Are you wondering if it’s a good time to buy a house in Delaware right now? Or should you wait given the potential recession, housing market slowdown, and high mortgage interest rates? One way to tell if it’s a good time to buy a house in Delaware is to see if it is in a buyer’s market or a seller’s market right now.
Is Delaware in a Buyer’s Market or Seller’s Market right now?
According to Redfin’s December 2022 data, there is 1.5 months supply of homes in Delaware right now. This means Delaware is in a seller’s market right now. Months of supply is a common metric used by real estate professionals to gauge whether a market is in a buyer’s market or seller’s market. It is calculated by taking the total number of homes for sale divided by the number of homes sold in one month. A balanced market would be a 5 to 6 months supply of homes while a buyer’s market will be greater than 6 months supply of homes.
The best time to buy a house in Delaware is during a buyer’s market. A buyer’s market is when there is a lot of inventory of homes for sale but not enough buyers out there wanting to buy a home. As a buyer, you will have the upper hand when it comes to negotiating prices because there will be less competition.
Is the Entire State of Delaware in a Seller’s Market?
Yes, Delaware is in a seller’s market right now. All the counties in Delaware are in a seller’s market. It’s not the best time to buy a house in Delaware right now. Since winter is a time of low housing inventory, I suggest holding off and waiting for more homes to enter the market. There should be a spike in new listings in March because that is when sellers begin putting their properties for sale.
Places in Delaware in a Seller’s Market
Below are counties in Delaware where it’s a seller’s market. If you are thinking of buying a home in these Delaware counties, it makes sense to hold off on buying a home until the Spring when there are more homes for sale. There should be an uptick in new home listings in March when sellers begin putting their homes for sale. Months of Supply Data Source: December 2022 real estate data from RedFin.
Kent County, DE
Kent County, DE is in a seller’s market with 2.1 months supply of homes.
New Castle County, DE
New Castle County, DE is in a seller’s market with 1.3 months supply of homes.