Wilmington NC is one of the most important Port Cities on the East Coast of the US. With a long well incorporated history, that is still able to be visited today. It boasts a unique set of historical buildings, beautiful beaches, and many wonderful restaurants. It's a highlight vacation spot for many North and South Carolinians, and brings in many out of state tourists as well. It has UNCW, which is a fantastic university in the state, with an absolutely stunning (and large) campus.

Wilmington has been and will continue to be a wonderful area for Real Estate Investors. The Median Sales Price right now is right around the $425k mark, which after being much lower in September (Just North of $350k), is a good sign to see. However Wilmington is sporting a unique market right now, where a pricing seems to be a determining factor is DOM. People listing properties, thinking that they can still get what they may have in March, are sitting for months, where as competitively priced inventory is flying left and right. The buyers are here, and a lot of people in Wilmington invest locally, which is a great sign. Wilmington is still a hot market, with competition going on good inventory. Bid wars and waiving contingencies are still happening. On average we are seeing most homes go for 1% under list in 12 days, and hot inventory going for about 1% in 3 days.

Data I like to see is population. For 3 decades in a row Wilmington grew right around 10,000 people. In the 2020 concensus that number was around 6,000 for the decade. It has seen a 1.4% population increase since April of 2020, indicating people are coming back, I might call it a Yellow flag, but nothing to be overly concerned with. 75% of home buyers in Wilimington that living locally, are seeking a home in still in Wilmington which is great data. People in Wilmy are pretty content with Cost of Living, local infrastructure, and wages. Wilmington see a lot of improvements annually, and there is always money coming in, not too much to complain about in one of the most beautiful cities in NC.

Wilmy is in the top 7% most expensive cities in the US to live in, Cost of Living (CoL) wise.

46% of homes are owner occupied, over half the market is renting. With a large student population in Wilmy, there is a great opportunity here for rental strategies. STR, LTR, and MTRs are all viable options. Wilmy isn't Charlotte, or Raleigh, but with it's distance comparable to other cities, it has a completely inclusive economy and infrastructure built into it. Meaning there is a need for all service types, making MTRs an option. There is also a solid military, and veteran presence in Wilmington, so VA is seen here time to time.

Wilmington is currently supporting about a 19% poverty rate, which is actually much higher then I thought it would be. Affordable housing is a need in this market, just as much as luxury homes. Someone who can offer great price points and have proper cash flow, can see an almost 20% of the market in need of what they are offering. 8/50 most expensive in the state, coincidently is also the 8th largest city in the state.

Wilmington is still growing, still has plenty of opportunities here. The inventory is becoming more competitively priced, and the amount of inventory is increasing, albeit slowly. Something important to keep in mind is a lot of investors in Wilmington invest at a street level. I.E. I will buy this street, not the next one, but the one after that, skip the next three, and that street works. Keeping this in mind whether you are an investor or an agent is important. Being very familiar with Wilmington is a key to success. Depending on if you are shooting for luxury homes or not, and where you are investing is going to have a dramatic impact on DOM, and value.

Do your research on Wilmy, check local comps- and know your hot zones. Sometimes they change, some are very consistently sought after, so stay on your toes. Wilmington is a City that's not going under water any time soon.

As always looking for any and all feedback, questions, comments, and value add information. It's impossible to know everything, and anyone who has data they can add I invite you to do so! Looking to connect, and meet new people for resources. Please reach out!

Here are the links for additional reading and sources. Thank you!

https://www.realtor.com/reales...

https://www.redfin.com/city/18...

https://www.wilmingtonbiz.com/...

https://worldpopulationreview....

https://www.census.gov/quickfa...

https://advanresearch.com/wilm...

https://livingcost.org/cost/un...

https://datausa.io/profile/geo...

Coastal NC, North Carolina

2 Votes