Real Estate sales are booming throughout the State of Delaware
Realtor.com’s Top Housing Markets of 2021 may not include Delaware but sales are going up every year, especially in the Cape Region. Lists like this tend to focus on Metropolitan areas and Delaware has fewer people than most of the top 10.
Have you noticed? I hear Delaware referenced more often than ever before and it’s not just when Joe Biden is in the news.
Even on national weather reports I now hear Delaware mentioned and not just Pennsylvania or Maryland!
The top markets in 2021 aren’t cheap. In fact, home prices in eight of the top 10 markets are higher than the top 100 markets’ average. But many are relatively affordable compared to their nearby counterparts or offer significantly more square footage for a similar price.
Top 10 Housing Markets Positioned for Growth in 2021
|Rank*||Metro||2021 Sales Growth % y/y||2021 Price Growth % y/y||Combined Growth|
|2||San Jose-Sunnyvale-Santa Clara, Calif.||10.80%||10.80%||21.60%|
|4||Boise City, Idaho||9.80%||9.10%||18.90%|
|8||Oxnard-Thousand Oaks-Ventura, Calif.||12.50%||5.50%||18.00%|
|10||Riverside-San Bernardino-Ontario, Calif.||12.40%||5.50%||17.90%|
Ranking is based on the combined yearly percentage growth in both home sales and prices expected in 2021 among the top 100 largest markets in the country per realtor.com’s metro level housing forecast. In cases of a tie, Sales Growth y/y was used as a tiebreaker.
To quote from Realtor.com –
- On average, the top 10 markets have a larger share of younger households, aged 25 to 34 (14.1%) than the U.S. as a whole (13.5%).
- Half of the top markets are state capitals, including Sacramento, Boise, Phoenix, Harrisburg, and Denver.
How does Delaware fit into this booming real estate market?
The December 21, 2020 edition of Delaware Live Online featured an article entitled, “Record realty transfer taxes push state to higher projected surplus.”
This excerpt illustrates just how important real estate is to the overall health of Delaware’s economy –
“On the strength of four record months of real estate transfer taxes as well as hefty initial public offerings and business incorporations, Delaware’s budget is projected to have a $347 million surplus heading into the new year.“
“Delaware’s real estate transfer taxes set records in August, September, October and November. Sussex County commercial and home sales by far led the way to the state’s $205 million in state realty transfer taxes.“
Delaware’s market shares other similarities with the Top 10. Home prices aren’t cheap, but they are relatively affordable compared to our nearby counterparts in New Jersey, New York, Connecticut, and others in the Mid-Atlantic Region.