Milford DE Market Trends: August 2024

Hey guys!

Starting this, I'll be gathering monthly market data for a few popular towns in Delaware. This will give you a snapshot of the current market, as well as trends in sales prices, inventory levels, and mortgage rates. Each month, I will give you a metric on the following: Months Supply of Inventory, 12-Month Change in Months of Inventory, Median Days Homes are On the Market, List to Sold Price Percentage, and Median Sold Price.

I'll start with the "Months Supply of Inventory", which is sitting at 3.56. This means that at the current rate of sales, it would take 3.56 months to sell all the homes on the market.

Next, the "12-Month Change in Months of Inventory" has increased by 78%. This indicates that the market may be slowing down slightly, with more inventory available compared to last year.

Moving to the "Median Days Homes are On the Market" at 45. This means that, on average, it takes 45 days to get a home under contract from the day it was listed. This number has gone up 150% since July, which had homes sitting for about 18 days each. This could suggest that the middle of summer was a much more popular time for home buyers.

Looking at the "List to Sold Price Percentage" of 98.1%, we can see that sellers are typically getting close to their asking price. This shows a strong market where buyers are willing to pay close to the listing price.

Lastly, we'll move to the "Median Sold Price", which is $370,000. This is the average price of homes being sold in the area. Compared to July, sold home prices have gone up $20k.

Overall, these metrics suggest a balanced market with homes selling quickly and at a price close to the listing price. Sellers may have a slight advantage due to the low inventory levels, but buyers can still find good deals. Keep an eye on the market so you can make informed home buying and selling decisions, and give me a call so we can discuss your options.