Recent housing data is giving buyers a bit more leverage, and our team at The Coastal Real Estate Group is watching these shifts closely for our Delaware clients. As of late Q3, around 21% of active listings have seen price cuts, with total inventory now at over 1.16 million homes—just about 9% below what we’d consider typical before the pandemic. Buyer activity has remained measured, with homes under contract dropping about 4% year-over-year for the second consecutive month—higher mortgage costs are certainly making buyers think twice about affordability.
The national median list price sits at approximately $419K, which is down about 1% both month-over-month and year-over-year, marking nearly a year of consistent annual declines. Price per square foot has dipped by 2% as well. Sellers are still present in the market: about 6% of listings were delisted, which is steady compared to last year, but more are making price adjustments and leaving room for negotiation.
As your local advocates, we’re keeping an eye on whether these additional price cuts will bring more buyers off the sidelines, or if increasing supply and softened demand will stretch this period of adjustment. Our experience helps us navigate these market turns with a steady hand—always keeping your best interests at the forefront.
Leave a Reply