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, and the current YTD compared to the previous year YTD. They are derived from the Bright Multiple Listing Service.
Active Listings/Current Inventory
As of the end of September, there were a total of 1,329 homes on the market, a decrease of 4% from the previous month's end inventory of 1,391. Of the 1,329 homes on the market at month’s end, 40% of them are new construction homes. The current homes on the market represent slightly more than a 4-month's supply of inventory, with a current absorption rate of 325 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 up 5% compared to the previous 12-month period, with 3,898 homes sold compared to 3,721 for the previous year. The Dagsboro/Millsboro Area saw a 35% increase and the Georgetown Area was up 33%. The area of the county with the largest decreases is the Lewes/Rehoboth/Dewey Area, down 10%.
For the first 9-months of 2024 compared to the same time frame last year, sales are up nearly 8%, with 2,998 units closed through September of 2024 compared to 2,777 units through September of 2023. The areas with the largest increase in sales for the first 9 months of 2024 compared to 2023 are the Dagsboro/Millsboro Area, up 38% and the Georgetown Area, up 32%. The Lewes/Rehoboth/Dewey Area had the largest decrease of 7% comparing YTD September 2024 to YTD September 2023.
Home Prices
Over the last 12-months, the average sales price of single-family homes in Sussex County are slightly down compared to the previous 12-month period, $618,163 compared to $624,678, a 1% decrease. The median sales price was Also down compared to the previous 12-month period, $489,900 compared to $500,000, a 2% decrease.
For the first 9 months of 2024 compared to the first 9 months of 2023 the average sales price is down 3%, and the median sales price is down almost 6%.
Pending Sales
Pending sales for the last 12-months were up by 15% over the previous 12-month period, with 4,013 homes going under contract, compared to 3,502.
For the first 9 months of 2024 compared to 2023, pending sales were up by almost 12%, with 3,188 homes going under contract in 2024 compared to 2,850 in 2023.
Days on Market
The average days on market for homes to go under contract has increased by 7.5% 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 57 days, compared to 53 days during the previous period.
