Housing inventory in Wilmington climbed to 1,363 active listings in November, up from 1,320 in October and the the highest level since June 2020, according to the latest data from Realtor.com.
Demand Falls: The rise in inventory reflects weaker buyer demand, as median days on market increased to 64 days, up from 60 in October and the longest since January.
- Interestingly, the increase wasn’t driven by new listings, which fell to 508, making November the second-lowest month for new listings this year.
Home Prices: The median listing price in Wilmington dropped to $535,800, the lowest level since January and the fourth consecutive monthly decline,
- NOTE: Prices are still up 7.2% when compared to one year ago.
Hotness: Despite the market cooling, Wilmington’s “Hotness Ranking,” which measures market activity relative to other U.S. cities, improved to 158 in November, up from 172 the prior month—suggesting that relative to other markets, Wilmington remains resilient.
- Wilmington’s rise is probably more a reflection of a bigger slowdown in comparable markets than a sign Wilmington’s market is heating up.
Bottom Line: With rising inventory, slightly declining prices, and falling mortgage rates, the current market offers an opening for buyers willing to take advantage of these conditions.
