The information depicts changing conditions in Delaware’s real estate market, where median sale prices are trending lower for both buyers and sellers than they were during the preceding month.
In New Castle County, the median sale price for houses settled at $304,000, reflecting a notable decline. Similarly, Kent County experienced a decrease, with homes selling at a median price of $327,000.
Delaware Housing Market Update
However, the most significant shift was observed in Sussex County, where houses sold for considerably lower than the preceding month’s median sale price of $470,000.
Delving into specific segments, the data reveals nuances in single-family home sales. In New Castle County, the median selling price stood at $345,000, marking a 4.2% drop from October. Compared to November 2022, prices were down by 0.6%. Notably, high-end transactions above $1 million decreased substantially, contrasting starkly with the previous year.
Kent County mirrored a similar narrative, with the median selling price for single-family homes at $307,500, down 3.8% from the previous month. Sussex County, on the other hand, saw 24 homes selling for $1 million or more, an increase from the same period in 2022. However, the median selling price for single-family homes dropped by 10.4% from October to $425,000.
Statewide, the median home sale price witnessed a 3.1% decrease in November compared to October, settling at $339,500. Moreover, total recorded residential home sales decreased by 16.2% from the previous month, indicating a notable slowdown in market activity.
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Luxury Real Estate in Delaware
Despite the overall decline, there was a slight uptick in the percentage of homes sold for at least $1 million, signaling resilience in the luxury segment. However, the sales prices of single-family homes across Delaware experienced a notable dip, declining by 7.4% from October to a median of $345,000 in November.
It’s crucial to note that the data, sourced from real estate deeds, may have a few months’ delay and does not encompass homes currently listed for sale. Additionally, the median sale price offers a more accurate representation of market trends compared to the average sale price, which can be skewed by outliers.
As the real estate market in Delaware continues to evolve, stakeholders are advised to stay informed with up-to-date information and insights to navigate these changing dynamics effectively.
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