Here’s what you need to know about the Wilmington housing market.

The world may still be feeling “The Great Pause,” but the Wilmington housing market is full-steam ahead and local July housing statistics prove it.

From 2019 to 2020 median home sales prices increased, the number of days on the market continues to drop and the absorption rate is trending downward.

There were 684 homes sold in July in the area — one of the highest monthly sales on record.

“I’ve never seen an absorption rate this low and homes moving this fast,” said Andrea Arth of Arth Real Estate Group. “With homes moving this quickly, not only is this the right time to finally list your home, but buyers will need an experienced agent to help them snag properties quickly and competitively.”

Arth said statistics show homes under $300,000 disappear fast along with luxury properties over $1 million. Statistics show 2020 is a record year for luxury home sales with 22 sold in July alone.

“We are truly experiencing a luxury boom as these homes are coming available all across the area,” she said.
If you are looking for luxury properties, check out Arth’s current listing in the Hampstead Community.

This home at 146 Hammock Watch Way is a stunning property with four bedrooms, a pool looking out onto the Intracoastal waterway, spacious garage and dock with a boat slip. With views of Topsail Sound, Lea Island and Figure 8 Island, this home brings luxury to life on the water.

Island properties (Topsail Island, Wrightsville Beach, Carolina Beach, Kure Beach and Oak Island) are all in high demand as well, Arth noted. Prices continue to move up in all three Southeastern, North Carolina coastal counties including Pender, New Hanover and Brunswick.

Prices are up 11% year-over-year in New Hanover, going from $197,000 to $219,000 and up 8 percent in Brunswick and Pender where prices jumped from $239,000 to $260,000 and $269,000 to $288,000, respectively.