bottom Line: After years of steady growth, Wilmington’s housing market is showing signs of moderation. As mortgage rates remain high and inventory grows, home prices in the city could continue to stabilize, reflecting broader national trends.
