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
With 115,933 people, 48,425 houses or apartments, and a median cost of homes of $256,800, 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 51.58% of the city's housing units. Other types of housing that are prevalent in Wilmington include large apartment complexes or high rise apartments ( 25.76%), row houses and other attached homes ( 11.42%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 8.20%).
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 42.19% owning and 57.81% 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 1940-1969 ( 22.30%). A lesser amount of the housing stock also hails from between 2000 and later ( 16.66%). There's also some housing in Wilmington built before 1939 ( 10.19%).
Vacant housing appears to be an issue in Wilmington. Fully 12.27% 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's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Wilmington during the period has been just -1.14%, which is lower than 80% of US communities.
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 8.06%, which is higher than appreciation rates in 83.02% 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 3.21%, which equates to an annual appreciation rate of 13.45%.
Relative to North Carolina, our data show that Wilmington's latest annual appreciation rate is higher than 80% 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.
|$880,001 - $1,174,000||1.7|
|$587,001 - $880,000||4.8|
|$470,001 - $587,000||4.0|
|$352,001 - $470,000||10.3|
|$235,001 - $352,000||22.9|
|$117,001 - $235,000||40.1|
|$59,001 - $117,000||8.9|
|$0 - $59,000||5.5|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2017 Q1 - 2017 Q2
Last 12 Months:
2016 Q2 - 2017 Q2
Last 2 Years:
2015 Q2 - 2017 Q2
Last 5 Years:
2012 Q2 - 2017 Q2
Last 10 Years:
2007 Q2 - 2017 Q2
2000 Q1 - 2017 Q2
|* 10 is highest|
|AGE OF Wilmington HOMES|
|2000 or Newer||16.7|
|1970 - 1999||50.8|
|1940 - 1969||22.3|
|1939 or Older||10.2|
|TYPE OF Wilmington HOMES|
|Small Apt. Buildings||8.2|
|SIZE OF Wilmington HOMES|
|5 or more bedrooms||2.59|