Market Watch Newsletter - April 2025

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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.

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 YTD.  They are derived from the Bright Multiple Listing Service.

Active Listings/Current Inventory
As of the end of April, there were a total of 1,489 homes on the market, an increase of 8% from the previous month's end inventory of 1,374; and an increase of 17.5% compared to the inventory at the end of April 2024.    Of the 1,489 homes on the market at the month’s end, 38% of them are new construction homes.  The current homes on the market represent more than a 4-month supply of inventory, with a current absorption rate of 348 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 13% compared to the previous 12-month period, with 4,180 homes sold compared to 3,688 for the previous year.

For the first four months of 2025 compared to the same time frame last year, sales are up nearly 2%, with 1,165 homes sold through April of 2025 compared to 1,144 sold through April of 2024.

For resale homes only (new construction excluded):  Over the last 12-months, sales of single-family homes are up 12% compared to the previous 12-month period, with 2,753 homes sold compared to 2,452 for the previous year.  YTD through April, home sales are up 3% compared to last year, with 774 homes sold through April 2025 and 750 homes sold through April 2024.

Home Prices
Over the last 12-months, the average sales price of single-family homes in Sussex County are up nearly 2% compared to the previous 12-month period, $634,867 compared to $622,961.  The median sales price was down compared to the previous 12-month period, $490,000 compared to $499,990, a 2% decrease.

For the first four months of 2025 compared to the first four months of 2024, the average sales price is up by 9% and the median sale spruce is up by 1.5%

For resale homes only (new construction excluded):  Over the last 12-months, the average sales price of single-family homes are up 3% compared to the previous 12-month period, $635,694 compared to $616,101.  The median sales price was down relatively even at $455,000.  YTD through April 2025, the average sales price is up 9% and the median sales price is up 5% compared to YTD April 2024.

Pending Sales
Pending sales (homes that have gone under contract) for the last 12-months were up by 10.5% over the previous 12-month period, with 4,097 homes going under contract, compared to 3,705.

For the first four months of 2025 compared to the first four months of 2024, pending sales are down less than 1%, with 1,309 homes under contract through April 2025 compared to 1,321 through April 2024.

Days on Market
The median days on market for homes to go under contract has increased by 10% 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 34 days, compared to 31 days during the previous period.