Wilmington, NC Real Estate Market

Source & Methodology

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.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Wilmington, NC Housing Market Trends

With a population of 123,744, 52,207 total housing units (homes and apartments), and a median house value of $312,789, Wilmington real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Wilmington, accounting for 50.71% of the city's housing units. Other types of housing that are prevalent in Wilmington include large apartment complexes or high rise apartments ( 29.83%), duplexes, homes converted to apartments or other small apartment buildings ( 10.52%), and a few row houses and other attached homes ( 6.72%).

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 42.44% owning and 57.56% 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 ( 20.80%). A lesser amount of the housing stock also hails from between 1940-1969 ( 19.60%). There's also some housing in Wilmington built before 1939 ( 9.74%).

Vacant housing appears to be an issue in Wilmington. Fully 10.98% 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

Appreciation rates for homes in Wilmington have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 51.65%, which ranks in the top 40% nationwide. This equates to an annual average Wilmington house appreciation rate of 4.25%.

NeighborhoodScout's data show that during the latest twelve months, Wilmington's appreciation rate, at 10.06%, has been at or slightly above the national average. In the latest quarter, Wilmington's appreciation rate has been 3.02%, which annualizes to a rate of 12.62%.

Relative to North Carolina, our data show that Wilmington's latest annual appreciation rate is lower than 50% 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.

Average Home Values

 

Median Home Value:
$312,789

Wilmington, NC HOME PRICES

> $1,270,000
2.1%
2.1%
$953,001 - $1,270,000
2.5%
2.5%
$636,001 - $953,000
5.7%
5.7%
$508,001 - $636,000
5.4%
5.4%
$381,001 - $508,000
11.2%
11.2%
$254,001 - $381,000
26.4%
26.4%
$127,001 - $254,000
35.9%
35.9%
$64,001 - $127,000
7.6%
7.6%
$0 - $64,000
3.1%
3.1%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Very High for NC

Value Relative To Nation

Number Of Homes And Apartments:
52,207

Wilmington Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NC*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
93.27% 3.11%
9
7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,403 / per month

Homeownership Rate

Owners
42.4%
42.4%
Renters
57.6%
57.6%
Vacant
11.0%
11.0%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
20.8%
20.8%
1970 - 1999
49.9%
49.9%
1940 - 1969
19.6%
19.6%
1939 or Older
9.7%
9.7%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
50.7%
50.7%
Townhomes
6.7%
6.7%
Small Apt. Buildings
10.5%
10.5%
Apt. Complexes
29.8%
29.8%
Mobile Homes
2.2%
2.2%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.8%
2.8%
1 Bedroom
11.0%
11.0%
2 Bedrooms
32.5%
32.5%
3 Bedrooms
39.1%
39.1%
4 Bedrooms
12.0%
12.0%
5 or more bedrooms
2.6%
2.6%
0.0% 100.0%
% OF HOMES