Do you foresee home prices plateauing, increasing, or decreasing within the year, and why?
Abby Nenichka: "I would say increasing or plateauing. Currently, Wilmington sees a home value appreciation of 2.8% annually. Spring and Summer are historically the best seasons for real estate, which is a good indicator that we are in the prime of 2022. We are lucky Wilmington is starting to see more inventory to help level out the sale prices."
Mark Batson: "In the local MLS - month over month - the list prices continue going up – 4% in January, 8% in February, and 11% in March. In addition, the avg. sold price was 1% more than the listed price. It’s been like this for at least 2 years, so ostensibly one has to think that the prices will plateau, but that can only happen when the supply opens up. Scarcity will remain the issue in the foreseeable future, so In the next 12 months prices will continue to rise."
John Batson: "I think the economic uncertainty, energy increases, feds raising rates (more projected to come) and instability in Europe will definitely cause home prices to plateau if not start to drop over the next year. Comparing this market to the 2005-07 market is hard to do, but there are indicators showing a downturn in the near future."
Libby Neil: "Just because U.S. home prices may be considered "overvalued" does not also mean home prices are going to plummet. Every forecast model I've analyzed still predicts that U.S. home prices will rise over the coming year, and I believe that to be true for Wilmington, North Carolina as well considering the high influx of inbound moves we've been seeing. Regarding the inbound moves; I believe prices will continue to rise because of how quickly homes are being purchased once they're listed...homes are in high demand and that's not stopping any time soon."
If you would like to have a conversation about the current value of your home, or looking for a seasoned professional to help negotiate a new home purchase; please reach out to our group.