Is Wilmington, DE a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Wilmington has remained a Seller's Market.
Key Takeaway
Wilmington is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Wilmington, DE
How much do homes in Wilmington, DE cost?
Median Sold Price
$316,650
$195/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Wilmington have sold for 18.4% more than they did a year ago.
Summary: The median home sold price in Wilmington was $316,650 in May 2024, up 18.4% from last year, and the median price per square foot was $195.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $131K | $156.1K | +19.2% |
| 2 Bedrooms | $200.8K | $220K | +9.5% |
| 3 Bedrooms | $245.7K | $299.8K | +22.0% |
| 4 Bedrooms | $412.5K | $451K | +9.3% |
| 5+ Bedrooms | $489.9K | $555K | +13.3% |
Summary: Wilmington housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 19.2%, 2 bedroom homes increased by 9.5%, 3 bedroom homes increased by 22%, 4 bedroom homes increased by 9.3%, and 5+ bedroom homes increased by 13.3%.
Median Sold Price Compared To Nearby Cities
| Wilmington | $267.5K | $316.6K | +18.4% |
| Elsmere | $215K | $249.9K | +16.2% |
| Penns Grove | $183.5K | $207K | +12.8% |
| Lower Christiana | $270K | $300.4K | +11.3% |
| Brandywine | $385.6K | $415K | +7.6% |
Housing Supply in Wilmington, DE
How many homes are available in Wilmington, DE?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 658 | 685 | +4.1% |
Summary: The Wilmington real estate market had 685 homes for sale in May 2024, a 4.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 19 | 14 | -26.3% |
| 2 Bedrooms | 108 | 121 | +12.0% |
| 3 Bedrooms | 310 | 328 | +5.8% |
| 4 Bedrooms | 160 | 161 | +0.6% |
| 5+ Bedrooms | 61 | 61 | 0.0% |
Summary: The Wilmington housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 26.3%, 2 bedroom homes increased by 12%, 3 bedroom homes increased by 5.8%, 4 bedroom homes increased by 0.6%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 183 | 125 | -31.7% |
Asking Price vs. Sold Price
35 Homes Were Sold
Under Asking
35 Homes Were Sold
At Asking
55 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Wilmington, you could pay more than the asking price. 44% of homes here sold above asking price last month.
Summary: A total of 125 homes were sold or pending in Wilmington in May 2024, down by 31.7% month-over-month. Of the 125 sold homes, 28% were sold under asking, 28% were sold at asking, and 44% were sold over asking.
Days on Market for Wilmington, DE
How long does it take to sell a home in Wilmington, DE?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 17 Days | 19 Days | +15.3% |
Summary: Homes in Wilmington had an average of 19 days on market in May 2024, up by 15.3% compared to last year.
Breakdown of Home Sale Times
107 Homes Were Sold
Under 30 Days
12 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Wilmington are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 125 homes were sold in Wilmington; 86% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.
