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Delaware home prices, inventory up in May

Katie Tabeling
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Delaware’s real estate transfer tax could fall by 1% this year under a new bipartisan proposal. | DBT FILE PHOTO BY JACOB OWENS

DOVER — Delaware’s housing market continues to see median prices rise as the May report shows that homes listed on the market have grown by 33% year over year, according to the Delaware Association of Realtors (DAR).

The state’s housing market saw homes listed at a medium listed price at $406,266 in May, according to a monthly report prepared by the DAR and Bright MLS. Delaware homes sold slightly under the listing price with the median price point listed at $393,266.

While Delaware continues to be one of the growing housing markets for the Mid-Atlantic region, especially for retirees that may be looking to enjoy a short drive to the beach and its tax-friendly climate, it also has housing prices under the national market. The National Association of Realtors reported that the median existing home prices for all housing types in May was $419,000, the highest price ever recorded. All regions registered price gains.

Delaware saw 1,805 homes newly listed in May, a 19% increase from May 2023. Units sold, however, only rose 1% from the previous year, or another 1,255 units sold in May 2024. Another 1,076 homes were pending sale that month.

The biggest change in the market is the incoming new inventory. There’s 3,459 homes currently listed for sale, or 32% more than this point from last year. The average days on market increased 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,” Delaware Association of Realtors President George Thomasson said in a prepared statement. “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.”

Looking at each county, Sussex County continues to have the hottest market, with 2,1000 units listed on the market with a median listed price of $499,900. Homes sold at an average of $439,900 after staying on the market for an average of 4 months.

In comparison, New Castle County had 831 homes listed at an average of $349,900, while Kent County recorded 528 homes listed at an average of $369,000.

Homes in New Castle County sold just under two months on the market for an average of $369,950, while Kent County units sold just under three months at an median price of $339,950.

 

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