Greetings, Brandywood residents! It's time for a housing market update for your wonderful neighborhood in Delaware. We make these housing market updates for you to help you in your judgment if you decide to buy or sell your home. 

As a Brandywood local, it's vital to be always updated on what's happening in your market. Are you ready? Let's jump right in.

Running the Numbers

In 2021, there are 22 houses sold in the neighborhood for an average sale price of $452,000. But now, year-to-date in 2022, there are only 6 houses sold for an average of $464,000. That's an average home sale price increase of 2.5%. 

There may be fewer houses per unit sold this year than last year, but we see that the home sale price is better. Yet, it's a small growth compared to the average sale price increase of 19% from 2019 to 2022. To clarify, the average sales price in Brandywood was below $390,000 back then in 2019. 

So, what does this mean? We had a strong upward rally over the last couple of years, although things have slowed down over this last year.  You may ask, "so, what could be causing the slowdown of the average sales price rally?"

Interest and Turnover Rates

This is all due to the rise of interest rates which has helped to stabilize our housing market.  We do want a stable housing market in Brandywood if you're a seller or a buyer. Now, we know some buyers out there felt sad about missing out on that 2.5% sales price increase. Don't worry, we're still low on average, right around 5%. 

Also, the turnover rate is the pace at which homes are selling, often referred to as "liquidity" in the market. The higher the turnover rate, the faster the houses are being sold. If the turnover rate is lower, it means the homes are selling slower. 

There are 340 houses in Brandywood, so last year when we sold 22 of them, that's about a 6% turnover. This year we're turning towards a 3% turnover. So, things have slowed down quite a bit in the neighborhood. 

Making Sense of the Numbers

Now, what this means for you as Brandywood residents? 

We can assure you that average home prices will remain high. Demand is still out there for homes, still increasing. Depreciation has slowed down over the past 6 months, but it's still a very good time to sell.  

After all, high prices increase your home equity, should you choose to use it and sell your home for cash. 

Final Thoughts

And that's it, our housing market update for Brandywood, Delaware. As always, we at Loft Realty can help you with anything and we're always here to answer your questions. If you like to know about the value of your home or whether you're looking to sell or not, feel free to reach out to us or call us here. Stay tuned to our next Brandywood housing market update!