All About Wilmington Real Estate
Wilmington North Carolina is a port city that benefits greatly from beach access. It’s the main source for the entire state receiving goods by ocean trade. This city’s economic outlook is in good standing and supports a very healthy housing market.
The average home price in Wilmington according to realtor.com is approximately $389,651. With that being said the region’s home values are 61.9 percent higher than the subsequent sold prices. The average sold home price is around $240,720. With such a big difference in values of homes and what homes are actually selling for Wilmington is a very strong buyers market. The amount of homes available well exceeds the current demand. Buyers in this market have the advantage over the sellers due to the amount of homes on the market, with homes selling at lower prices. Information from Zillow says that homes and the Wilmington real estate market have appreciated by as much as 2.8 percent in this last year.
Wilmington’s appreciation rate is however less than half of the national average this last quarter. Experts expect in the coming year the current trend will continue with positive price growth. In the next 12 months experts do expect the homes in the Wilmington real estate market to appreciate a modest 2.1 percent.
Wilmington Real Estate Market
Wilmington real estate is only a part of the 3,396,382 homes and 84,666 homes on the market in North Carolina. As a result on average the home prices and average home value of Wilmington also influence the average home price ($206,862) and the average sale price ($222,875) for the entire state of North Carolina. With that being said homes in Wilmington brings up the average value considerably for North Carolina’s real estate.
Leasing a Home in Wilmington
If renting in Wilmington interests you Wilmington has a very competitive renters market. Rental properties are in high demand and currently availability is low. Rent prices have not changed much over the past few months. This is 8 percent lower than the county average of $1,324 the same as the state’s average of $1,218. Those that do decide to rent should expect to pay around $1,228 per month for their rental property.
Foreclosures in Wilmington
According to RealtyTrac, Wilmington’s real estate market has somewhere around 275 homes in some state of foreclosure. The majority of these properties are either in default, bank-owned or up for auction. Those who are interested in Wilmington real estate investing should consider these homes as an opportunity to get a great deal. Foreclosed properties in the Wilmington area have increased by about 27 percent in the past few months. Over the course of the past 12 months foreclosures have a surprisingly increased by 833 percent.
Most of the foreclosure properties in the city are in a pre-foreclosure state. Meaning homeowners have fallen behind on payments and they are at risk of falling into foreclosure. Nevertheless financially strapped homeowners may serve as a source of deals for potential buyers thinking about investing and Wilmington’s real estate market. In addition to availability investors will likely be more interested in the discount each of these properties offer. Distressed properties in the Wilmington market are approximately discounted 11 percent or just over $17,000 per property.
Growth in Wilmington
Wilmington continues to increase in business development. According to Nerdwallet Wilmington has recently been ranked as the second best place to start a business in the country. Truly it is not hard to see why, Wilmington has a population that is growing, they also have a very strong tourism industry, and it is within close proximity to the beach. Even more impressing the city has nearly 15 unique business is for every 100 people.
Job growth is expected off of local businesses and should see an impressive increase in the coming years. As a very popular port city Wilmington could see benefits from the aerospace push expected to hit Charlotte. Several aerospace companies have shown interest in the region which should contribute to an already strong job market.
Wilmington’s unemployment rate currently sits at 4.7 percent which is significantly less than the state (5.5%) and national average (5.3%).
With more jobs expected to come to the area the population has increased by about 2 percent from last year. Many of the people in the Wilmington housing market are college graduates and the majority are married. Many of the residents are property owners and are between the ages of 20-29. The cost of living is however higher than the rest of the state. At around $59,200 living costs are 14.5 percent higher in Wilmington than the rest of the state.
The Wilmington real estate market has made tremendous strides since the worse part of the recession. Housing prices have shown sustainable growth and the job market looks to be able to handle the growing population. There is very little to suggest that Wilmington won’t prosper in the coming years. Wilmington’s future looks promising.