Market Report: Q4 2024

Opinion: Chris' Thoughts

or go straight to the market statistics.

Our local housing market continues to evolve, with interest rates playing a significant role in shaping buyer demand and seller behavior. The Federal Reserve's decision to maintain current interest rates and slow down anticipated decreases in 2025 will likely keep mortgage rates steady. This stability is expected to maintain a balanced market with moderate activity for both buyers and sellers.

While home prices continue to appreciate, the rate of increase has shown a gradual decline. This trend suggests a return to more sustainable growth, with appreciation rates expected to return to the historical average of 3%.

A notable development in December 2024 was a significant 20% increase in units sold. Whether this increase marks a shift in the market remains to be seen, requiring further observation in the coming months.

Scott Farnan, President of the Delaware Association of REALTORS®, aptly summarized the December performance: "December’s performance highlights a dynamic housing market as we closed out 2024. Buyers saw more inventory to choose from, while sellers benefited from rising prices and steady demand."

Key takeaways:

• Interest rates are expected to remain stable, impacting buyer affordability.

• Home prices continue to appreciate, albeit at a more moderate pace.

• Increased inventory provides more options for buyers.

• Seller activity remains strong with steady demand.

---

New Castle County, DE

---

Cecil County, MD

---

Chester County, PA

---

Curious about the value of your home?

We offer a no obligation consultation including a Comparative Market Analysis, which will provide you the home's fair market value based on recent sales in the area. We can also provide recommendations for preparing your home for sale from decluttering to repairs and staging, and planning your move to your timeline. This is a great first step to plan your move.

Contact Chris Black for your free home sale consultation