$1 million homes in Delaware remain a small percentage of inventory

While the median price of a home in Delaware has increased to $375,450, trends on homes selling for over $1 million in the First State are “not fully detailed,” according to the Delaware Realtors Association.

Of the 6,907 homes sold in the last six months, only 4% of those homes closed for over $1 million, association President George Thomasson said.

“Homes in the $1 million-plus range have become more prominent, though specific data on the number of such transactions is not fully detailed,” he said. “Generally, there has been an increasing demand for luxury homes, particularly in affluent areas such as Sussex County, which has seen strong growth in property values and home sales.”

This is despite home sales in Delaware decreasing by about 8% year-over-year, Thomasson said. However, he added, the housing market has “shown resilience and steady growth” this year.

$1 million homes

Indeed, homes recently sold for over $1 million seem to be largely concentrated in southern Delaware and in the First State’s beach towns, a Delaware Online/The News Journal review of recently sold homes on Zillow shows .

According to data provided by Redfin for Delaware home listings, the number of homes listed for $1 million has declined since 2022.

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There were 656 homes listed for over $1 million in 2022 compared with 478 homes this year, Redfin data shows, representing a roughly 27% decrease.

Home prices for 2024

While home sale prices started out at $360,832 in January of this year, they continued to climb, topping off at $393,297 in May.

Since then, the median sale price has fallen to about $375,000 , data from the realtors association shows.

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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.

“Overall, Delaware's real estate market remains competitive, with high demand and rising prices, especially in higher-end properties,” Thomasson, from the Delaware Realtors Association, said. “However, limited inventory continues to challenge the market balance.”

Got a tip? Contact Amanda Fries at afries@delawareonline.com. Follow her on X at @mandy_fries.

This article originally appeared on Delaware News Journal: $1 million homes in Delaware remain a small percentage of inventory