Home prices in Wilmington reached a new peak in the third quarter of 2024 as affordability remained near all-time lows, according to the latest quarterly report from the National Association of Realtors.
- The median single-family existing-home price rose to $468,100, up just 0.1% from the previous quarter and up 2.5% from the same period last year.
- Wilmington joined 195 other top metro areas experiencing price growth in the third quarter, making up 87% of the 226 largest U.S. housing markets tracked.
The South: While the South continues to lead the nation in existing home sales, capturing 45.1% of the single-family market share, Wilmington stood out by outpacing the region’s modest 0.8% year-over-year appreciation rate.
Affordability: For those looking to enter the Wilmington market, however, affordability remains a growing concern. To buy a median-priced home in the area, buyers now need an income of $115,779, assuming a 20% down payment.
- While this qualifying income requirement has eased slightly from last quarter’s record high of $122,938, it still represents a 143% increase from the second quarter of 2020, when homebuyers needed an income of only $47,291.
- Since the pandemic’s onset in 2020, Wilmington’s housing market has shown remarkable resilience, with prices surging by 71% over the past four years.
What They’re Saying: “A typical homeowner accumulated $147,000 in housing wealth in the last five years,” said Lawrence Yun, Chief Economist at the National Association of Realtors (NAR). Despite concerns over rapid price increases, Yun noted that the likelihood of a market crash remains minimal, given historically low levels of distressed property sales and mortgage defaults.
Bottom Line: Home price growth in Wilmington is slowing, and a dip in prices may be on the horizon as high-interest rates continue to dampen affordability. However, barring substantial drops in home prices or significant income growth, the path to affordable housing levels seen before the pandemic remains out of reach for many buyers in Wilmington.
