Del. Realtors: Large market growth but inventory crisis

DOVER — The Delaware housing market experienced significant growth in April compared to the same period last year, according to data from the Delaware Association of Realtors.

Despite this, the state continues to grapple with an inventory crisis, highlighting the complexities of market dynamics, a news release said.

Compared to April 2023, last month saw a 17% increase in new listings, signaling a surge in seller confidence and activity. Units sold also saw an uptick, rising by 10%, reflecting strong demand from buyers.

Further, median prices continued their upward trajectory, with the median list price increasing by 5.55% and the median sold price rising by 6.51%. These numbers underscore the continued appreciation of property values in the state.

Pending units also saw a healthy increase of 10%, indicating ongoing buyer interest and demand. The active inventory expanded significantly, by 27%, providing a wider selection of homes for buyers to choose from.

However, the average days on market increased by 19%, suggesting a slightly slower pace in the selling process.

For information, visit delawarerealtor.com .