North Carolina is currently one of the fastest growing states in the country, and the projected population growth for the Wilmington, NC area is definitely in line with these statistics. I was astounded by these numbers as I read the 2015 City of Wilmington Fall Newsletter. Check out the projections below for expected growth in the area...
Wilmington, North Carolina is a strategically positioned port city that benefits immensely from its beach access. It serves as the main hub for the entire state to receive goods by ocean trade. That said, the city’s economic outlook is in good standing and continues to support a healthy housing market. Here's a quick look at the stats:
Wilmington Housing Market Summary:
Current Median Home Price: $389,651
1-Year Appreciation Rate: 2.8%
Unemployment Rate: 4.7%
Current Population: 112,067
Median Household Income: $47,594
Wilmington continues to demonstrate an increased propensity towards business development. In fact, NerdWallet, an online financial education and empowerment leader, recently ranked Wilmington as the second best place to start a business in the country. It is not hard to see why: Wilmington has a growing population, a strong tourism industry, and is close to the beach. Perhaps even more impressively, the city boasts nearly 15 unique businesses for every 100 people.
Job growth in the coming years is expected to piggyback off of local metros, and according to Fortune Builder, we should see an impressive run in the coming years. As a popular port city, Wilmington could benefit from the huge aerospace push expected in Charlotte, NC. Several aerospace companies have expressed interest in the region, which should only contribute to an already strong job sector.
For all intents and purposes, the Wilmington housing market has made great strides since the worst of the recession. Home prices have shown sustainable growth and the job sector looks to be able to handle the growing population. There is little to suggest that Wilmington won’t prosper in the coming years. Now is definitely a great time to buy in and around Wilmington, NC!