If you live in the beautiful coastal Carolina city of Wilmington, you may be interested to know that home prices in “The Port City” have gotten a much-needed boost. According to a recent article from the Greater Wilmington Business Journal, the average selling price for homes in five of the six major zip codes were up during the first quarter of the year. This information comes from the Wilmington Regional Association of Realtors.
The local real estate association examined market data in the 28403, 28405, 28409, 28411, 28412 and 28451 zip codes and found that home prices throughout these areas gained an average of 6 percent. The average list price for all sold properties throughout the six zip code area was $234,489, according to the report.
The 28403 area, which includes midtown and much of the area near the UNCW campus, experienced a surge in average home prices with a 24 percent gain. The average residential selling price for this area in Q1 2012 was $158,656. According to the report, this figure jumped to $197,219 in Q1 2013.
If you’re new to the area or considering relocating to Wilmington, this is the place that seems to be the most popular. The 28403 zip code has plenty to offer, with most of the city’s retail and businesses operating here, as well as a wide selection of residential housing. Due to the presence of the UNCW campus, there are also plenty of rental properties in this area, with several condominiums and apartment communities nearby.
The 28405 area, which includes the luxury golf community of Landfall as well as the high-end shopping district of Mayfaire, had the highest average listing price at $288,035. This represented a 21 percent increase from $238,384 in Q1 2012. This section of town is more exclusive, more luxurious and more expensive. Those looking for a place where fine homes and high-end amenities are within close reach, the 28405 area may be your best bet. However, it should be noted that not all of 20405 is high-dollar – there are actually quite a few modest homes and rental communities within this section as well.
Want to learn more about Wilmington’s prestigious Landfall community? Check out this informational video:
The rest of the zip codes posted modest price gains in both asking and sales prices, with the exception of the 28409 area, which was the only zip code that experienced a drop in average selling prices. This area, which encompasses the area of south Wilmington known as Monkey Junction as well as the Masonboro neighborhoods, experienced a number of home and subdivision foreclosures during the housing crisis.
The average selling price in the 28409 area was $251,465 – which represents a 9 percent drop from $275,226 in Q1 2012. The average listing price was also down to $259,540 in the first quarter, compared to $284,807 in Q1 2012.
Despite the setback, the 28409 zip code may be one of the more popular places to buy a home in Wilmington. Lower home prices and a wider selection of residential real estate will likely bring price-conscious home buyers out in droves. According to real estate listing site, Trulia.com, there were approximately 457 active listings in the 28409 zip code for the week ending May 22. If you’re looking for a place that’s close to three of of the city’s nearby beaches (Carolina Beach, Kure Beach and Ft. Fisher) without having to pay sky-high prices, then this area is likely the best choice.
For more information on Wilmington, NC home prices, be sure to contact a real estate professional serving the area.