Are home prices in Delaware actually falling?
In June and July they did, and the county with the highest prices saw the largest drop.
July marked the second straight monthly decline in the Delaware median home sales price since the record high of $393,267 in May. That’s for existing homes, not new construction.
In June, the price dipped to $389,833, and then in July it fell again to $374,000, according to the Delaware Association of Realtors.
More significantly, the median home sales price in July dropped compared to the same month a year ago when it was $378,333, a decrease of 1.15%. That’s the first time in six years there has been a decrease in the year-over-year price, since July 2018.
The lower prices came while sales rose in July to 1,268, compared to 1,048 in July 2023, an increase of 20.99%.
Inventory of homes for sale jumped 30.01% to 3,496 in July, from 2,689 one year ago.
“July’s market data tells us that while there is more inventory and more options for buyers, there is still a demand, keeping prices stable,” said George Thomasson, president of the Delaware Association of Realtors.
Which county had the highest home prices?
Sussex County’s median sold price was the highest in Delaware at $425,000 in July.
But the county also saw the largest drop, down 5.56% from $450,000 one year ago.
Sales jumped 28.57% to 513 homes, up from 399 in July 2023.
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In New Castle County, the median sold price was $352,000 in July, a drop of 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 sold price at $345,000, but it was the only county with an increase compared to last year. The median rose about 4.55% from $330,000 in July 2023.
Sales totaled 212, compared with 182 last year, a jump 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. He now primarily covers real estate, development and business news in central Delaware for Delaware Online/The News Journal. Reach him at rmace@gannett.com
Read More: Delaware home prices falling? See which county is leading the drop