Lower mortgage rates offer hope to homebuyers in 2024
Hope is on the horizon for house hunters looking to put down roots.
Scripps News
Looking for a new home. The number of new homes listed is on the rise in Delaware.
In Kent County, 198 new homes were listed; in Sussex County, 460 new homes; and in New Castle County, 412 new homes.
Kent County real estate listings
Listings in Kent County moved steadily, at a median of 64 days listed compared with the February national median of 61 days on the market. In the previous month, homes had a median of 68 days on the market. Around 198 homes were newly listed on the market in February, an 11.2% increase from 178 new listings in February 2023.
The median home in Kent County listed for $417,875 in February, up 1.4% from the previous month’s $412,250, an analysis of data from Realtor.com shows. Compared with February 2023, the median home list price increased 5.2% from $399,850.
Kent County’s median home was 2,083 square feet, listed at $196 per square foot. The price per square foot of homes for sale is up 4.9% from February 2023.
Sussex County real estate listings
Listings in Sussex County moved slowly, at a median of 74 days listed compared with the February national median of 61 days on the market. In the previous month, homes had a median of 78 days on the market. Around 460 homes were newly listed on the market in February, a 13.3% increase from 406 new listings in February 2023.
The median home in Sussex County listed for $539,500 in February, up 1.8% from the previous month’s $529,999.
Compared with February 2023, the median home list price decreased 1.9% from $540,370.
Sussex County’s median home was 2,126 square feet, listed at $256 per square foot. The price per square foot of homes for sale is up 1% from February 2023.
New Castle County real estate listings
The median home in New Castle County listed for $418,445 in February, up 2.1% from the previous month’s $409,978.
Compared with February 2023, the median home list price decreased 2.7% from $391,635.
New Castle County’s median home was 2,044 square feet, listed at $207 per square foot. The price per square foot of homes for sale is up 3.9% from February 2023.
Listings in New Castle County moved briskly, at a median of 41 days listed compared with the February national median of 61 days on the market. In the previous month, homes had a median of 50 days on the market. Around 412 homes were newly listed on the market in February, a 6.2% increase from 388 new listings in February 2023.
The statistics in this article pertain only to houses listed for sale in Delaware, not houses that were sold. Information on your local housing market, along with other useful community data, is available at data.delawareonline.com.
Empty storefronts: What’s happened to the Kmart and Sears stores in Delaware? We have the answers.
Dover Mall: Changes include new tenant at former Sears, science fun for kids and burgers
What is a median home price?
The median home prices issued by Realtor.com may exclude many, or even most, of a market’s homes. The price and volume represent only single-family homes, condominiums or townhomes. They include existing homes, but exclude most new construction as well as pending and contingent sales.
Across the Philadelphia-Camden-Wilmington metro area, median home prices rose to $339,950, slightly higher than a month earlier. The median home had 1,530 square feet, at a list price of $216 per square foot.
In Delaware, median home prices were $479,995, a slight increase from January. The median Delaware home listed for sale had 2,100 square feet, with a price of $230 per square foot.
Throughout the United States, the median home price was $415,500, a slight increase from the month prior. The median American home for sale was listed at 1,819 square feet, with a price of $224 per square foot.
The median home list price used in this report represents the midway point of all the houses or units listed over the given period of time. Experts say the median offers a more accurate view of what’s happening in a market than the average list price, which would mean taking the sum of all listing prices then dividing by the number of homes sold. The average can be skewed by one particularly low or high price.
The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from Realtor.com. Please leave any feedback or corrections for this story here. This story was written by Ozge Terzioglu.