Buying a home now offers many opportunities to Wilmington area homebuyers, especially given that mortgage rates still reside at historically low levels! And while the real estate market continues to evolve in New Castle County, here's what has been happening over the past quarter.

The third quarter saw an increase in median sales prices, rising to $247,408— up over 3 percent from last year. The number of closed sales on Wilmington DE area homes also continues to rise—a total of 1,770 homes closed in this quarter—up nearly 19 percent from this time one year ago.

And while these factors all point to a returning, healthier real estate market, buyers in the Greater Wilmington area will still be met with low inventory as they conduct their home search. The number of homes for sale saw a decline of around 9 percent, to 2,602 homes. Inventory also remains around a 5 months supply, down 22 percent from this time last year.

There are still numerous benefits to be rewarded from buying a home during this time of year, so do not hesitate to contact the Kat Geralis Home Team! As a top-ranked team in Wilmington, DE, we can answer any questions you have about the real estate market, buying or selling a home! 

We look forward to hearing from you!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
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As you contemplate whether now is a good time to buy a home, consider this— Where will home prices be next year? Waiting to buy can end up costing you much more than if you took advantage of real estate market conditions at the present time. Home prices are projected to continue rising through 2016, up nearly two percentage points from current prices in Delaware.