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 November, there were a total of 1,107 homes on the market, a increase of 1% from the previous month's end inventory of 1,120. Of the 1,107 homes on the market at month’s end, 48% 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 335 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 14% compared to the previous 12-month period, with 3,685 homes sold compared to 4,309 for the previous year. All areas of the county showed a decrease, with the largest decreases in the Milton/Harbeson/Broadkill Beach Area, down 30% and Western Sussex County, down 25%. The area with the lowest decrease was the Angola/Long Neck/Millsboro Area, down slightly less than 4%.
For the first 11-months of 2023 compared to the same time frame last year, sales are down 12%, with 3,412 units closed through November of 2023 compared to 3,870 units through November of 2022. The Angola/Long Neck/Millsboro Area was slightly ahead in units sold, with 707 homes sold compared to 702 the previous year. The Lewes/Rehoboth/Dewey Area had a 1% decrease with 795 homes sold through November of 2023 compared to 804 through November 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, $629,342 compared to $579,687, a 9% increase. The median sales price was also up over the previous 12-month period, $501,000 compared to $470,000, a 7% increase.
For the first 11 months of 2023 compared to the first 11 months of 2022 the average sales price is up 8%, and the median sales price is up 8%.
Pending Sales
Pending sales for the last 12-months were down by just 1% over the previous 12-month period, with 3,640 homes going under contract, compared to 3,680.
For the first 11 months of 2023 compared to 2022, pending sales were up 2%, with 3,464 homes going under contract in 2023 compared to 3,394 through November of 2022.
Days on Market
The average days on market for homes to go under contract has increased by 59% 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 54 days, compared to 34 days during the previous period.
