Want to know the communities and neighborhoods more likely to get you more bang for your buck? Looking for the areas where your investment will keep returning year after year? We dug a little deeper into the areas that saw the most growth in equity over the last two years. The data from zip codes certainly tells a story about our local housing market.
Here are the neighborhoods with the biggest growth in equity over the last two years:
28403: Forest Hills, Autumn Hall & Eastwood Road
We have seen multi-family developments pop up along this corridor of Wilmington along Oleander Drive and also around UNCW. It should be no surprise this area saw the largest growth in home prices over the last year. Average home prices were up 36% from last year in this zip stretching from Cape Fear Country Club to Airlie Gardens and Market Street to Shipyard Boulevard.
28412: Pine Valley, Silver Lake & Ashley High School
The 28412 zip code saw a 23% increase in average home prices since last July. Realtors around the area have rung the Pine Valley bell for years now: older ranch homes are purchased and flipped for a great return on investment here. As more young families flock to this part of the community, the businesses follow. The construction of The Pointe At Barclay has helped foster the growth in this area, as well as a number of multi-family new builds and master planned developments like Riverlights in Silver Lake.
28411: Ogden, Bayshore, Porters Neck & Scotts Hill
Yes, average prices in this zip went up by 25 percent in the last year. Likely most homeowners in this area saw jumps in equity. One of the big clues to this is the number of homes sold below the $500,000 price point and above. There was an 83% drop in homes sold in the $200-$250K category here and a 187% increase in homes sold between $600-$650K. Luxury homes are doing well here too. There was a 200% uptick in homes sold in the $850K to $1 million category.
28401: Downtown Wilmington
With a boom in downtown development it seems only natural home prices would increase 22% just in the last year. The completion of projects along the historic Riverwalk, plus competition for homes in up and coming areas like the Northside and South Front District make downtown Wilmington a key player in rising home prices. While downtown at one time was more for older couples, it is growing increasingly younger with an onset of foot traffic from new multifamily units.
