Source:https://youtu.be/VdHIB57cAiQ

The New Castle County Housing Market officially shifted at the beginning of the third quarter of July 2022. For the past two months, the homes in New Castle have been selling insanely fast. However, recently, the market has shown signs of calming down. 

Is it good news or bad? Well, it just means that we have fewer buyers than we did a few months ago, mainly due to rising interest rates. Let's dive deeper to understand what's happening in New Castle County Housing Market this month.

June vs. July Comparison

About seven weeks ago, we saw around eight (8) showings per listing in New Castle County. Compared to this week, we only see six (6) showings per listing. This data shows us that whenever New Castle posts a home listing on the market, only six people go out to check it personally. 

But, what's odd about that data is we have more homes hitting the market today than we saw seven weeks ago. At the beginning of June, we only have 35 listings hit the market in New Castle County. However, this last week, 144 listings hit the housing market. In other words, we have four times more listings hitting the market today! 

So why are there a lot fewer buyers going to see these listings? The main reason is the rising interest rates. As these rates increase, mortgage plans become seemingly more costly to the home buyer. Hence, people wanting to buy a home are stepping back a bit and trying to wait things out to improve. 

So what do these factors mean for you as a homeowner? Well, here are three things. 

1. Length of Listing on Market Increases

Since fewer people are showing up, New Castle's homes will sit on the real estate market longer. This might mean slower turnover rates for the sellers, but this means more home options for the buyers.

2. Sellers may experience fewer offers.

Sellers will see a decrease in the number of people sending offers, and even the strength of these offers could be different. Hence, sellers should prepare extra steps to make more attractive listings to encourage the buyers that these times are the best time to buy a home.

3. Opportunities to shop

As mentioned above, we have four times more listings in the New Castle County housing market alone. Hence, buyers are taking more time to shop around New Castle for a home instead of deciding within a minute, mainly because of the rise in interest rates. They are looking for better deals and more value-for-money listings since inflation is getting crazier. 

In Closing 

That's it for our monthly housing market update for July of 2022. Suppose you're interested in learning more about the housing market. In that case, whether purchasing a home or selling your own, Loft Realty will continue to be here to give you the most precise details and data about the New Castle County real estate market. 

And if you'd like to work directly with one of our friendly and trusted agents, you can call Amanda at 302-753-5025. As always, at Loft Realty, we're the difference you deserve.