Published in Wilmington StarNews

According to Money magazine, Wilmington is one of the hottest real estate markets in the country. Bucking national trends, Wilmington-area homes experienced a 9.1% appreciation in value in 2007, with a median price of $272,000. The booming real estate market is attributed to Wilmington's fast growing population.

The basic laws of supply and demand still apply even in a stressed market. Job growth and rising incomes still push housing demand, leading to increased prices. Robert Shiller, professor of economics at Yale University, says, "Along with previous price gains, job growth is by far the most significant variable in forecasting economic growth."

This means buyers shouldn't worry about collapsing home prices in their area if local industries are expanding and companies are opening new locations. This year, GE-Hitachi and Invista both announced plans to expand their Wilmington operations and create 950 new jobs. Economic experts believe vendors and other area businesses that support them will add 700 additional jobs.

One of the best ways to gauge a region's economic forecast is to consult with a local Realtor. Their experience and knowledge of the market is priceless when making a decision about where to invest.