$6,828 Closing Credit*
$575,000
2,400 SqFt
4 Beds
•2 Full Baths, 1 Partial
Barbara Carty, Listing Office: RE/MAX Excellence - Kennett Square
Is Wilmington, DE a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 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
$321,375
$197/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$22,231(+7.4%)
Key Takeaway
Homes in Wilmington have sold for 7.4% more than they did a year ago.
Summary: The median home sold price in Wilmington was $321,375 in October 2024, up 7.4% from last year, and the median price per square foot was $197.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $146K | $160K | +9.6% |
| 2 Bedrooms | $206.5K | $226.5K | +9.7% |
| 3 Bedrooms | $274.5K | $304.4K | +10.9% |
| 4 Bedrooms | $435.9K | $454.6K | +4.3% |
| 5+ Bedrooms | $512.5K | $585K | +14.1% |
Summary: Wilmington housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 9.6%, 2 bedroom homes increased by 9.7%, 3 bedroom homes increased by 10.9%, 4 bedroom homes increased by 4.3%, and 5+ bedroom homes increased by 14.1%.
Median Sold Price Compared To Nearby Cities
| Elsmere | $228K | $268.8K | +17.9% |
| Lower Christiana | $275.6K | $305K | +10.6% |
| Penns Grove | $200K | $215K | +7.5% |
| Wilmington | $299.1K | $321.3K | +7.4% |
| Brandywine | $395.6K | $419.4K | +6.0% |
Housing Supply in Wilmington, DE
How many homes are available in Wilmington, DE?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 689 | 714 | +3.6% |
Summary: The Wilmington real estate market had 714 homes for sale in October 2024, a 3.6% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 20 | 23 | +15.0% |
| 2 Bedrooms | 123 | 129 | +4.9% |
| 3 Bedrooms | 330 | 341 | +3.3% |
| 4 Bedrooms | 162 | 170 | +4.9% |
| 5+ Bedrooms | 54 | 51 | -5.6% |
Summary: The Wilmington housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 15%, 2 bedroom homes increased by 4.9%, 3 bedroom homes increased by 3.3%, 4 bedroom homes increased by 4.9%, and 5+ bedroom homes decreased by 5.6%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 202 | 189 | -6.4% |
Asking Price vs. Sold Price
62 Homes Were Sold
Under Asking
52 Homes Were Sold
At Asking
75 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Wilmington, you could pay more than the asking price. 39.7% of homes here sold above asking price last month.
Summary: A total of 189 homes were sold or pending in Wilmington in October 2024, down by 6.4% month-over-month. Of the 189 sold homes, 33% were sold under asking, 28% were sold at asking, and 40% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 20 Days | 19 Days | -4.0% |
Summary: Homes in Wilmington had an average of 19 days on market in Oct 2024, down by 4% compared to last year.
Breakdown of Home Sale Times
149 Homes Were Sold
Under 30 Days
36 Homes Were Sold
In 30 - 90 Days
4 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 October 2024, 189 homes were sold in Wilmington; 79% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 2% of homes were sold over 90 days.
