Wilmington appreciation rates and housing market information

Wilmington housing market information

With 75,542 people, 38,606 houses or apartments, and a median cost of homes of $255,866, Wilmington real estate is some of the most expensive in North Carolina, although Wilmington home values aren't among America's most expensive.

single-family detached homes are the single most common housing type in Wilmington, accounting for 49.16% of the city's housing units. Other types of housing that are prevalent in Wilmington include large apartment complexes or high rise apartments (26.46%), duplexes, homes converted to apartments, or other small apartment buildings (14.04%), row houses and other attached homes (8.00%), and a few mobile homes or trailers (2.28%).

People in Wilmington primarily live in small (one, two, or no bedroom) single-family detached homes. Wilmington has a mixture of owner-occupied and renter-occupied housing.

There is a lot of housing in Wilmington built from 1970-1994, so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Wilmington built from 1940-1969 (31.97%). A lesser amount of the housing stock also hails from 1995 and later (17.29%), and some were built from 1939 and earlier (17.29%).

Vacant housing appears to be an issue in Wilmington. Fully 11.24% of the housing stock is classified as vacant. Left unchecked, vacant Wilmington homes and apartments can be a drag on the real estate market, holding Wilmington real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Wilmington home appreciation rates

In the last 10 years, Wilmington has experienced some of the highest home appreciation rates of any community in the nation. Wilmington real estate appreciated 123.21% over the last ten years, which is an average annual home appreciation rate of 12.32%, putting Wilmington in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Wilmington definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

NeighborhoodScout's data show that during the latest twelve months, Wilmington home appreciation rates, at 0.54%, have been at or slightly above the national average. In the latest quarter, Wilmington's appreciation rate has been 1.36%, which annualizes to a rate of 5.44%.

Relative to North Carolina, our data show that Wilmington's latest annual appreciation rate is higher than 17% of the other cities and towns in North Carolina.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Wilmington differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Wilmington - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 1990, to assist you in making the best Wilmington real estate investment or home purchase decisions.