Wilmington, NC Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Wilmington, NC, Federal Housing Finance Agency (FHFA) house price index (HPI) is a weighted, repeat-sales index measuring average price changes in repeat sales or refinancings on the same properties. The HPI covers single-family properties that have been sold at least twice since January 1975. The Wilmington HPI value for a particular quarter represents the movement in prices of all homes in the market during that period.

The Wilmington HPI began its upward trend in early 2012 and has continued to rise steadily over the past seven years. In the first quarter of 2019, the index reached its highest point on record, surpassing its previous peak set in 2006. Home prices in Wilmington have more than doubled since bottoming out during the Great Recession.

There are several factors driving this increase in home prices. Low interest rates and a strong job market are boosting demand for housing, while a limited supply of homes for sale is pushing prices higher. In addition, many homeowners who bought their homes during the housing crisis have built up significant equity as values have recovered. This equity can be used to finance upgrades or purchases of larger homes, further fueling demand and putting upward pressure on prices.

As home values continue to rise, it is becoming increasingly difficult for buyers to afford a home in Wilmington. The median sales price of a home in the city was $315,000 in 2018, up from $275,000 just two years earlier. At current rates of growth, median home prices are projected to exceed $400,000 by 2021. This increase will price many potential buyers out of the market and could lead to a slowdown in sales activity and eventual stabilization of prices