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Category: For Buyers

    The Impact of Seasonal Trends on the Wilmington Real Estate Market

    By RE/MAX Essential | April 9, 2024

    Wondering how seasonal trends shape the Wilmington real estate market? Dive into our latest blog post to discover insights on the impact of each season, from the busy spring and summer to the opportunities in fall and winter. Don't miss out – check out our latest blog post now! Read More

    March 2024 Market Stats

    By RE/MAX Essential | April 9, 2024

    Great news! Although there was a slight dip in U.S. sales of new residential homes, it's the first decline in three months, showing a stable market overall. Sales dipped just 0.3% month-over-month, but compared to last year, they're up by a solid 5.9%! Even better, the median sales price softened, dropping 7.6% year-over-year to $400,500, making homes more affordable for buyers. In Cape Fear, pending sales saw a decrease of 22.0% over the past year, but there's still plenty of positivity to go around. Despite some declines in certain price ranges, the overall median sales price increased by 2.3% to $399,000, with single-family homes leading the way with a 2.4% price increase. Plus, there's more inventory available, up by 9.6%, especially in the condo segment, which saw a whopping 30.7% increase. It's an exciting time for buyers and sellers alike! Read More

    Exploring Wilmington’s Neighborhoods: Where Should You Buy Your Next Home?

    By RE/MAX Essential | March 25, 2024

    Curious about where to find your dream home in Wilmington, NC? Join us as we dive into the city's most sought-after neighborhoods, from the historic charm of Downtown to the coastal vibes of Wrightsville Beach and everything in between. Check out our newest blog post to discover which Wilmington neighborhood is the perfect fit for your lifestyle! Read More

    Spring Into Savings: Top Tips for Buying a Home in Wilmington, NC

    By RE/MAX Essential | March 19, 2024

    Thinking about buying a home in Wilmington, NC this spring? We've got you covered! Get ready to discover top tips for navigating the spring housing market, finding your dream home, and maximizing savings along the way. From getting pre-approved to negotiating like a pro, our blog has everything you need to know. Read More

    February 2024 Market Stats

    By RE/MAX Essential | March 7, 2024

    February 2024 local stats are out! And good news! More new homes are selling across the country, with sales up by 1.5% from last month and 1.8% from last year, reaching a seasonally adjusted rate of 661,000 units, according to recent data. The median sales price also saw a positive uptick of 1.8% to $420,700, showing that the market is thriving. Even though pending sales in Cape Fear were down by 19.1% over the past year, there's still room for optimism. Despite some declines in certain price ranges, overall median sales price increased by 3.6% to $399,900. Townhouse/Condo prices went up by 3.0% to $339,900, indicating a healthy market. Homes priced between $150,001 to $300,000 are selling fast at 35 days, and while higher-priced homes may take a bit longer at 55 days, the market is still moving. Plus, there's more inventory available, up by 4.8%, especially in the condo segment, which saw a whopping 32.0% increase. It's a great time for buyers and sellers alike! Read More

    January 2024 Market Stats

    By RE/MAX Essential | February 7, 2024

    Great news! After a slight dip, the market for new residential homes is booming once again! Sales surged by 8% from last month and 4.4% from last year, reaching a seasonally adjusted rate of 664,000 units, according to the U.S. Census Bureau. This uptick is fueled by lower interest rates and a limited supply of existing homes, making new homes even more attractive. In 2023, sales of new homes saw a healthy 4.2% increase compared to 2022, hitting an estimated 668,000 units. Despite a 19.0% drop in pending sales in Cape Fear over the past year, there's reason to be optimistic. Even in the face of challenges, some price ranges are holding strong, like homes between $300,001 to $450,000, with only a 13.3% decrease in sales. Plus, the median sales price across the board climbed by 3.9% to $399,900, showing a positive trend. Single-family homes saw a particularly robust increase of 3.8% to $425,500. Homes priced between $150,001 to $300,000 are flying off the market in just 35 days, demonstrating strong demand. And while homes over $450,001 may take a bit longer to sell at 55 days, overall, inventory levels are up by 3.2%, offering more choices for buyers. Notably, condos saw a remarkable 30.7% increase in inventory. It's an exciting time in the real estate market! Read More

    December 2023 Market Stats

    By RE/MAX Essential | January 8, 2024

    Latest Real Estate News! U.S. home sales dropped 12.2% to 590,000, the lowest since Nov 2022, because of high mortgage rates. But there's good news! The National Association of Home Builders says sales will likely go up as mortgage rates fall. In Cape Fear, home sales from Jan to Dec '23 fell 18.1%, especially for homes over $450,001, which went down 12.0%. The average home price increased 4.6% to $399,000. Townhouse/Condo prices went up 6.2% to $339,990. Homes between $150,001 to $300,000 sold the fastest (35 days), while homes over $450,001 took 54 days. Overall, there's a bit more homes on the market, up 1.0%, with Condos up 18.4%. Read More

    November 2023 Market Stats

    By RE/MAX Essential | December 8, 2023

    Latest Real Estate Update! U.S. new residential home sales dipped 5.6% month-over-month but surged 17.7% year-over-year due to low existing-home inventory. Median sales price declined 3.1% to $409,300 as builders focus on affordable, smaller homes. In Cape Fear, Pending Sales for Dec '22 - Nov '23 fell 18.3%, with $450,001+ range down 11.5%. Median Sales Price rose 5.0% to $398,900. Townhouse/Condo prices soared 6.2% to $339,900. Homes priced $150,001 to $300,000 sold quickest (34 days), while $450,001+ took 53 days. Market-wide, inventory down 2.8%, with Condos inventory up 16.1%. Read More

    October 2023 Market Stats

    By RE/MAX Essential | November 10, 2023

    Compared to October 2022, there have been some changes in our local real estate market, with pending sales and new listings seeing a slight decrease in most surrounding counties. Additionally, our inventory has begun to show a decrease, with a -9.6% change. Read More

    September 2023 Market Stats

    By RE/MAX Essential | October 10, 2023

    Most surrounding counties had a decrease in pending sales and new listings when compared to August 2023, and our inventory is beginning to increase (+1.88%). Read More