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 Inventory | 305 | 13% | Increase |
| Average Months of Inventory | N/A | N/A | N/A |
| Average days on market | -1 | -3% | Decrease |
“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.
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.
