The real estate market in Delaware saw growth in new listings, and a decline in sales during March.
Still, a Delaware Association of Realtors release said the listings growth was “signaling a positive uptick in seller confidence as spring approaches.”
The number of units sold decreased by 13% in what the association called an “adjustment phase, commonly seen in early spring.”
The median listed price rose 8.73%, accompanied by a 7.63% rise in median sales prices. The active inventory saw a surge of 23%. Meanwhile, the average days on the market increased by 8%.
“With the arrival of spring, we’re seeing a promising increase in property listings, alongside significant value growth,” said George Thomasson, president of the Delaware Association of Realtors. “The notable rise in active inventory is providing diverse options for buyers, which is essential in meeting the varied needs of our community.”
According to the National Association of Realtors, sales nationwide dropped in March. Among the four major U.S. regions, sales slid in the Midwest, South, and West but rose in the Northeast for the first time since November 2023. Year-over-year, sales decreased in all regions.
Total nationwide existing home sales fell 4.3% from February.
“Though rebounding from cyclical lows, home sales are stuck because interest rates have not made any major moves,” said NAR Chief Economist Lawrence Yun. “There are nearly six million more jobs now compared to pre-Covid highs, which suggests more aspiring home buyers exist in the market.”
A comparison of the March 2023/March 2024 Delaware data is available at the association’s website.
