Should You Buy or Sell Your Property in Wilmington North Carolina?
- Real Estate
- March 20, 2023
- No Comment
Suppose you entertain moving to Northern Carolina shortly. The Tar Heel State features remarkable things to explore, such as historical monuments and artifacts, drop-dead gorgeous beaches, and delicious cuisine. Your first obvious choice could be Raleigh, the state capital. Yet, let’s convince you that there’s a better alternative with more reasonably-priced homes, lower cost of living, and just as booming a job market as Raleigh’s. Of course, we’re talking about Wilmington or Wilmywood!
Wilmington, the famous “Port City” in southeastern North Carolina, is a thriving mid-sized American city with a great future ahead of it. Relocating here will prove a formidable choice as living in the city of Wilmington NC will bring you and your family countless perks on the silver plate.
Where should you turn to for reliable housing intel in Wilmington, NC?
Today’s article will reveal every single detail about Wilmington’s real estate market. Thus, you can bring an educated decision about whether buying or selling property in Wilmington is a good idea.
In our investigation, licensed and expert local realtors in Wilmington NC, lent us a helping hand with insights and reliable information.
One thing is sure; Wilmington’s population has continuously been growing since its foundation (the 1730s.) By 2022, it reached about 118,000, unmistakable evidence of the uninterrupted faith locals and newcomers have given to this beautiful city.
How did Wilmington’s real estate prices change in the last few years?
Housing market trends in Wilmington reflect the local economy’s current stand. Looking back to late 2019 and early 2020, it becomes evident that buying a property in Wilmington, NC, was a terrific idea then. On average, a Wilmington home cost around $235,000 in December 2019. Then, the pandemic happened, and people discovered a viable relocation option in Wilmington. Why? Because its property prices were reasonable. Yet, as the demand for Wilmington homes increased, so did their prices.
With a few minor sagging, the Wilmington real estate market produced costs similar to major cities in the area, such as Raleigh, Jacksonville, or Belville. Property prices peaked in October 2022 with a record-breaking median home sale price of $420,000. However, from October onward, home costs have been declining again.
What is the present average Wilmington, NC, real estate price?
According to the latest stats, the median real estate sale price in Wilmington, North Carolina, was $355,000 as of December 2022. Home prices have increased by about 1.5 percent since 2021.
Let’s talk concrete numbers, shall we? Suppose you wish to buy an apartment in downtown Wilmington. Then, prepare to pay about $2,530 per square meter. On the other hand, the price changes to $2,070 per square meter outside Wilmington’s city center.
How do Wilmington’s property prices compare to the US average?
Presently, real estate for sale in Wilmington costs about 43 percent more than the average North Carolina property. At the same time, Wilmington homes are considerably more affordable than the median national home sale price, which was about $392,000, according to Statista.
What should real estate sellers and buyers pay attention to in Wilmington, North Carolina?
Specialists pointed out that the Wilmington housing market was very competitive at the end of 2022 and early 2023. In other words, it’s a seller’s market. This translates to fewer homes listed on the market, quick sales, and multiple offers. Besides, those who can afford to pay upfront in cash get the key to the house.
The situation is similar in Wilmington. Homes for sale receive multiple offers. Moreover, some buyers even choose not to include specific contingencies to make a stronger case. No wonder properties in Wilmington sell fast, meaning twelve days on average instead of 55 days in 2021. Interestingly, few homes sell for the list price but about two percent below it.
Suppose you own a hot home in a safe, thriving neighborhood or downtown. In that case, you have every chance to sell it at your chosen price, taking into account the relevant real estate comps. Besides, you will likely sell your hot asset super fast, in four days, on average.
How are homes for rent priced in Wilmington?
Suppose you wish to rent a property in Wilmington instead of buying one. Then, you must know that, on average, a one-bedroom apartment in downtown Wilmington costs around $1,430. The same-sized apartment outside the city center costs about $100 less, around $1,310.
Secondly, a three-bedroom apartment in Wilminogtn’s renowned historic city center will cost you approximately $2,650. Then, suppose you wish to rent a family-sized apartment with three bedrooms in the more peaceful suburbs. Then, prepare to pay the $1,770 rent.
Rentals in Wilmington are pricier than the North Carolina average by about seven percent.
Which are the best neighborhoods in Wilmington, North Carolina, to buy real estate?
Let’s explore which Wilmington neighborhoods are family-friendly and safe, featuring good schools.
Wilmington North Chase
North Chase, Wilmington, is considered one of the most unique districts in the city. Most homes were built around the 1950s. Several assets have superb amenities, including basketball courts, pools, and picnic and playground areas. Besides, its universal appeal is given by expertly-handled standard area maintenance. Moreover, North Chase has another ace on its sleeve: the excellent Emsley A. Laney High School!
Wilmington Carriage Hills
Carriage Hills is closer to downtown Wilmington, in the so-called midtown region. From a “strategical” perspective, Carriage Hills is a trendy moving destination because the central area and the shopping center, The Pointe, are only a couple of blocks away. And you still get to enjoy the suburban vibes. The neighborhood was built in the mid-1990s. Most households come with modern and gorgeous landscaping.
Wilmington Quail Woods
Quail Woods (in northern Wilmington) was established in the late 80s. Stylish and imaginative describe its architectural style more accurately. Thus, you won’t find neighboring homes built the same way. Unfortunately, you don’t find amenities because the HOA is absent. The family-friendly offers affordable properties and excellent schools.
Suppose you were wondering whether the real estate market in Wilmington is a pop or drop. Then we can confirm that it has proved to be a huge hit! Though property prices are moderately higher than in the other parts of the state, house hunters and homebuyers find plenty of reasons to move to Wilmington, North Carolina.
Still, there’s no reason to worry, as prices have gone down since October 2022. For this reason, we recommend you buy and invest in Wilmington real estate instead of selling.
Let’s take a concrete example to convince you. If you had purchased a home in Wilmington around early 2020, your return on investment would be approximately $120,000! So believe us when we predict that Wilmington has a bright future real estate-wise and from an economic perspective too!