Delaware Real Estate Market: When Will My Home Value Return?

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Delaware Real Estate Market: When will Home Values Return?

Things are finally calming down and showing signs of stability in Delaware, allowing many real estate agents and homeowners to finally breathe a sigh of relief.

A Case of Feast or Famine

Delaware’s housing market has been either feast or famine of the first half of 2010, leaving many economics quite skeptical about whether or not to tout a rebound during the second half of the year.

The first few months of 2010 saw an epic snowstorm that just about squashed anyone’s idea of buying or selling a home. Then, the federal tax credit saw a wild ride of increased home sales for a few months. However, now that the federal tax credit has expired and interest rates are at all-time lows, economists can finally get an idea of where the Delaware housing market is headed.

A Mixed Real Estate Bag

The Fiserv Case-Shiller Indexes has forecasted a mix bag for Delaware, and it expects that home values here will return to their peak 2007-2008 levels anywhere between 2015 and 2025. If you are a homeowner, these predictions may leave you feeling more than a bit frustrated.

A Stabilization of Home Prices

There are many reasons to be hopeful about Delaware home values, however. For instance, there is a lot of evidence that points to a stabilization of home prices. Although summer home sales fell off after the expiration of the tax credit, the market has shown its resiliency by steadily recovering.

For example, home sales fell 25.5 percent in Kent County from June 2008 to June 2009; New Castle saw home sales fall 3.5 percent, and Sussex sales fell 13 percent during the same period.

The inventory of homes in Delaware and the home values are still quite indicative of the foreclosures this area has felt, and many real estate agents expect more waves of foreclosures to affect home values through this year.

In addition to getting mixed signals regarding home values, many economists add that while certain neighborhoods are experiencing impressive rebounds, some areas with higher foreclosure rates are struggling to maintain their home values.

In conclusion, you may be quite confused about the state of the real estate market in Delaware, and depending on where you live, you may be already experiencing a healthy rebound. Overall, home values in Delaware are expected to return to their 2007-2008 peak levels by 2015-2025.


Largest Cities in Delaware

1. Wilmington 72,664   6. Middletown 6,161
2. Dover 32,135 7. Elsmere 5,800
3. Newark 28,547 8. Smyrna 5,679
4. Milford 6,732 9. New Castle 4,862
5. Seaford 6,699 10. Georgetown 4,643

 

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