Report: Wilmington has hottest real estate market in country
WILMINGTON, NC (WECT) - It beat out Colorado Springs, Chicago and even Washington, D.C.
A new report shows Wilmington has the hottest real estate market in the country.
"This new report doesn't surprise me," said local real estate broker Jimmy Hopkins with RE/MAX Executive. "I think all of us that know and love Wilmington have said for years it's an undiscovered gem."
Real estate information firm ATTOM Data Solutions recently analyzed more than 130 metropolitan areas with at least 100,000 single-family homes.
Based on data from mortgage applications, the firm was able to predict the average ratio of homes likely to be sold in the area. The Wilmington area is predicted to have the most growth, followed by Colorado Springs, Manchester, N.H., Chicago, and Washington, D.C.
"I think there are a lot of reasons to move to Wilmington," Hopkins said. "One, you combine a great climate with lots of water and outdoor activities. We are fortunate to have a university and community college. We have arts and culture, and a vibrant downtown."
According to the report, the Port City is expected to welcome the most newcomers in the third quarter of 2018.
"I think a lot of markets folks have been priced out of, like Charleston (S.C.) and Savannah (Ga.)," said Hopkins. "Some folks don't want to go as far south as Florida. They want to have some seasons."
Hopkins says real estate sales this year have been red hot.
"Anything $300-350,000 barely stays on the market," Hopkins said. "The luxury market has made a comeback (with) homes more than a million dollars. I think folks are getting more confident and the economy is doing great. Those things have a good tie to real estate."
Copyright 2018 WECT. All rights reserved.