Wilmington Housing Market Inventory Hits Record High, Raising Affordability Concerns
As of May 2025, the Wilmington metropolitan housing market crossed a critical threshold, reaching 4,206 active listings—an all-time high. This 31.2% year-over-year increase signals growing pressure on housing affordability and evolving dynamics in both mid-range and high-end real estate segments.
According to HiveMLS, new listings totaled 1,667 (down 1.4% from April but up 20.6% annually), while pending sales rose modestly by 1.7%. Despite an increase in inventory supply to 3.9 months, closed sales were down 5.2% from May 2024, suggesting buyer hesitation in the face of rising inventory and unchanged pricing.
While the median sales price across the Wilmington MSA held steady at $425,000, county-wide inventory continues climbing, with over 9,800 active listings on the market as of late 2024. Absorption rates are trending higher (3.9 months in May), and average days on market have ticked up—indicators that the upper-tier segment may face softening demand.
Cape Fear REALTORS® President Brittany Allen commented, “There is a strong drive to sell right now, and that is not met with an equivalent drive to purchase. Whether the issue is affordability or shifting demographics, the result is the same—more homes are staying on the market longer, even in desirable areas.”
A closer look at New Hanover County’s high-end housing shows a tale of two luxury brackets. Sales in the $750,000–849,999 range surged in May 2025—jumping 62.5% and 33.3% year-over-year, respectively—signaling resilience among upper-middle-tier buyers. However, the higher segments saw a slowdown: the $900K–949K range dropped by 33.3%, and even million-dollar listings saw flat or falling demand.
This divergence highlights a growing ceiling on buyer affordability, even among higher-income households. As mortgage rates and costs remain high, sellers in the top luxury brackets may need to adjust their pricing or expectations if they want to move properties quickly.
| Price Range | May 2025 Sales | May 2024 Sales | % Change YoY |
|---|---|---|---|
| $750K–799K | 52 | 32 | +62.5% |
| $800K–849K | 36 | 27 | +33.3% |
| $850K–899K | 23 | 32 | –28.1% |
| $900K–949K | 16 | 24 | –33.3% |
| $950K–1.1M | 33 | 34 | –2.9% |
| $1.1M–1.2M | 24 | 25 | –4.0% |