Wilmington North Carolina Real Estate
The Wilmington, NC area has earned a reputation as an interesting place to live, and you can find a wide range of rental options in the city of Wilmington and its suburbs. Wilmington has dozens of new and existing retirement communities, and a large number of affordable housing options recently ranked 17th in the healthiest housing market by Builder's Magazine 2010.
The Wilmington, NC apartment market is a buyers "market, meaning there are a large number of buyers interested in a home in the city of Wilmington and its suburbs. That surge in activity was fueled by a sustained surge in home sales in Wilmington. A home on the Wilmington housing market is on the market for about 22 days and sells for about 1% of the list price.
The average selling price of a home in Wilmington is $578, an increase of $488 last year, according to the latest data from the National Association of Realtors (NAR).
While Wilmington's ROI has increased, several factors are contributing to rents being higher than you would expect given average wages and property values. One of the main reasons for the high rent increases in Wilmington is the significantly lower overall tax rate.
As a result, this has led to an influx of people moving to North Carolina, and that means paying a lower property tax rate. This means that as an individual, you will have to pay lower taxes on your Wilmington investment property than you would if you were to pay them in another state.
This has created a steady demand for Wilmington properties, whether you rent an apartment or a single-family home. If the supply of housing meets demand - affordable housing remains affordable - property investors will miss out.
Intracoastal Realty will work with you to help you find a Wilmington home that meets your needs. If you are looking for a child - a house, a beach, real estate or a stately historic property overlooking the Cape Fear River, please contact us.
Over the past three decades, we have listed and sold more than 2,000 homes in Wilmington, North Carolina, and over 1,500 properties in the city of Wilmington. Some of these historic homes near downtown Wilmington are home to William Wright, one of the most famous and influential architects of our time.
The median rent in Wilmington is $153, below the Wilmington Metro average of $154, but Wilmington also has the highest property valuation rate of any North Carolina city in the past five years. The median price for a one-bedroom house in the city of Wilmington was $1,450 in 2015, compared with $2,500 in 2014 and $3,000 in 2013. Dry Pond Lake Forest is the most affordable area with median list prices ranging from $124 to $3,000. Here are the top 10 neighborhoods that can invest in real estate in and around Wilmington, as they have high rates of property appreciation.
According to a real estate company called Neigborhoodscout.com, the median house price in Wilmington, NC, was $272,583 in 2015, suggesting that home prices in Wilmington are above the national average for the city and the city. Compared to North Carolina, the data show Wilmington's recent annual rate of appreciation is 3.5%, higher than the national average of 2.4%.
According to Zillow.com, the percentage of delinquent mortgages in Wilmington is 0.9%, which is among the lowest in the United States. According to RealtyTrac, there are 111 properties in Delaware County, NC owned by the bank, while the number of properties for sale on RealtorTrAC is 68. In April 2019, it will be the third highest in North Carolina, behind Charlotte and Raleigh. In April 2019, there were 1,932 foreclosure filings and an average delinquency rate of 3.5%, with the average delinquency rate for Wilmington NC ranging from 0% to 9.0%.
In April 2019, Realtor.com listed 2,551 apartments for sale, ranging from $19.9 million to $9 million. According to Zillow, the average home price in Delaware County, NC, was $262.5 million in April 2018, higher than the previous month.
Whether you are a home buyer or a property investor, the vacancy rate of apartments is one of the useful measures to consider. Unchecked, vacant Wilmington homes and apartments can act as a brake on the real estate market and slow down prices for Wilmington properties, which can only reach levels when the vacant apartments are absorbed and occupied by the market. That makes Wilmington's housing market more expensive than most other cities in the state and makes it an attractive destination for investors.
You can also use our map view to find home and apartment sales based on amenities in Wilmington, NC that you want nearby. So if you're looking for an overview of the area, there's a lot of information on the Wilmington North Carolina real estate market.