Housing market sees moderate activity rise and price gains

The Delaware housing market this June demonstrated moderate activity increases and continued price gains, according to the latest data from the Delaware Association of Realtors.

Compared to June 2023, new listings rose by 5%, reflecting a steady flow of properties entering the market. However, units sold saw a slight decline of 5%, indicating a shift in buyer dynamics.

The median listed price experienced a significant increase of 8.04%, while the median sold price rose by 4.56%. These price gains highlight the ongoing appreciation of property values in Delaware.

Pending units remained unchanged, showing stability in the number of transactions awaiting completion. Notably, active inventory increased substantially by 31%, providing a wider selection of homes for potential buyers.

The average days on market saw an increase of 12%, rising from 27.67 days to approximately 31 days, suggesting that homes are taking slightly longer to sell compared to the previous year.

The average months of inventory increased from 2.1 months last year to 2.633 months this year, indicating a growing supply of available homes on the market.

"June has shown that Delaware's housing market remains robust, with a noticeable rise in new listings and a healthy increase in active inventory," said George Thomasson, president of the Delaware Association of Realtors. "These trends are a positive sign for both buyers and sellers, although we must continue to address the need for more affordable housing options to ensure a balanced and accessible market for everyone."

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