Home prices in Wilmington reached a new peak in Q4 2024, with the median price rising to $476,500, up 1.8% from the previous quarter and 6.5% year-over-year, according to the latest data from the National Association of Realtors latest quarterly report.
- Prices have now surged 71% since the start of the pandemic in 2020, as demand continues to outpace supply.
Better Than Most. Wilmington outperformed both national and regional trends, as median home prices rose 4.8% nationally and 2.1% in the South. The Northeast led the country with 10.6% growth in Q4. Despite more modest gains, the South remains one of the most active housing markets.
Affordability. With prices climbing, affordability remains a growing concern. The qualifying income needed to purchase a median-priced home in Wilmington hit $119,562 in Q4, assuming a 20% down payment. However, it remains slightly lower than Q2 2024 when the required income peaked at $122,938.
- Home prices are now up 153% from Q2 2020 when homebuyers needed just $47,291.
- Nationally, the average monthly mortgage payment for a typical single-family home stood at $2,124, down 1.7% year-over-year but still elevated as interest rates hovered near 7%.
What They’re Saying. “Record-high home prices and housing wealth gains are good news for property owners,” said NAR Chief Economist Lawrence Yun. “However, renters looking to transition into homeownership face significant hurdles.”
Bottom line: Homeowners continue to see strong equity gains, but for those looking to enter the market, affordability remains a major barrier.
