Delaware Housing Market Analysis - August 2024
The Delaware housing market in August 2024 presents a nuanced picture with several key indicators showing varied trends. The Median Sales Price for homes in Delaware stands at $365,700, reflecting a year-over-year (YoY) increase of 4.5%. This rise in sales price suggests a continued demand for housing in the state, despite other market fluctuations.
Conversely, the Median List Price has decreased by 2.8% YoY, now at $359,500. This decline in list price indicates that sellers may be adjusting their expectations to align with market conditions. The median Price Per Square Foot has risen to $197, marking a 4.9% increase YoY, while the Median List Price per square foot has also increased by 5.1% YoY to $203. These figures suggest that while overall list prices are down, the value per square foot is appreciating, indicating a potential shift in buyer preferences towards smaller, more affordable homes.
In terms of sales activity, the number of Homes Sold has decreased by 11.6% YoY, with 699 Homes Sold in August 2024. Pending Sales have also seen a slight decline of 2.6% YoY, totaling 752. However, New Listings have surged by 11.8% YoY, reaching 852. This increase in New Listings, coupled with a 22.9% YoY rise in inventory to 1,295, suggests that the market is becoming more saturated with available properties.
The Months of Supply, a critical indicator of market balance, has increased significantly by 60.0% YoY to 1.90 months. This substantial rise indicates a shift towards a buyer's market, where the supply of homes is beginning to outpace demand. Additionally, the Median Days on Market have increased by 6.0% YoY to 24 days, further supporting the notion of a cooling market.
The average sale to list ratio has slightly decreased by 0.8% YoY to 100.1%, indicating that homes are still selling very close to their list prices. However, the percentage of Homes Sold above list price has dropped by 6.8% YoY to 36.3%, suggesting that bidding wars are becoming less common. Price Drops have increased by 4.9% YoY to 30.3%, reflecting sellers' willingness to reduce prices to attract buyers. Additionally, the percentage of homes going Off Market Within Two Weeks has decreased by 8.4% YoY to 53.9%, indicating that homes are taking longer to sell.
Overall, the Delaware housing market in August 2024 shows signs of cooling, with increased inventory and longer days on market. While Median Sales Prices continue to rise, the decline in list prices and the increase in Price Drops suggest that sellers are adjusting to changing market conditions. Buyers may find more opportunities as the market shifts towards a more balanced state.
