WILMINGTON, NC (WWAY) — It looks like Wilmington’s housing market is on the rebound. The Port City is ranked among the best markets in the country over the next five years.
Homeowner Joel Wilson says he’s been waiting for the day he could get a return on his investment.
“Now it’s back where I can sell it for a profit and I take that money and hopefully buy a bigger better house,” he said.
Wilmington home prices are down 25 percent since their peak in 2007. One real estate agent says this makes people want to buy and build.
“A lot of commercial real estate is back with national retailers wanting to be in this area again and signing leases. Waterfront properties are very popular at the moment, too, because it’s affordable again,” realtor Marcello Caliva said.
Caliva says you can’t beat the value.
“Tou have new construction for under $400,000 in a well established development with great amenities and centrally located,” he said.
Wilson, who works is in the construction business, says they cannot find enough tradesmen to build houses. He says Wilmington is a desirable place for people to live and now affordable.
“I think it’s really going to increase the market, sales and people coming to this area,” Wilson said.
Caliva says it would take some houses up to a year to sell. Now they’re on the market for three months or less.
Caliva says the market went up so quickly and so high that it became unrealistic for owners and those home values to stay in place. He says over the past eight months realtors have been overwhelmed with work.