This may be a controversial take, but I’ll just say it: I’m glad to see local home prices lift across the board these last two years. While inflation and low housing inventory has turned our housing market into a circus, the rising home values were long overdue.

For the last 10 years, home values in Wilmington were so low compared to other states and even other North Carolina cities,  buyers from other places swooped in to take up what little inventory was available. 

The result is we, much like other cities, have a massive shortage of inventory. But where we differ is our exponential jump in home values. We not only played catch-up with other U.S. cities, but we saw the Covid inflation price hikes too. 

Looking at the Data

When we look at the data, median prices in New Hanover County grew from $269,000 in January 2020 to $369,500 in January 2022 (a 37 percent increase!)

But compare Charleston, another Southern, coastal city that IS accurately valued. They saw a median price increase from 2020 to 2022 of only 25 percent.

Their homes were more accurately valued and therefore the pandemic-era price surge has affected them even less so. Despite that their homes are valued higher than our area (median prices were $445,000 in 2022) this is still a lower percentage increase. 

It Was a Matter of Time

We locals know the hidden gem we have in Wilmington — beaches, islands, homes on the Intracoastal Waterway AND a historic riverfront all in one place? Everyone who bought a home here in the last 10 years knew what they were getting away with. 

“It’s only a matter of time before they find us,” I’ve heard people say over and over again. 

Well find us they have, and our home prices are just beginning to show it, but I think the values should have gone up years ago.