A Comparative Analysis of New Castle County’s Real Estate Market: 2023 vs. 2024

As real estate professionals, we continuously monitor market dynamics to provide our clients with the most accurate and actionable information. Today, we’ll compare the performance of New Castle County’s real estate market from January to April 2023 with the same period in 2024, offering insights into how the market has evolved over the past year.

1. Market Activity and Listings:

In 2024, New Castle County experienced a steady increase in the number of units listed each month, starting from 410 in January and reaching 615 in April. This contrasts with the previous year, where listings began at 398 in January and peaked at 579 in March. The total listings in 2024 showed a 4.4% increase (2,050 listings in 2024 vs. 1,963 listings in 2023).

2. Sales Volume and Pricing Trends:

The total listed volume in 2024 significantly exceeded that of the previous year, reaching $882,080,125 compared to $728,502,942 in 2023, marking a 21% increase. The median list price rose from $326,000 in 2023 to $359,000 in 2024, reflecting an increase of 10.1%. These figures indicate a stronger market where buyers may be willing to pay more amidst competitive conditions.

3. Sold Units and Median Sold Prices:

The number of units sold showed a slight decrease of 4% in 2024 with a total of 1,528 units compared to 1,592 in 2023. However, more importantly for sellers and investors, the average sold price saw an 11.5% increase from $349,152 in 2023 to $389,367 in 2024. This indicates that while transaction volume may have decreased, transaction values did not, benefiting sellers with greater returns.

4. Market Supply Indicators:

Inventory levels in April 2024 increased to 764 from 639 in April 2023, a 19.6% increase. The months of supply (MSI) saw a slight increase from 1.4 in April 2023 to 1.9 in April 2024. This suggests that while more homes are available, they are still being sold at a steady pace, maintaining a seller’s market with more options and slightly less pressure on buyers to submit offers quickly.

In conclusion, the comparative analysis for January-April 2023 vs. January-April 2024 in New Castle County, Delaware’s real estate market points to a robust increase in both market activity and property values. For potential buyers, the market remains competitive but offers slight relief and continues to provide high-quality investments. Sellers are enjoying continued higher returns on their properties. As we move further into 2024, stakeholders should watch for whether these trends continue, potentially indicating long-term market shifts.

For those considering buying or selling in New Castle County, staying informed with the latest market data is crucial. Do not hesitate to contact us if you have any questions or would like tailored real estate advice and strategies that align with current market conditions and your real estate needs, ensuring you make the most informed decisions in your real estate journey.

The data presented in this analysis was collected from our Multiple Listing Service application, Bright, which comprehensively captures market statistic data, ensuring accuracy and reliability in our insights.