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, as well as YTD statistics. They are derived from the Bright Multiple Listing Service.
Active Listings/Current Inventory
For the year ending in 2023, there were a total of 1,067 homes on the market, a decrease of almost 4% from the previous month's end inventory of 1,107. Of the 1,067 homes on the market at month’s end, 51% of them are new construction homes. The current homes on the market represent slightly more than a 3-month's supply of inventory, with a current absorption rate of 307 homes sold per month over the last 12 months.
Closed Sales
For the year ending in 2023, sales of single-family homes in Sussex County are down 12% compared to the previous 12-month period, with 3,679 homes sold compared to 4,192 for the previous year. The Angola/Long Neck/Millsboro Area was exactly even in units sold. All other areas of the county showed a decrease, with the largest decreases in the Milton/Harbeson/Broadkill Beach Area, down 25% and Western Sussex County, down 22%.
Home Prices
For the year ending in 2023, the average sales price of single-family homes in Sussex County are up over the previous 12-month period, $634,895 compared to $583,372, almost a 9% increase. The median sales price was also up over the previous 12-month period, $506,000 compared to $470,345, a 7.5% increase.
Pending Sales
Pending sales for the last 12-months were up by nearly 4% over the previous 12-month period, with 3,710 homes going under contract, compared to 3,570.
Days on Market
The average days on market for homes to go under contract for the year ending in 2023 has increased by 53% for homes that have closed over the last 12-months compared to the previous 12-month period. The current average days on market for these closed homes is 55 days, compared to 36 days during the previous period.
