WELCOME TO THE WILMINGTON 2023 MID-YEAR REPORT.
The southeastern North Carolina housing market has continued to break records for the first two quarters of 2023. Record low inventory—coupled with robust population and income growth—have resulted in continued increases in sales price compared to the first half of 2022.
This is the first time in history the median sales price of single family homes has breached the $400k mark. Despite the dramatic increase in interest rates over the past year, many homes are still receiving multiple offers and are going under contract over the asking price within the first few days on the market. With the low number of resale homes, new construction has become the major driver for transactions for the first time since the 2006 financial crisis, but is still lagging behind demand. The largest increase in sales price is in the luxury home market, specifically for waterfront homes along the area’s beaches.
