townhomes in kennett square - kennet pointe - the franklin

When Is the Best Time to Buy a House in Delaware in 2024?

With mortgage rates declining and the housing market stabilizing, 2024 is turning out to be a great time to buy a home in Delaware. May and June are particularly favorable for buyers, due to low competition and prices that are hard to beat. Fall and early winter are also buyer-friendly, with fewer home-seekers in the market and sellers more willing to make deals.

If you’ve been thinking about moving to Delaware or already live here and are looking to upgrade or downsize, we invite you to tour the new-construction luxury townhomes at The Parke at Foulkstone. Montchanin Builders’ townhome communities are thoughtfully laid out and filled with exciting amenities designed with you and yours in mind. You’ll feel right at home in this exclusive Wilmington neighborhood.

Delaware Housing Market at a Glance

Now that you’ve decided to move to the Diamond State, it’s time to get a handle on what you can expect from the housing market. Here are a few Delaware housing market trends to consider:

  • The median price of a home is $275,600
  • The cities with the fastest growing sales price in Delaware are Lewes, Wilmington, Milford, and Dover
  • 8% of townhomes sold above the listed price as of March 2024
  • The average for a 30-year fixed-rate mortgage is 6.5%

Tips for Buying Your Home

Montchanin Builders offers some valuable tips to keep in mind before exploring the market for new townhomes in Delaware.

1. Check Your Credit Score

The first thing you should do when contemplating buying a townhome is review your credit score. A solid credit history will help you score a lower interest rate.

2. Stash Cash for a Down Payment

The easiest way to ensure you have enough saved for a down payment is to use the 50-30-20 budget. The 20 represents 20% of your income going into your downpayment savings. After that, focus on cutting down on unnecessary savings and look for ways to pocket a little more with extra income.

3. Get a Pre-Approval Mortgage

Getting a pre-approved mortgage shows homeowners (and the bank) that you can actually afford the home you’re interested in purchasing.

4. Find a Good Real Estate Agent

An experienced, well-reviewed real estate agent who understands the Delaware housing market is a valuable asset in your arsenal when house hunting.

5. Complete a Final Walk-Through
Our final tip for buying a house is always to complete a final walk-through. This is the time to ask questions and address issues you see before they become your problem.

Providing Masterfully Designed Communities and Quality Lifestyles

Montchanin Builders offers homebuyers the luxury Delaware townhouses of their dreams, with spacious, thoughtfully designed floorplans in an exclusive, walkable community. Your dream townhome is waiting for you! Contact Montchanin Builders today to schedule a tour.