The Wilmington area’s latest residential real estate report shows an increase in the number of homes sold and in the number of new listings compared to the same period last year.

According to the report, compiled from the N.C. Regional Multiple Listing Service by Cape Fear Realtors, the January housing market for the Wilmington Metropolitan Statistical Area (MSA) "brings an increased selection for home buyers. 

“With a 21.1% increase in active listings and a 20% increase in new listings, January 2024 ended with a total of 2,617 active listings on the market.” 

Last month also recorded an increase in pending sales “as the market caught up to the demands of the new year,” the report stated.

The 50% increase in pending sales compared to December 2023 is a similar spike the Wilmington MSA market experienced a year ago, according to the report.

The median sales price for January 2024 was $395,000, a 4.2% increase compared to January 2023.

“Although there was an 11.7% decrease in closed sales compared to December 2023, an increase was experienced year-over-year,” the CFR report stated. “Compared to January 2023, closed sales increased 8%. The Wilmington MSA finished January 2024 with 665 closed sales.

“With more inventory on the market at the end of the year, buyers are able to take more time than they have previously been allowed to shop,” said 2024 CFR President Amanda Parmer in the release. “We wait to see what interest rates will be in 2024, as well as insurance rates, and how that will affect affordability in our area.”