The Wilmington MSA housing market showed steady growth in 2024, despite seasonal slowdowns typical of December. Here are the key highlights:
- Inventory Trends: Inventory rose 19.5% year-over-year, though December closed with 3,362 active listings—a 5.3% drop from November. New listings for December totaled 696, down 33.6% from November and slightly below December 2023 levels.
- Sales Activity: Closed sales surged 17.6% in December compared to November, with 928 homes sold. For the year, total sales reached 11,344—a 4.5% increase from 2023.
- Home Prices: The year-end median sale price rose to $406,000, a modest 1.5% increase from 2023—the smallest year-over-year rise in seven years. December’s median price was slightly higher at $421,295.
- Days on Market: Homes averaged 69 days on market in 2024, up 40.8% year-over-year, giving buyers more time to consider their purchases.
- Sales Volume: Total sales volume increased by 9.5% compared to 2023, highlighting a consistently active market.
What This Means for Buyers and Sellers Nationwide
Wilmington’s market trends reflect broader patterns seen across the U.S. As inventory levels increase and the pace of price growth slows, buyers are regaining some leverage. Longer days on market suggest a shift toward a more balanced market, where buyers have more time to make decisions without the pressure of rapid bidding wars.
For sellers, the steady increase in sales volume and stable home values indicate that real estate remains a strong investment. Modest price growth, like Wilmington's 1.5%, could signal a national trend toward affordability—welcome news in regions where rising home prices have priced out buyers.
Looking Ahead
As we move into 2025, markets across the U.S. may continue to see stabilized price growth and increased inventory. However, affordability and equitable access to housing will remain critical issues to watch. Wilmington’s manageable price increases and steady activity suggest that, with the right balance, local markets nationwide can adapt to these evolving conditions.
