Q1 2024 Market Update

In conjunction with inventory rising by 24% throughout the first quarter, we also observed heightened buyer demand across many of our markets. Recent listings have frequently sold swiftly, often attracting multiple offers, particularly when competitively priced relative to market value. This underscores the importance of pricing in today's market as a crucial factor. Certain submarkets and communities still contend with historically low inventory, contributing to sustained upward pricing trends.

Our current market absorption rate is 2.8 months, which is higher than during the pandemic boom, but remains low compared to pre-pandemic standards. Historically, new listings show a rapid increase month by month as spring progresses. Inflation has moderated since mid-2022 but remains above the Federal Reserve's preferred levels, leading the Fed to maintain a holding pattern since August. Our market isn’t as interest rate sensitive as other areas, but anticipated reductions will only strengthen our market. Stock markets reached new highs in March, playing a substantial role—particularly for wealthier households—in bolstering wealth, consumer confidence, and the capacity to make all-cash purchases for homes.

Closed sales, active listings, days-on-market, and months of available supply are key indicators as we look to the summer real estate market. Our latest market reports for Coastal Delaware and Coastal Maryland are available below. These reports offer insight into the factors driving current sales trends throughout our region.

Click Here to review updated reports for each Coastal Delaware market.

If you are considering a real estate purchase or sale, I welcome a discussion to review your objectives. As always, I'm here to help. Don't hesitate to call to discuss any questions you may have. -Henry