Real Estate Market Watch
Market Watch Newsletter - February 2025
Berkshire Hathaway HomeServices PenFed Realty provides this monthly analysis of the real estate market in Sussex County, Delaware. Whether you are buying, selling or just have an interest in the market, we hope you will find this analysis useful.
As a Buyer, this can be a valuable tool for making an offer on a property. Having up-to-date information on selling prices of comparable properties will allow you to make the smartest offer.
As a Seller, having the knowledge to determine the listing price for your property can help you to obtain the best possible sale price in the shortest amount of time.
Contact one of our agents for reliable information on the real estate market. To download the full Market Watch newsletter, click here or on the image to the right.
The statistics referenced here and in the attached newsletter are based on detached single-family home sales over the last 12 months compared to the previous 12-month period, and the current YTD compared to the previous year YTD. They are derived from the Bright Multiple Listing Service.
Active Listings/Current Inventory
As of the end of February, there were a total of 1,263 homes on the market, an increase of 9% from the previous month's end inventory of 1,160; and an increase of 16% compared to February 2024. Of the 1,263 homes on the market at the month’s end, 44% of them are new construction homes. The current homes on the market represent less than a 4-month supply of inventory, with a current absorption rate of 341 homes sold per month over the last 12 months.
Closed Sales
Over the last 12 months, sales of single-family homes in Sussex County are up 12% compared to the previous 12-month period, with 4,097 homes sold compared to 3,603 for the previous year. The Georgetown Area saw a 57% increase and the Milton/Harbeson/Broadkill Area was up 30%. The only area of the county with a decrease is the Milford/Lincoln/Slaughter Beach Area, down just 1%.
For the first two months of 2025 compared to the same time frame last year, sales are down less than 1%, with 486 homes sold through February of 2025 compared to 489 sold through February of 2024.
Home Prices
Over the last 12-months, the average sales price of single-family homes in Sussex County are slightly up compared to the previous 12-month period, $628,435 compared to $625,894, less than a 1% increase. The median sales price was down compared to the previous 12-month period, $490,000 compared to $500,000, a 2% decrease.
For the first two months of 2025 compared to the first two months of 2024, the average sales price is up by 12% and the median sale spruce is up by 2%
Pending Sales
Pending sales for the last 12-months were up by 14% over the previous 12-month period, with 4,097 homes going under contract, compared to 3,603.
For the first two months of 2025 compared to the first two months of 2024, pending sales are up by 2%, with 579 homes under contract through February 2025 compared to 566 through February 2024.
Days on Market
The median days on market for homes to go under contract has increased by 16% for homes that have closed over the last 12-months compared to the previous 12-month period. The current median days on market for these closed homes is 36 days, compared to 31 days during the previous period.