Delaware Housing Market: November 2024 Analysis
The Delaware housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price has decreased by 1.1% year-over-year, settling at $355,300. In contrast, the Median List Price has seen a modest increase of 1.2%, reaching $348,200. This divergence suggests a potential shift in buyer and seller expectations.
Price Per Square Foot metrics indicate upward trends, with the median Price Per Square Foot rising by 3.0% to $199. Similarly, the Median List Price per square foot has surged by 6.5%, also reaching $199. These increases suggest a growing valuation of property space despite the overall decline in sales prices.
Sales activity has experienced a downturn, with the number of Homes Sold decreasing by 4.0% to 600 units. However, Pending Sales have increased by 7.1%, totaling 697, indicating a potential rebound in future sales. New Listings have also risen by 3.3%, matching the Pending Sales figure of 697, which could signal a more active market in the coming months.
Inventory levels have expanded significantly, with a 16.7% increase, bringing the total to 1,388 homes. This rise in inventory, coupled with a 40.0% increase in Months of Supply to 2.3 months, suggests a shift towards a more balanced market, potentially easing the competitive pressure on buyers.
The Median Days on Market have increased by 4.0% to 31 days, indicating a slight slowdown in the pace of sales. Despite this, the average sale to list ratio remains robust at 100.5%, up by 0.7%, reflecting that homes are still selling close to their asking prices. Additionally, the percentage of Homes Sold above list price has increased by 4.7% to 36.8%, highlighting continued competitive bidding in certain segments.
Price Drops have seen a slight increase of 0.6%, affecting 27.9% of listings, which may reflect sellers adjusting expectations in response to market conditions. Meanwhile, the percentage of homes going off the market within two weeks has slightly decreased by 0.2% to 48.4%, suggesting a marginally slower turnover rate.
Overall, the Delaware housing market in November 2024 exhibits a mix of declining sales prices and increased listing prices, with a notable rise in inventory and Pending Sales. These dynamics suggest a market in transition, with potential opportunities for both buyers and sellers as the year progresses.
