Selling a Luxury Home in Delaware or Pennsylvania? Here's Why Now Is the Time

If you own a luxury home in Delaware or Pennsylvania, you're in a stronger position than most sellers right now. While much of the broader market has cooled, the high-end tier hasn't. Sale prices and buyer demand are both up. So if you've been considering selling your DE or PA luxury property, now could be the perfect window to make your move.

Luxury Homes Are Leading on Price

Let's start with prices. But before we get into it — what actually counts as a luxury home in Delaware or Pennsylvania? Generally, these are homes in the top 5% price range for your local market, so the exact number varies by area, whether you're near Wilmington, the Delaware beaches, Philadelphia, or the surrounding suburbs.

Here's what's interesting: according to the latest data from Redfin, sale prices for luxury homes have risen about three times faster than for non-luxury homes nationwide.

Right now, the typical home's sale price is up about 1.5% year-over-year. But high-end homes? Their sale prices have climbed nearly 5% since last year.

That's a bigger deal than it sounds like.

Despite all the talk about slowing price growth lately, this segment of the market may be rising faster than the headlines suggest. That's good news if you're thinking about selling your Delaware or Pennsylvania luxury home. And rising sale prices are only half the story.

Buyers Are Showing Up, Too

While so many headlines focus on buyers pulling back, that's not the case when it comes to luxury real estate. In fact, right now, the higher the price point, the more active the buyers tend to be.

Lawrence Yun, Chief Economist with the National Association of Realtors (NAR), points out that the luxury market has significantly outperformed the lower end of the market. Homes priced under $250,000 have seen almost no change in unit sales year-over-year, while homes in the upper price categories are up roughly 10%. Million-dollar-plus homes have seen sales climb around 18% compared to last year.

Basically, more homes are selling at the upper end of the market. A big reason: high-end buyers tend to feel less of the affordability pressure weighing on many households today, so they keep buying even when the wider market slows.

That demand also means luxury homes in Delaware and Pennsylvania aren't sitting on the market as long as they used to.

Luxury Homes Are Selling Relatively Quickly

According to the most recent Redfin data, the median number of days on market for luxury homes is under 50 — much faster than pre-pandemic norms, even going back to 2014.

That means if you list your Delaware or Pennsylvania luxury home, you likely won't spend much time sitting in limbo wondering when an offer will come in.

Bottom Line

Selling a high-end home in Delaware or Pennsylvania is a big decision, and you deserve to feel confident going into it. With sale prices climbing and buyers active at the top of the market, this is a strong window to make your move.

Thinking about listing your luxury home? Let's talk about what your property could be worth in today's market.