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Wilmington Real Estate Market Update
Manage episode 178897329 series 1331864
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Right now, the Wilmington market favors home sellers.
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What’s happening in the Wilmington market?
The Wilmington market is firmly in a seller's market in price ranges below $300,000. In that range, inventory is extremely low and demand is high.
There are currently just 1,158 active listings on the market with a median list price of $349,900. In the last six months, we've sold 1,863 homes with an average sales price of $225,000. They also sold in an average of just 36 days.
Our pending ratio, which determines how many properties are under contract versus how many are currently on the market, is running around about 42%, which is a high number. We're definitely in need of more homes to sell.
We're definitely in need of more homes to sell.
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