The Wilmington MSA real estate market is seeing a rise in inventory while median sales prices hold steady. Active listings increased 26% year-over-year, closing November with 3,559 properties on the market—a 3% bump from the previous month.
New listings dropped to 1,048, marking a 16.4% decline compared to October, while pending sales dipped 12.4% to 868. Closed sales followed seasonal patterns, falling 15.4% month-over-month to 789.
Key Market Trends:
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Days on Market: Properties averaged 67 days, up 42.6% year-over-year.
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Median Sales Price: $417,990—a 1.9% increase from October and up 4.9% from November 2023.
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Inventory Supply: 4.5 months—the highest since February 2019, reflecting a 27% year-over-year increase.
What This Means for Buyers and Sellers
“We’re seeing a shift toward balance in the market,” says 2024 CFR President Amanda Parmer. “The rise in inventory and longer days on market give buyers more negotiating power, while prices remain stable. Sellers should pay attention to market feedback to avoid prolonged listings.”
As 2024 wraps up, the Wilmington real estate market is inching toward equilibrium—the closest it’s been to a balanced market in years. Buyers should be ready to define their priorities, and sellers should stay responsive to market conditions for a successful transaction.
