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Wilmington Real Estate Market Heating

Submitted by Wilmington Regional Association of Realtors® - According to MLS data from the Wilmington Regional Association of Realtors® (WRAR), local home sales within the Wilmington metro area are trending up. Both the median and average prices are also rising while the number of days that a home remains on the market is declining. These are all encouraging signs for real estate consumers looking to invest in homeownership.
 Other recent reports have painted the Wilmington market as one of the “worst in the country” over the last several months. One such report suggested that Wilmington was “lagging the real estate recovery” while at the same time citing “that Wilmington has had an above average decline in housing foreclosures and a lower than average number of mortgages considered to be underwater.”
Traditionally, southeastern North Carolina has a higher than normal percentage of vacation and secondary homes. Tough choices throughout the economic downturn most certainly led many owners of those types of homes to make tough financial choices and yet the Wilmington area is still showing a decline in foreclosures. Local sources have reported the housing market as the primary reason the region is attracting new businesses.
“While the Wilmington housing market overall is trending up, we acknowledge that challenges towards a full recovery still exist; however, we believe that characterizing our housing market in such a negative light is short sighted and inaccurate,” says current WRAR President, R. J. Alex with Century® 21 Sweyer and Associates. “Our market is steadily improving and a constant factor fueling economic growth. Part of the recovery process is working through our foreclosure inventory.”
Local MLS data suggests that the primary residential market is on pace to reach year-end levels not seen since 2002-2003. It’s important to note that local MLS data is the most accurate source of sales and price information in specific areas, although there may be differences in reporting methodology.
For individual market analyses within the Wilmington metro area, please contact