Unveiling the Real Estate Landscape: Wilmington, NC Market Insights

U.S. existing-home sales improved for the second month in a row, jumping 9.5% to a seasonally adjusted annual rate of 4.38 million units, exceeding economists’ expectations and marking the largest monthly gain in a year, according to the National Association of REALTORS®(NAR). The rebound in home sales comes amid fluctuating mortgage rates and elevated sales prices, indicating there is plenty of buyer demand heading into the spring selling season.

New Listings decreased 29.6 percent for Single Family homes and 21.6 percent for Townhouse/Condo homes. Pending Sales decreased 30.3 percent for Single Family homes and 26.8 percent for Townhouse/Condo homes. Inventory increased 6.0 percent for Single Family homes and 30.7 percent for Townhouse/Condo homes.

Median Sales Price decreased 6.0 percent to $395,000 for Single Family homes and 1.5 percent to $349,545 for Townhouse/Condo homes. Days on Market increased 15.7 percent for Single Family homes and 36.4 percent for Townhouse/Condo homes. Months Supply of Inventory increased 31.8 percent for Single Family homes and 71.4 percent for Townhouse/Condo homes.

The recent surge in home sales was likely due to a dip in mortgage rates in December and an increase in housing supply nationwide. According to NAR, total inventory grew 5.9% month-over-month and 10.3% year-overyear to 1.07 million units, for a 2.9 months’ supply at the current sales pace. Buyer demand remains robust, and the limited supply of inventory helped push the median existing-home sales price up 5.7% year-over-year to $384,500, the eighth consecutive month of annual price increases.

Connect with Andy Richardson and RE/MAX Essential

As trusted REALTORS® with over 20 years of experience in the Wilmington area, Andy Richardson and his team at RE/MAX Essential are here to guide you through every step of your real estate journey. With a deep understanding of local market trends, personalized service, and a commitment to client success, they'll help you achieve your goals with confidence and peace of mind.

Post a Comment