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 1,186 homes on the market, an increase of nearly 9% from the previous month's end inventory of 1,089. Of the 1,186 homes on the market at month’s end, 48% of them are new construction homes. The current homes on the market represents slightly less than a 4-month's supply of inventory, with a current absorption rate of 303 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 3,635 homes sold compared to 4,015 for the previous year. The Angola/Long Neck/Millsboro Area saw a 2% increase and the Dagsboro/Millsboro Area was down less than 1%. The areas of the county with the largest decreases are Western Sussex County, down 21% and the Georgetown Area, down 20%.
For the first 3-months of 2024 compared to the same time frame last year, sales are down by 7%, with 768 units closed through March of 2024 compared to 829 units through March of 2023. The areas with the largest increase in sales for the first 3 months of 2024 compared to 2023 are the Dagsboro/Millsboro Area, up 16% and the Bethany/Ocean View/Fenwick Area, up 8%. The Georgetown Area had the largest decrease of 35% comparing YTD March 2024 to YTD March 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, $625,378 compared to $598,036, a 5% increase. The median sales price was also up over the previous 12-month period, $499,990 compared to $480,000, a 4% increase.
For the first 3 months of 2024 compared to the first 3 months of 2023 the average sales price is down 6%, and the median sales price is down almost 7%.
Pending Sales
Pending sales for the last 12-months were up by almost 6% over the previous 12-month period, with 3,678 homes going under contract, compared to 3,477.
For the first 3 months of 2024 compared to 2023, pending sales were down by 1%, with 957 homes going under contract in 2024 compared to 967 in 2023.
Days on Market
The average days on market for homes to go under contract has increased by 34% 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 41 days during the previous period.
