$3,705 Closing Credit*
$312,000
1,600 SqFt
2 Beds
•2 Full Baths, 1 Partial
Robert Neale Gerkin Jr., Listing Office: Empower Real Estate, LLC
Is Newark, DE a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since September 2023
Since last year, Newark has remained a Seller's Market.
Key Takeaway
Newark is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Newark, DE
How much do homes in Newark, DE cost?
Median Sold Price
$359,459
$198/sqft
Based on all homes sold in the last 12 months.
Difference Since September 2023
+$19,466(+5.7%)
Key Takeaway
Homes in Newark have sold for 5.7% more than they did a year ago.
Summary: The median home sold price in Newark was $359,459 in September 2024, up 5.7% from last year, and the median price per square foot was $198.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Sep 2023 | Sep 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $142.5K | $172.5K | +21.1% |
| 2 Bedrooms | $221K | $265K | +19.9% |
| 3 Bedrooms | $314.9K | $330K | +4.8% |
| 4 Bedrooms | $419.9K | $454.9K | +8.4% |
| 5+ Bedrooms | $468.5K | $504.9K | +7.8% |
Summary: Newark housing prices by bedroom type for September 2024 compared to the previous year: The home price of 1 bedroom homes increased by 21.1%, 2 bedroom homes increased by 19.9%, 3 bedroom homes increased by 4.8%, 4 bedroom homes increased by 8.4%, and 5+ bedroom homes increased by 7.8%.
Median Sold Price Compared To Nearby Cities
| Glasgow | $370K | $420K | +13.5% |
| Newark | $339.9K | $359.4K | +5.7% |
Housing Supply in Newark, DE
How many homes are available in Newark, DE?
Number of Homes For Sale
| Aug 2024 | Sep 2024 | CHANGE |
|---|---|---|
| 289 | 280 | -3.1% |
Summary: The Newark real estate market had 280 homes for sale in September 2024, a 3.1% decrease compared to August 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Aug 2024 | Sep 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 2 | -33.3% |
| 2 Bedrooms | 52 | 51 | -1.9% |
| 3 Bedrooms | 129 | 118 | -8.5% |
| 4 Bedrooms | 86 | 88 | +2.3% |
| 5+ Bedrooms | 19 | 21 | +10.5% |
Summary: The Newark housing inventory by bedroom type for September 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 33.3%, 2 bedroom homes decreased by 1.9%, 3 bedroom homes decreased by 8.5%, 4 bedroom homes increased by 2.3%, and 5+ bedroom homes increased by 10.5%.
Number of Homes Sold
| Aug 2024 | Sep 2024 | CHANGE |
|---|---|---|
| 98 | 74 | -24.5% |
Asking Price vs. Sold Price
14 Homes Were Sold
Under Asking
16 Homes Were Sold
At Asking
44 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Newark, you could pay more than the asking price. 59.5% of homes here sold above asking price last month.
Summary: A total of 74 homes were sold or pending in Newark in September 2024, down by 24.5% month-over-month. Of the 74 sold homes, 19% were sold under asking, 22% were sold at asking, and 59% were sold over asking.
Days on Market for Newark, DE
How long does it take to sell a home in Newark, DE?
Average Sale Time
| Sep 2023 | Sep 2024 | CHANGE |
|---|---|---|
| 11 Days | 12 Days | +2.6% |
Summary: Homes in Newark had an average of 12 days on market in Sep 2024, up by 2.6% compared to last year.
Breakdown of Home Sale Times
66 Homes Were Sold
Under 30 Days
8 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Newark are selling fast, if you're buying plan to act quickly.
Summary: During September 2024, 74 homes were sold in Newark; 89% of homes were sold within 30 days, 11% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
