Delaware’s Property Market
When buying or selling property, it’s easy to get lost in the tiny details and get overwhelmed, so let’s take a step back and look at the big picture. Delaware’s housing market, especially in New Castle County, is trending up. The median sales price in the state has increased by 10% in the past year, with a median value of $332,000. The median rent price is up even more, currently sitting at $1,634, an increase of 17% from June of last year. This bodes well for sellers and especially landlords in the area.
Fewer units are selling (down 23% from 2021), but that’s more due to there being fewer sellers than fewer buyers. Average days on the market have decreased by 18%, meaning homes are on the market for an average of only 18 days state-wide. That’s a huge decrease from January 2020’s 60 day average. Homes are also selling for very close to list price, so owners can relax and wait for the offers to roll in.
Why Choose New Castle County
Delaware’s most populous county, New Castle, is looking especially good for sellers. New Castle County is the only county in Delaware that is currently a seller’s market. Single-family homes are selling for a median price of $393,000, up 8% from last year. New listings are also down by nearly 10%, so the demand for houses is up. The average home is only on the market for 14 days, down from 16 days last year, and the average rent in New Castle County is $1553, which is higher than the state average of $1447.
The wide variety of housing options, from residence in cities like Newark, to smaller towns like Bear and Pike Creek, means there’s something for everyone in New Castle County. Newark’s median home sale price has increased by nearly 43% in the past year, and the market is extremely competitive. Many homes are selling for above the asking price.
Property Management in Delaware
As always, if you’re an investor and interested in owning property in the beautiful state of Delaware (or already have one and need help) – we’re here for you! Connect with us for all your property management needs.