Home prices in Wilmington fell in August as inventory rose to the highest level in four years, according to the monthly data from Realtor.com
- M-O-M: The median listing price for homes in Wilmington fell to $549,900 in August, down 1.8% from July, marking the third consecutive month of declines.
- Y-O-Y: Prices are now 4.8% below the May peak of $577,500 but remain 4.7% higher than a year ago.
Inventory: Active listings surged for the fifth month in a row, reaching 1,235 in August, a 4.0% increase from July and the highest level since August 2020. Another sign the market is cooling is the fact that homes are staying on the market longer. The median days on the market rose to 60 days in August, up from 54 days in July and the highest figure since February.
Hotness Cooling: Wilmington’s hotness ranking, which measures how fast homes sell relative to other markets, slipped to 157 in August, down from 145 in July and the highest ranking since April, reflecting a softer demand environment.
The bottom Line: While home prices in Wilmington remain elevated compared to last year, the combination of rising inventory and longer listing times signals a market that is gradually shifting in favor of buyers. Keep an eye on how these trends evolve heading into the fall.