Homeowners have much to be thankful for when making their home in the First State. Great schools. Strong communities. Zero sales tax. Easy access to the beaches and the Bay. The list goes on forever. However, not everyone across the US has it as good as we do these days. Delaware’s housing market has shown steady growth over the last several years and remains strong despite a shortage of available homes seen throughout much of the country over the past several months. Nationwide, it is worth noting that owning a home is not necessarily less expensive than renting when you factor in insurance and taxes. A recent study pointed out that Delaware is one of the 35 states in which it is less expensive to own a home as opposed to renting one. Even as availability issues continue to be a reality in the market, it is good to know that building equity in a home is still not only a wise investment, but also easier on the wallet in an apples-to-apples comparison.
In other news, The Sussex County Association of Realtors recently released a report highlighting the steady growth in the real estate market downstate. Among the trends shown in the report are a 19 percent growth in first quarter commercial sales over the same quarter last year (with a 40 percent spike in average sale price over last year’s numbers). Those interested in the housing market will be intrigued to know that home sales continue to grow, marking a 42 percent increase over last quarter. Overall, the First State continues on a pace of steady, healthy growth in the real estate sector at the midway point of 2017!