Delaware Home Sales Jump in March, but Median Price Outpaces National Trends

Home sales in Delaware rose 18.5% in March compared to February, but fell 12.82% year-over-year, according to the latest data. The median home price in the state reached $369,166, a 7.63% increase from March 2023, surpassing the national median price increase of 4.85% during the same period.

The monthly increase in Delaware home sales can be attributed to various factors, including local economic conditions, job growth, and specific incentives or programs in the state. However, the year-over-year decline was more significant than the national figure, likely due to more affordable mortgages in 2023 and shifts in buyer preferences and market saturation.

Why this matters: The housing market in Delaware is experiencing unique trends compared to the rest of the nation, with a more pronounced year-over-year decline in sales and a higher median price increase. These developments could have implications for both buyers and sellers in the state, as well as the overall health of the local economy.

The rise in active inventory of homes for sale in Delaware is bringing the market closer to historical normal levels, which could benefit buyers by providing more options and potentially leading to more competitive pricing and negotiations. Nationally, the number of homes listed for sale climbed 14.43% from a year ago.

Lawrence Yun, chief economist of the National Association of Realtors, stated, "It's a great time to list with ongoing multiple offers on mid-priced properties and overall home prices continuing to rise."

In March 2024, existing-home sales in the United States slipped, with declines in the Midwest, South, and West regions, but an increase in the Northeast. First-time buyers accounted for 32% of sales in March, up from 26% in February and 28% in March 2023. The 30-year fixed-rate mortgage averaged 6.88% as of April 11, 2024, up from 6.82% the previous week and 6.27% one year ago.

Key Takeaways

• Delaware home sales rose 18.5% monthly, but fell 12.82% yearly.
• Delaware median home price reached $369,166, up 7.63% from March 2023.
• Delaware's housing market decline was more pronounced than national trends.
• Active home inventory in Delaware is rising, nearing historical normal levels.
• U.S. existing-home sales slipped in March 2024, with mortgage rates up.