As July 2024 ends, the Wilmington Metropolitan Statistical Area (MSA) reaches a significant milestone with housing inventory peaking at 3,238 active listings—a 49.5% increase from July 2023. This marks the highest level of active listings since June 2020, driven primarily by Brunswick County, which accounted for 1,899 listings. New Hanover and Pender Counties followed with 1,026 and 313 listings, respectively.
Despite the increase in active listings, the market saw declines in other key areas. New listings dropped by 7.8% from the previous month to 1,271, while pending sales fell by 5.3% to 1,077. Closed sales dipped slightly to 1,022, marking a 0.3% decrease.
The median sales price in the Wilmington MSA decreased by 4.8% from June 2024, settling at $400,000—a 2% decline year-over-year. The area’s months of supply rose by 35.5% year-over-year to 3.17 months, reflecting a shift towards a more balanced market, though it remains a seller’s market. Additionally, the average days on market increased to 56 days, a 21.7% year-over-year rise.