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Wilmington, NC

C

ChrisTheDeacm89

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What in the world happened here over the past 10-20 years?

My son wanted to move back to NC to be closer to some other relatives, but he loves living close to the water, so he and his wife settled on Wilmington. I thought this was a good move, because most of my memories of making trips to WB and downtown were in the 90's. Still somewhat of a quaint area with a good low cost of living.

Fast forward to today. It took him and his wife forever to find a decent house in a good neighborhood that didn't seem insanely overpriced. Houses that I thought would sell for $300k-$400k, were instead selling for $450k - $700k.

I've seen this all over longer stretches of time with the ebbs and flows of the market (along with the insurance issues) in the Jacksonville, FL area for years now. I just did not expect such a sudden change here.

Did everyone else from the North East (or so it seems) just decide all at once to move to Southeastern NC since COVID?
 
ChrisTheDeacm89 said:
Fast forward to today. It took him and his wife forever to find a decent house in a good neighborhood that didn't seem insanely overpriced. Houses that I thought would sell for $300k-$400k, were instead selling for $450k - $700k.
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Not a Wilmington thing, this is happening nationwide in every somewhat desirable location
 
Wilmington has been on an upward trajectory for a number of years. I assume covid just accelerated that
 
BeachBumDeac said:
Not a Wilmington thing, this is happening nationwide in every somewhat desirable location
Click to expand...
I just didn't realize the population had increased so significantly. It feels as if it's doubled in size since the last time I spent any significant amount of time there.
 
People from the north are finally realizing just how awful their way of life is, but instead of leaving it behind, they're bringing it with them and hanging Buffalo Bills flags on their front porches.
 
Asheville and wilmington made worse because of the topography. No way to really easily expand the roads. Look at the cluster that is I-26 in Asheville.
 
Surprisingly real estate in Wilkes is still affordable.
 
Enjoy the still existing and potentially worse traffic after the roads are expanded!

Induced demand!!
 
When I lived in Wilmington I lived on the river downtown and drove my car maybe once a week at most. Never had an issue w/traffic!

The apartment I was in sold for ~220k a year after I moved out. I'm sure it's worth upwards of 500k now.
 
BacktoBack said:
Asheville and wilmington made worse because of the topography. No way to really easily expand the roads. Look at the cluster that is I-26 in Asheville.
Click to expand...
Wilmington has roughly the same population as Greenville, NC. However, as noted it togography makes a huge cifference, espccially when there is a 360-degree way in/out for G-Vegas, vs. rougly half of that for a coastal town unless you count coming/going by boat. Add the tourist factor and you've got lots of congestion and rising housing prices.
 
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