The January 2024 housing market in the Wilmington Metropolitan Statistical Area (MSA) is showing promising signs for homebuyers, with increased options and some notable shifts in key metrics.
Increased Selection for Homebuyers
The market saw a significant uptick in both active listings and new listings, with a 21.1 percent increase in active listings and a 20.1 percent increase in new listings compared to the previous month. This surge resulted in a total of 2,617 active listings by the end of January 2024.
Pending Sales Surge
January 2024 also witnessed a notable increase in pending sales, reflecting a 49.9 percent spike compared to December 2023. This surge mirrors a similar trend observed in the Wilmington MSA market a year prior.
Median Sales Price and Property Value Appreciation
The median sales price for January 2024 stood at $395,000, marking a 4.2 percent increase compared to January 2023. This upward trajectory indicates continued property value appreciation in the Cape Fear region.
Market Dynamics Shift
While market fundamentals remain robust, there were some shifts in market dynamics. The average Cumulative Days on Market increased by 35.7 percent in 2024, indicating a longer duration for properties to sell. Additionally, there was a 12.3 percent increase in the month’s supply of inventory, which rose to 3.94 months.
Closed Sales and Market Resilience
Despite an 11.7 percent decrease in closed sales compared to December 2023, there was an 8.1 percent increase in closed sales year-over-year compared to January 2023. The Wilmington MSA concluded January 2024 with 665 closed sales, showcasing the resilience of the local market.
Insights from 2024 CFR President Amanda Parmer
Amanda Parmer, the 2024 CFR President, noted that the increased inventory at the end of the year allows buyers more time to shop. She emphasized the importance of monitoring interest rates and insurance rates in 2024 and their potential impact on affordability in the area.
In conclusion, the January 2024 housing market in the Wilmington MSA presents a mixed landscape of increased inventory, continued property value appreciation, and shifting market dynamics. While buyers enjoy more options, they also face longer selling durations, highlighting the need for careful consideration in navigating the market.
