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The current real estate market in Delaware is experiencing some notable trends as we move into the latter part of 2024.

Rising Home Prices: Home prices continue to increase year-over-year. As of August 2024, prices were up by approximately 8.7%, with an average home value of around $388,000. Cities like Wilmington and Dover are experiencing steady price growth, with expectations for further rises in 2025

Tight Inventory & Quick Sales: Delaware’s market remains competitive, with homes spending a short amount of time on the market. The average days on the market in metro areas like Wilmington and Dover range from 12 to 28 days, and many homes receive multiple offers, often selling above the listing price​.

Balanced Seller’s Market: Although prices are increasing and homes are selling quickly, there is also a slight rise in the number of homes available for sale. This has resulted in a somewhat balanced inventory, creating opportunities for both buyers and sellers,

For buyers, this means they should be prepared for a competitive market, with many homes going under contract quickly. Sellers, on the other hand, can benefit from rising prices and multiple offers but should remain aware of the need to price competitively given the mixed market conditions.

Key factors to consider when purchasing a property in Delaware. This could include information on neighborhoods, schools, property taxes, proximity to amenities, and potential resale value.

In Delaware, the legal requirements and processes for buying or selling real estate involve several steps, with important regulations to follow. While not legally required, it’s highly recommended to work with a licensed REALTOR® when buying or selling a home. An agent like Kesia Campbell can help navigate the legalities, negotiate deals, and ensure all documents are properly handled.