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Are real estate prices actually falling in Delaware?
This was the case in June and July, and the county with the highest prices recorded the largest decline.
July marked the second consecutive month that Delaware’s median home sales price declined since hitting a record high of $393,267 in May. This applies to existing homes, not new construction.
In June, the price fell to $389,833, and in July it fell again to $374,000, according to the Delaware Association of Realtors.
More importantly, the median home sales price fell 1.15% in July compared to the same month last year when it was $378,333. This is the first time in six years that there has been a year-on-year price decline since July 2018.
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The lower prices came as sales rose to 1,268 in July, compared to 1,048 in July 2023, an increase of 20.99%.
The inventory of homes for sale increased by 30.01% to 3,496 in July, compared to 2,689 a year earlier.
“July market data shows us that while there is more inventory and more options for buyers, there is still demand that is keeping prices stable,” said George Thomasson, president of the Delaware Association of Realtors.
Which county had the highest real estate prices?
The median sales price in Sussex County was the highest in Delaware in July at $425,000.
However, the county also saw the largest decline, falling 5.56% from $450,000 a year ago.
Sales increased 28.57% to 513 homes, up from 399 in July 2023.
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In New Castle County, the median sales price in July was $352,000, down 0.08% from $355,000 in July 2023. Home sales in the county totaled 543, up 16.27% from 467 in the same month last year.
Kent County had the lowest median sales price at $345,000, but was the only county with a year-over-year increase, with the median increasing about 4.55% from $330,000 in July 2023.
Sales totaled 212, compared to 182 last year, an increase of 16.48%.
Reporter Ben Mace is a former editor at the Smyrna/Clayton Sun-Times, Dover Post and Middletown Transcript with 33 years of journalism experience. Today he primarily covers real estate, development and business news in central Delaware for DelawareOnline/The News Journal. Reach him at [email protected]
