Housing market sees price growth, inventory gains as pending sales decline

Delaware’s housing market saw rising home prices and increased inventory in February, but pending sales and closed transactions declined slightly, reflecting ongoing affordability concerns and shifting market conditions, according to the latest data from the Delaware Association of Realtors.

Statewide, units sold declined by 1%, with 830 homes sold compared to 838 in February 2024. However, home values continued to rise, with the median listed price increasing by 5.28% to $400,630 and the median sold price up 2.7% to $377,000.

Despite affordability challenges, active inventory increased by 22%, with 3,506 homes on the market, giving buyers more options. However, pending sales dropped by 16%, signaling a potential slowdown in future transactions. Homes also remained on the market longer, with the average days on market increasing by 11% to 50 days.

“While inventory gains are a step in the right direction, affordability remains a pressing issue,” said Scott Farnan, president of the Delaware Association of Realtors. “Higher prices and longer days on market reflect the complexities of today’s housing landscape. That’s why Realtors are advocating for solutions like the ‘1% for Housing’ campaign, which calls for the state to dedicate 1% of its budget to affordable housing solutions. A sustainable funding source like this would help address the housing shortage and create more opportunities for homeownership across the state.”

To learn more, go to onepercentforhousing.org.

A comparison of the February 2024/25 data is provided in the accompanying chart. For county data, go to delawarerealtor.com/buyers-and-sellers/monthly-housing-statistics.