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
As of the end of January, there were a total of 1,029 homes on the market, a decrease of 4% from the previous month's end inventory of 1,120. Of the 1,029 homes on the market at month’s end, 54% 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 308 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 down 9% compared to the previous 12-month period, with 3,695 homes sold compared to 4,054 for the previous year. The Angola/Long Neck/Millsboro Area was the only area that had an increase, up 2% from the previous 12-month period. The areas with the largest decreases were Western Sussex County, down 21% and the Milton/Harbeson/Broadkill Beach Area, down 19%.
Looking at January of 2024 compared to January of 2023, closed sales were up nearly 5%, with 224 homes sold in January 2024 compared to 214 in January 2023.
Home Prices
Over the last 12-months, the average sales price of single-family homes in Sussex County are up over the previous 12-month period, $629,662 compared to $590,287, a 7% increase. The median sales price was also up over the previous 12-month period, $505,000 compared to $475,000, a 6% increase.
Pending Sales
Pending sales for the last 12-months were up by almost 4% over the previous 12-month period, with 3,683 homes going under contract, compared to 3,556.
Days on Market
The average days on market for homes to go under contract has increased by 49% 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 37 days during the previous period.
