Delaware housing market growth continues in prices, listings

According to the latest data from the Delaware Association of Realtors, the First State’s housing market continued its upward trend this May, supported by increases in listings, prices and active inventory.

Compared with May 2023, May 2024 saw a 19% increase in new listings, indicating strong seller confidence and activity. Units sold saw a modest 1% increase, reflecting sustained buyer interest despite market dynamics.

Median prices continued to rise steadily, with the median listed price increasing by 2.57% and the median sold price climbing by 8.34%. These increases highlight the continued appreciation of property values across Delaware.

While pending units saw a slight decrease of 1%, active inventory expanded significantly by 32%, providing a broader selection of homes for prospective buyers. The average days on market increased by 9% from 33 days to 36 days, indicating a slightly slower pace in the selling process.

"This May, Delaware's housing market demonstrated resilience and growth," said George Thomasson, president of the Delaware Association of Realtors. "The increase in new listings and active inventory offers buyers more options, while rising median prices underscore the value and demand for properties in our state."

However, despite these positive indicators, challenges remain in Delaware's housing market. "While the median sales price has been increasing and inventory is growing, it's clear that more affordable housing options need to be made available in the marketplace," said Thomasson. "The Delaware General Assembly is currently considering legislation that would create an Affordable Housing Production Task Force to assist with that issue."

A comparison of the May 2023/May 2024 data is provided in the chart shown. For county data, go to delawarerealtor.com.