Are the housing forecasts right or not? The headlines in the national media are all over economic recovery and predictions about future home prices and the sustainability of the housing market.
On June 26th, I published an article based on projections by leaders in both the housing and mortgage industries. Some of the experts predict an increase in housing prices of 3-4%, while others expect a slight decline of 1-1 ½%. No one projects prices to crash.
Their analysis is based on national projections, so I thought I would share our local view of the Delaware housing market. I often talk about how our market is different. We’re a small state, with excellent tax advantages, in a very strategic location, in the heart of the Mid-Atlantic Region. Because of our unique strengths, and the fact that Baby Boomers of all ages are making moves, the market in Delaware is HOT.
Notice in the charts below, based on data from the Bright Multiple Listing Service (MLS), that the median sale price for all residential real estate is increasing in all three counties in Delaware. When we look at the data after Q2-2020 is released, I expect the trend will have continued.
Remember that high demand and low inventory cause prices to increase, not decrease. With extremely low interest rates, don’t wait if you are planning to buy. Contact us today to get started on finding your next home.