Wilmington’s housing market saw home prices continue to climb in October however the market is showing signs of cooling as it enters the traditionally slower winter season, according to the latest data from Redfin, a national real estate brokerage.
- The median sales price reaching $480,000 which marks a 6.1% increase compared to the same time last year and a 1.1% gain from September.
- The median sales price is down 3.4% from the all-time high of $497,000 in August but remains elevated compared to last year’s levels.
Slowing Numbers: The number of homes sold in October dipped to 155, down from 158 in September, marking the lowest monthly total since June. Homes also spent an average of 36 days on the market, up slightly from 35 days in September and the longest timeframe since February.
- Only 14.8% of homes sold above list price, the lowest level since February, and the sales-to-list price ratio dropped to 97.9%, its weakest performance since March.
DC-NC: Wilmington continues to attract new residents, particularly from major metropolitan areas. Washington, D.C. led the pack with a net inflow of 236 people, followed by New York (+171) and Raleigh (+135).
- Outflows from Wilmington remain modest and the people leaving aren’t going far. Myrtle Beach took the top spot with a negative outflow of 29 followed by Jacksonville (+18), and Boone (+13).
Bottom Line: Wilmington’s real estate market continues to perform well compared to much of the country, driven by steady demand from in-migration. However, seasonal trends are having an impact, pointing to a quieter winter ahead for both buyers and sellers.
