Categorized | Residential

Wilmington Residential Real Estate Market Grows Ten Percent

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After what has been a tumultuous year in the residential real estate market of Wilmington, the North Carolina city is finally showing some signs of improvement. In the most recent housing sales reports, the city and its surrounding suburbs had a roughly ten percent increase in the number of sales when compared to one year earlier.

Despite the increase, many analysts believe that the positive numbers may not necessarily indicate that the trend of growth will continue. In fact, they are quick to point out that Wilmington is still playing catch-up to the majority of cities around the United States. The city has consistently been near the bottom when it comes to home sales.

There is good reason for hope, however, in the city. Many new, and previously vacated developments are seeing new construction. With increased sales, the overall number of listings, or supply of homes on the market, has dwindled. In general, as supply gets smaller, it tends to meet the overall demand and plays a strong role in increasing median pricing.

The prices continue to fall, though many expect that to change as the level of supply continues to decrease. The median price on homes has dropped roughly eleven thousand dollars.

The general consensus among experts within the Wilmington real estate market is that the housing market may have finally bottomed out, or hit its worst point, and now is starting to begin its upward recovery. They believe that it may be until January until one can really claim the increase in sales to be a trend within the city and its surrounding parts.

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About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

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