Where are people moving to Wilmington from? And why are they coming here?
While home prices are on the rise, that hasn’t been enough to keep people from continuing their quest to buy in Wilmington.
Data from Redfin, a Seattle-based real estate brokerage company, indicates that prospective buyers are searching for Wilmington homes mostly from Washington, D.C.; New York, and Los Angeles.
“I hear from clients that most of the time they want to be somewhere warm, but with seasons,” said Merritt Crawley with Nest Realty. “In Florida, it’s too hot. Charleston is too humid. The North Carolina coast truly has four seasons, even though half of the time they are cut short, we still have them.”
Read More: House hunters, Wilmington style: What you get for your money at 4 different price points
Redfin’s top 10 cities where homebuyers are searching for Wilmington:
Washington, D.C.
New York, New York
Los Angeles, California
Charlotte, North Carolina
Boston, Massachusetts
Chicago, Illinois
San Diego, California
Greensboro, North Carolina
San Francisco, California
Phoenix, Arizona
How many people are moving here? Why?
Across the nation, 0.17% of homebuyers searched to move to Wilmington from outside metros — a trend consistent with the constant rate of growth the city is seeing.
“We are really seeing people of all stages of life move here, especially as more people have been able to work remotely from home,” said Melanie Cameron with Sea Coast Realty.
As home prices have reached a median sales price of $392,000, Wilmington is officially considered a very competitive market. According to Redfin data, on average, listed homes sell within nine days. You can see the steady rise in costs when compared to moveBuddha’s 2022 average home cost in Wilmington of $380,579.
Prices have increased along with the steady rise in population growth. According to U.S. Census estimates, the county is experiencing 1.2% average growth annually with the latest population estimate at 120,324.
Of the buyers Crawley is seeing, it’s a mixed bag with few first-time homebuyers. “I have some younger clientele but more young families and retirees,” she said. “Most of my clients relocating to the coast are experienced buyers and are looking for homes for their families.”
She thinks it’s the ideal location. “We’re close to major cities like Raleigh and Charlotte and a short five-hour drive to the mountains,” she said. “Wilmington has multiple beaches and a downtown scene with quiet neighborhoods.”
More: These are the 10 most expensive homes in New Hanover County
What are the challenges homebuyers are facing?
According to Redfin, 30% of Wilmington homebuyers searched to stay within the city’s metropolitan area, but “rates are killing buyers right now,” Crawley said.
“Some are going in as high as 7.5% and it’s killing buyers borrowing power and is affecting what they can afford. Buyers are really standing firm on their wants and needs list and being more cautious about making offers. We are experiencing lower inventory than even a year ago,” she added.
Cameron agreed. “The higher prices have definitely been a challenge for first-time buyers. As well as low inventory and high interest rates. When interest rates start to fall, I think you’ll see more houses come on the market,” she said.
Redfin’s top 10 cities where Wilmington homebuyers are looking:
Raleigh, North Carolina
Charleston, South Carolina
Jacksonville, North Carolina
Asheville, North Carolina
Greenville, South Carolina
Knoxville, Tennessee
Rocky Mount, North Carolina
Boone, North Carolina
Indianapolis, Indiana
Greenville, North Carolina
This article originally appeared on Wilmington StarNews: Wilmington housing market seeing interest from major cities, Redfin says
