Delaware
February home sales in Delaware: Sussex leads the way in sales and highest median price
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- Delaware existing home sales – not new construction – totaled 830 in February, down from January and from February 2024.
- The median sales price in Delaware in February was $377,000, lower than January but higher than a year ago.
- Sussex County led the state in both home sales and the median sales price.
Delaware home sales fell in February on a monthly and yearly basis, while the median price declined from January but rose from a year ago.
Sales of existing homes – not new construction – in February totaled 830, down 7.88% from 901 in January and slightly lower than 838 in February 2024, a decline of 0.95%, the Delaware Association of Realtors reported.
The median sales price of $377,000 fell less than 1%, down 0.62% from $379,333 in January, but higher than a year ago by 2.70% when it was $367,083.
Prices have pulled back since October’s all-time high median price of $397,650.
The inventory of homes for sale was 3,506, up from 3,289 in January and from 2,883 one year ago.
The pace of sales slowed, with homes staying on the market an average of 50.7 days, longer than 47 days in January and 45.7 days in February 2024.
“While inventory gains are a step in the right direction, affordability remains a pressing issue,” said Scott Farnan, president of the Delaware Association of Realtors, in a press release.
The association is advocating solutions like the “One Percent for Housing” campaign, which calls for the state to dedicate 1% of its budget to affordable housing solutions, Farnan said.
Sussex County leads state in sales and prices
Sussex County topped the other counties in home sales with 354, holding steady from 353 in January and higher than 330 in February 2024.
The median sold price was the highest in the state at $434,500, down from $465,000 in January, but up from $421,250 a year ago.
Inventory of homes for sale climbed to 2,109 from 1,888 in January and from 1,692 in February 2024.
But the average time a home was on the market dragged out to 70 days compared with 62 in January and 56 days a year ago.
New Castle County sales and prices
In New Castle County, sales totaled 324 in February, down from 403 in January and from 353 a year ago.
The median sold price was $364,000, rising from $350,000 in January and from $330,000 in February 2024.
Inventory of homes for sale was 838, climbing from 831 in January and from 713 a year ago.
The average time a home was on the market was 36 days, slightly longer than 34 days in January and longer than 28 days in February 2024.
Kent County real estate figures for February
Kent County sales totaled 152, up from 145 in January, but lower than 155 a year ago.
The median sales price of $332,500 rose from $323,000 in January but fell from $350,000 in February 2024.
Active inventory was 559, falling from 570 in January but higher than 478 a year ago.
The average time a home was on the market was 46 days, up from 45 days in January, but sales were faster than a year ago, when the average was 53 days.
National sales and prices climb
In the U.S. as a whole, existing home sales were better than Delaware on a monthly basis, increasing by 4.2% in February from January to a seasonally adjusted annual rate of 4.26 million, reported by the National Association of Realtors.
However, compared with last year, national sales slipped 1.2%, while in Delaware the decline was less than 1%.
The national median sales price rose to $398,400 in February, compared with $396,900 in January and $383,800 a year ago. That’s a 3.8% year-over-year increase vs. the 2.7% rise in Delaware.
The inventory of unsold existing homes climbed 5.1% from the prior month to 1.24 million at the end of February.
Properties remained on the market for an average of 42 days in February, up from 41 days in January and 38 days in February 2024.
“Home buyers are slowly entering the market,” said Lawrence Yun, chief economist at the National Association of Realtors. “Mortgage rates have not changed much, but more inventory and choices are releasing pent-up housing demand.”
Reporter Ben Mace covers real estate, development and business news. Reach him at rmace@gannett.com.