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 August, there were a total of 1,391 homes on the market, a decrease of less than 1% from the previous month's end inventory of 1,395. Of the 1,391 homes on the market at month’s end, 43% of them are new construction homes. The current homes on the market represents slightly more than a 4-month's supply of inventory, with a current absorption rate of 318 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 less than 1% compared to the previous 12-month period, with 3,813 homes sold compared to 3,786 for the previous year. The Dagsboro/Millsboro Area saw a 22% increase and the Georgetown Area was up 17%. The areas of the county with the largest decreases are the Lewes/Rehoboth/Dewey Area, down 9% and Western Sussex County, down 8%.
For the first 8-months of 2024 compared to the same time frame last year, sales are up by over 5%, with 2,600 units closed through August of 2024 compared to 2,463 units through August of 2023. The areas with the largest increase in sales for the first 8 months of 2024 compared to 2023 are the Dagsboro/Millsboro Area, up 33% and the Georgetown Area, up 18%. The Lewes/Rehoboth/Dewey Area had the largest decrease of 7% comparing YTD August 2024 to YTD August 2023.
Home Prices
Over the last 12-months, the average sales price of single-family homes in Sussex County are basically even compared to the previous 12-month period, $617,363 compared to $618,004, less than a ½% decrease. The median sales price was slightly down compared to the previous 12-month period, $489,990 compared to $499,990, a 2% decrease.
For the first 8 months of 2024 compared to the first 8 months of 2023 the average sales price is down 4%, and the median sales price is down almost 7%.
Pending Sales
Pending sales for the last 12-months were up by 12% over the previous 12-month period, with 3,935 homes going under contract, compared to 3,494.
For the first 8 months of 2024 compared to 2023, pending sales were up by over 10%, with 2,796 homes going under contract in 2024 compared to 2,535 in 2023.
Days on Market
The average days on market for homes to go under contract has increased by 12% 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 51 days during the previous period.
