May housing market posts gains in sales, prices, inventory

Delaware’s housing market remained active in May with continued growth in home sales, prices and available inventory. While buyer demand remained steady, a decline in pending sales suggests some buyers may still be weighing affordability concerns, according to the latest data from the Delaware Association of Realtors.

Statewide, closed sales increased by 4%, with 1,291 homes sold compared to 1,238 in May 2024. The median listed price rose 6.04% to $420,000, and the median sold price climbed nearly 10% to $399,000, reflecting strong value retention in the current market.

Inventory showed a substantial gain, increasing by 60% year-over-year to 4,187 active listings. New listings rose 25%, giving buyers more choices as the spring market continued to deliver activity across all counties. However, pending sales declined by 8%, and homes are taking longer to sell, with the average days on market increasing by 29% to 43 days.

“May’s numbers show a solid market supported by stronger inventory and price growth,” said Scott Farnan, Delaware Association of Realtors president. “Buyers are seeing more options, and sellers are still seeing strong returns. At the same time, the slowdown in pending activity reminds us that affordability remains a key concern, especially when it comes to entry-level and workforce housing.”

A comparison of the May 2024/25 data is provided in the accompanying chart. For county data, go to delawarerealtor.com.