INVENTORY SPIKES IN THE JANUARY 2024 HOUSING MARKET
The January 2024 housing market for the Wilmington Metropolitan Statistical Area (MSA) brings an increased selection for home buyers. With a 21.1 percent increase in active listings and a 20.1 percent increase in new listings, January 2024 ended with a total of 2,617 active listings on the market. January 2024 experienced a significant increase in pending sales as the market caught up to the demands of the new year. This 49.9 percent increase in pending sales compared to December 2023 is a similar spike that the Wilmington MSA market experienced a year ago.
The median sales price for January 2024 was $395,000. This 4.2 percent increase, compared to January 2023, indicates continued property value appreciation for the Cape Fear region. While the market fundamentals remain intact, the average Cumulative Days on Market increased by 35.7 percent in 2024. This shift in the time it takes properties to sell can also be seen through the 12.3 percent increase of the month’s supply of inventory, which rose to 3.94 months.
Although there was an 11.7 percent decrease in closed sales compared to December 2023, an increase was experienced year-over-year. Compared to January 2023, closed sales increased 8.1 percent. The Wilmington MSA finished January 2024 with 665 closed sales. This strong consistency underscores the resilience of the local market.
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