Federal data shows the price of homes in Delaware has risen this year more than in almost anywhere else in the country.
The First State is second only to Oregon with a 3.91% increase in housing prices for the first quarter of 2018. Meanwhile, the housing market has appreciated 1.69% percent nationally so far this year.
Delaware Association of Realtors President Byard Williams says he attributes the surge in prices here to a lack of houses on the market. He says housing inventory in the state is currently about half that of a stable market.
“There’s more competition for homes out there. We’ve seen some instances where we’ve had multiple offers on a property. There’s still a lot of buyers out there. I believe there’s a pent-up demand left over from the great recession,” said Williams.
But houses in Delaware have appreciated at less than half the rate of the nation in the last five years, according to the national data. Williams says he thinks the First State is now catching up to a national rebound from the housing market crash a decade ago.
“We’ve been a little bit behind the eight ball. I think we’re just trying to catch up now. I think we were a little bit behind the national averages until just recently if you look at the data.”
In fact, Delaware has been behind the national average for quite a while, growing at about two-thirds the rate since 1991.
Regarding the recent surge in Delaware, Williams said, "I think we're going to see it level out. I don't think this is an indicator that we're going for a wild ride again."