The Wilmington area is growing fast, and it’s making quite a name for itself. In fact, it ranks No. 9 in the entire country for population growth, according to the U.S. Census Bureau’s data from July 1, 2022, to July 1, 2023. The population here jumped by 2.8%, from 454,390 to 467,337.
Wilmington’s growth is right up there with Spartanburg, South Carolina, which came in at No. 8. For some perspective, Myrtle Beach-Conway-North Myrtle Beach in South Carolina was No. 2, with an impressive 3.8% growth rate.
The Wilmington metro area includes New Hanover, Brunswick, and Pender counties, and all three have been seeing some serious population increases. Pender County led the charge with a 4.3% growth, while Brunswick County wasn’t far behind at 4.6%, according to the Census Bureau.
So, What Does This Mean for Real Estate?
All this growth is definitely making waves in the real estate market. New Hanover County, with the largest population, grew by 1.3%, but that hasn’t slowed down home values. The average price for a home here is now $417,614, which is a 6.9% increase from last year.
Interestingly, Pender County’s average home value is the highest in the metro area at $421,237, marking a 4% increase over the last year. Brunswick County’s average home value sits at $419,392, which is a 2.5% bump.
How’s Unemployment Looking?
When it comes to unemployment, the numbers are looking better than they did a year ago. Brunswick County has the highest unemployment rate at 4.8%, but both New Hanover and Pender counties are doing well at 3.3%, according to the North Carolina Department of Commerce.
What About Schools?
The area’s school districts have had some growth too, although it’s been a mixed bag. Brunswick County Schools saw the third-highest growth rate in the state at 2.45%. Pender County Schools had a modest 1.03% increase, but New Hanover County Schools actually saw a slight decline of 0.98%. These figures are based on enrollment data from the North Carolina Department of Public Instruction.