Wilmington’s housing market is showing signs of moderation as home price growth slowed notably in the first quarter of 2025, according to new data released by the National Association of Realtors.
- The median home price in the Wilmington metro area rose 2.0% from a year earlier to $463,000, marking the smallest annual increase in the last four quarters and the lowest quarter since the pandemic.
- That figure represents a 2.8% decline from the all-time high of $476,500 set in the fourth quarter of 2024, signaling that prices may have peaked for now.
Affordability saw modest improvement, though it remains far from pre-pandemic levels. The income needed to purchase a median-priced home with a 20% down payment fell slightly to $118,200 in the first quarter, down from $119,562 in the fourth quarter of 2024.
- That’s up 2.8% from the same time last year and more than double the $49,184 income required back in late 2019.
- Buyers putting just 5% down now need to earn $140,362 annually to afford a typical home in Wilmington.
National Markets Rising: Wilmington’s growth mirrors a broader national trend. Of the 228 metro areas tracked by NAR, 83% saw home price increases in the first quarter, down from 89% in the fourth quarter of last year.
- That’s the lowest share of metro areas with year-over-year gains since the third quarter of 2023.
What They’re Saying: “Most metro markets continue to set new record highs for home prices,” said Lawrence Yun, NAR’s Chief Economist. He added that even in markets where prices are softening, it’s not driven by distress. “Homeowners are not selling in a distressed situation but still selling with a profit,” Yun said. He emphasized that strong job growth and continued migration into the Sunbelt and the South suggest any dip in prices is likely to be short-lived.
Bottom Line: Wilmington’s housing market remains strong, but it is clear the home price appreciation is seeing a major slowdown, which would bea welcome sign to home buyers as affordability remains near all-time highs.
