Wilmington, NC Area Real Estate Market Update – March 2024

For New Hanover County, inventory declined again, along with days on market and median sale price, while the number of listings and sales volume increased. Please read on for more details and information about Brunswick, Pender, and Onslow Counties.

New Hanover County inventory moved down to 2.3 months in March, from 2.7 months in February 2024. Pender County saw a similar trend, with inventory declining from 3.7 months to 2.5 months, and Onslow County also experienced a decline from 2.7 months in February to 2.4 months in March.

New Hanover County sales volume rose, from $167.9 million in February to $211.2 million in March. That represents a year over year increase of 10.5%. Pender County saw a steep increase in sales volume from $39.3 million in February to $63.4 million in February, and a year over year increase of 9.4%. Onslow County sales volume increased from $97.4 million in February to $112.9 million in March, and a year over year decline of 21.3%.

Average and median days on market also declined to median days of just 18 in New Hanover County. Median sales price did decline slightly to $410K. Pender County saw a decline in median days on market to 25 and a very small decline in median sales price to $397.7K. Onslow County experienced a decline in median days on market to 20 days, and an increase in median sale price to $285K.

Brunswick County is still performing differently than the other three counties, but did see a sharp decline in inventory in March, going from a stable market of 4.9 months in February to 3.2 months in March. Other indications that market is heating up include the decline in median days on market to 39 days, and an increase in sales volume to $252.4 million in March from $153.1 million in February, a 4.9% year over year increase. Median sales price rose slightly to $373K.

To sum up, the market in New Hanover County including Wilmington is still a strong seller’s market with more demand than supply. Pender and Onslow Counties are similar, trending back towards a seller’s market for the strong selling season. Brunswick County, after heading into a buyer’s market, may be turning back to be more favorable to sellers. I will keep watching to see what happens in April.

These are based on overall market averages and may be different in micro markets of particular neighborhoods and price points.

Questions? Looking for numbers for a specific neighborhood or town? Please email me at kim@thecoastalrealestategroup.com.