Is Newark, DE a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 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
$345,022
$194/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Newark have sold for 4.6% more than they did a year ago.
Summary: The median home sold price in Newark was $345,022 in March 2024, up 4.6% from last year, and the median price per square foot was $194.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $123K | $168.7K | +37.2% |
| 2 Bedrooms | $205K | $245.4K | +19.7% |
| 3 Bedrooms | $299.7K | $320K | +6.8% |
| 4 Bedrooms | $400K | $433K | +8.3% |
| 5+ Bedrooms | $450K | $499K | +10.9% |
Summary: Newark housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 37.2%, 2 bedroom homes increased by 19.7%, 3 bedroom homes increased by 6.8%, 4 bedroom homes increased by 8.3%, and 5+ bedroom homes increased by 10.9%.
Median Sold Price Compared To Nearby Cities
| Newark | $329.9K | $345K | +4.6% |
| Glasgow | $385.6K | $393K | +1.9% |
Housing Supply in Newark, DE
How many homes are available in Newark, DE?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 282 | 285 | +1.1% |
Summary: The Newark real estate market had 285 homes for sale in March 2024, a 1.1% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 4 | +100.0% |
| 2 Bedrooms | 37 | 34 | -8.1% |
| 3 Bedrooms | 146 | 142 | -2.7% |
| 4 Bedrooms | 79 | 88 | +11.4% |
| 5+ Bedrooms | 18 | 17 | -5.6% |
Summary: The Newark housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 8.1%, 3 bedroom homes decreased by 2.7%, 4 bedroom homes increased by 11.4%, and 5+ bedroom homes decreased by 5.6%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 80 | 59 | -26.3% |
Asking Price vs. Sold Price
16 Homes Were Sold
Under Asking
16 Homes Were Sold
At Asking
27 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Newark, you could pay more than the asking price. 45.8% of homes here sold above asking price last month.
Summary: A total of 59 homes were sold or pending in Newark in March 2024, down by 26.3% month-over-month. Of the 59 sold homes, 27% were sold under asking, 27% were sold at asking, and 46% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 22 Days | 14 Days | -36.4% |
Summary: Homes in Newark had an average of 14 days on market in Mar 2024, down by 36.4% compared to last year.
Breakdown of Home Sale Times
51 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Newark are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 59 homes were sold in Newark; 86% of homes were sold within 30 days, 12% of homes were sold within 30 to 90 days, and 2% of homes were sold over 90 days.
