Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 117,643, 52,656 total housing units (homes and apartments), and a median house value of $427,671, 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 50.50% of the city's housing units. Other types of housing that are prevalent in Wilmington include large apartment complexes or high rise apartments ( 31.89%), duplexes, homes converted to apartments or other small apartment buildings ( 10.27%), and a few row houses and other attached homes ( 5.86%).
The most prevalent building size and type in Wilmington are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 44.10% owning and 55.90% renting.
There is a lot of housing in Wilmington built from 1970 to 1999 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 between 2000 and later ( 25.90%). A lesser amount of the housing stock also hails from between 1940-1969 ( 19.02%). There's also some housing in Wilmington built before 1939 ( 9.55%).
Vacant housing appears to be an issue in Wilmington. Fully 10.29% 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.
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 116.10% over the last ten years, which is an average annual home appreciation rate of 8.01%, putting Wilmington in the top 20% 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.
Appreciation rates are so strong in Wilmington that despite a nationwide downturn in the housing market, Wilmington real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Wilmington appreciation rates continue to be some of the highest in America, at 8.04%, which is higher than appreciation rates in 84.94% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Wilmington. Wilmington appreciation rates in the latest quarter were at 8.15%, which equates to an annual appreciation rate of 36.83%.
Importantly, NeighborhoodScout’s exclusive research found that Wilmington's housing market shows one of the <a href="/blog/highest-appreciating-cities">top real estate appreciation rates in the U.S.A.</a> in the latest quarter, which may signal the city’s near-future real estate investment strength.
Relative to North Carolina, our data show that Wilmington's latest annual appreciation rate is higher than 70% 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 2000, to assist you in making the best Wilmington real estate investment or home purchase decisions.
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