Wilmington housing market remains stronger than much of the South despite affordability challenges, economist says

Wilmington housing market remains stronger than much of the South despite affordability challenges, economist saysWilmington Housing Market (Photo: Tongue & Groove)WILMINGTON, NC (WWAY) — While high mortgage rates and affordability concerns continue to cool much of the nation’s housing market, Wilmington remains one of the stronger real estate markets in the South, according to a Realtor.com economist. Joel Berner, senior economist for Realtor.com, said national housing trends have shifted in favor of buyers as sellers adjust their expectations after years of elevated home prices. Wilmington remains an exceptionDespite broader market slowdowns across much of the South, Berner said Wilmington has continued to see stronger demand because housing inventory has not fully recovered since the COVID-19 pandemic. “Wilmington is behaving differently than the rest of the South,” Berner said. “For sellers, you’re probably in a better spot than a lot of people in the state, the South or the rest of the country,” Berner said.