The residential real estate market in Delaware County is changing, but it’s a move that’s actually returning it to normal, say some real estate experts.

That hasn’t stopped people from worrying, asking brokers if we are in a recession, writes Kathleen E. Carey for the Daily Times.

Beth Endrizzi, a real estate agent with the Media office of Long & Foster, calls it a softening, not a recession.

 “We in Delaware County have not seen price reductions,” she said. Homeowners still have significant equity in their homes.

“Supply is still low. We’ve seen more listings. As soon as they list, they sell.”

Before the pandemic, homes for sale would receive two or three offers. During the pandemic, those offers soared to 18 to 20.

Now we’re back down to one to three offers, she said.

 “The demand is still there but it’s not crazy. This is more of a correction. This is more of a normal market. What we are coming out of was not normal.”

The Federal Reserve is raising interest rates so mortgage rates are rising also. The current level is historically near normal, but the market got used to abnormally low rates for the past decade-plus.

Read more about Delaware County’s current residential real estate market at the Daily Times.