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. They are derived from the Bright Multiple Listing Service.
Active Listings/Current Inventory
As of the end of March, there were a total of 973 homes on the market, an increase of 5% from the previous month's end inventory of 925. Of the 973 homes on the market at month’s end, 53% of them are new construction homes. The current homes on the market represent less than a 3-month's supply of inventory, with a current absorption rate of 333 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 21% compared to the previous 12-month period, with 3,999 homes sold compared to 5,049 for the previous year. All areas of the county showed a decrease, with the largest decreases in the Milford/Lincoln/Slaughter Beach Area, down 32% and the Georgetown Area, down 29%.
For the first 3-months of 2023 compared to the same time frame last year, sales are down 19%, with 813 units closed through March of 2023 compared to 1,006 units through March of 2022. Two areas show increases in sales for the first quarter of 20-23 compared to 2022. The Lewes/Rehoboth/Dewey Area is up 7%, with 191 homes sold compared to 179 the previous year. The Georgetown Area had 26 homes sold through March of 2023 compared to 25 through March of 2022.
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, $597,756 compared to $539,273, an 11% increase. The median sales price was also up over the previous 12-month period, $480,000 compared to $420,000, a 14% increase.
For the first quarter of 2023 compared to the first quarter of 2022 the average sales price is up 11%, and the median sales price is up 12%.
Pending Sales
Pending sales for the last 12-months were down by over 27% over the previous 12-month period, with 3,491 homes going under contract, compared to 4,759.
For the first quarter of 2023 compared to 2022, pending sales were only down 8%, with 965 homes going under contract in 2023 compared to 1,047 in 2022.
Days on Market
The average days on market for homes to go under contract has increased by 24% 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 41 days, compared to 33 days during the previous period.
