Wilmington’s housing market remains somewhat strong despite home sales falling and houses sitting for longer, according to the latest data from Redfin
- The median sales price rose to $415,000 in February, up 2.9% from the same time last year.
- Price drops were basically unchanged at 25% in February which is the third lowest level in the last twelve months.
Down Sales: Homes sold fell to 121 in February, down 11.7% from the same time last year and was the worst month since January 2023.
- Median days on market fell to 35 in February, down 15 days from the same time last year.
- NOTE: Despite the big drop year-over-year, 35 days on market was the second highest level in the last twelve months.
Inventory: Inventory levels rose to 1,274 in February, up 6.4% from the prior month but still the third lowest level in the last nine months.
- The rise in inventory was thanks to a big jump in new listings, with 668 new homes on the market in February, up 16.7% from the same time last year and the most new listings since July 2022.
- Months supply rose slightly to 3.5, up from 3.2 in January and the third highest level in the last four years.
Migration: Washington D.C. continues to hold on to the top spot with regards to migration flows with 266 in February. Raleigh was second with 174 net inflows and Raligh was third with 148.
- On the flip side, Asheville lead the way with 10 net outflows followed closely by Harrisburg, PA (9) and Jacksonville, NC, which was not far behind with 8 in February.
Bottom Line: The drop in mortgage rates didn’t happen till the end of February so for us to know the impact of lower rates probably won’t show up till March’s data assuming rates stay lower.
