Delaware home sales market slows slightly in January

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The Delaware Association of Realtors reported that January’s housing market posted a slight decrease in new listings and homes sold. The inventory of new homes did rise sharply.

The median price increased by 4.50%, However, the median listed price increased by only 0.17%.

The real estate group stated that pending sales fell by 8%, but active inventory showed 13% growth, indicating more choices for homebuyers entering the market.

Homes spent slightly less time on the market.





Category
Change%
New Listings-15-1%Decrease
Units Sold-27-3%Decrease
Median Listed Price $670.33 0.17%Increase
Median Sold Price $15,538.33 4.50%Increase
Pending Units-67-8%Decrease
Active Inventory30513%Increase
Average Months of InventoryN/AN/AN/A
Average days on market-1-3%Decrease


From Bright MLS and Delaware Association of Realtors

“As we step into 2024, Delaware’s housing market is showing a pattern of steady demand and enduring value. The increase in active inventory, paired with the rise in median sold prices, indicates a healthy start to the year. We’re observing a market that is adjusting from the high-paced end-of-year activity but still presents ample opportunities for both buyers and sellers,” said George Thomasson, president of the Delaware Association of  Realtors.

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Nationwide, home sales were up by single digits in January, according to the National Association of Realtors (NAR)

Interest rates remain high, which could hold down a spring increase in sales. The national realty group said younger people are more comfortable with the higher rates than older buyers.

The NAR also reported that mid-priced homes were still seeing strong interest, with multiple offers in some cases.

A comparison of the January 2023/January 2024 data is provided in the chart below. For county data, click here.

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