DECEMBER 2024 MARKET WATCH
SUSSEX COUNTY, DE
Based on Sales of Single Family Detached Homes
(excluding mobile homes on leased land)
All Stats are derived from the Bright Multiple Listing Service and reflect all sales from all Brokers.
Barbara Morales Associates in the Rehoboth Beach office of 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.
To download the full Market Watch newsletter, click here.
For WHAT SOLD at the Beaches, click here.
The statistics referenced below 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 November, there were a total of 1,257 homes on the market, a decrease of over 7% from the previous month’s end inventory of 1,358. Of the 1,257 homes on the market at month’s end, 42% of them are new construction homes. The current homes on the market represent less than a 4-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 up 7% compared to the previous 12-month period, with 4,014 homes sold compared to 3,745 for the previous year. The Georgetown Area saw a 34% increase and the Milton/Harbeson/Broadkill Area was up 21%. The area of the county with the largest decreases is the Lewes/Rehoboth/Dewey Area, down 6%.
For the first 11-months of 2024 compared to the same time frame last year, sales are up 9.9%, with 3,760 units closed through November of 2024 compared to 3,423 units through November of 2023. The areas with the largest increase in sales for the first 11 months of 2024 compared to 2023 are the Georgetown Area, up 40% and the Dagsboro/Millsboro Area, up 22%. The Lewes/Rehoboth/Dewey Area had the largest decrease of 4% comparing YTD November 2024 to YTD November 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, $624,970 compared to $629,288, a less than 1% decrease. The median sales price was also down compared to the previous 12-month period, $490,000 compared to $500,340, a 2% decrease.
For the first 11 months of 2024 compared to the first 11 months of 2023 the average sales price is down 1.65%, and the median sales price is down 3.75%.
Pending Sales
Pending sales for the last 12-months were up by 14% over the previous 12-month period, with 4,111 homes going under contract, compared to 3,614.
For the first 11 months of 2024 compared to 2023, pending sales were up by almost 13%, with 3,874 homes going under contract in 2024 compared to 3,438154 in 2023.
Days on Market
The median days on market for homes to go under contract has increased by 3% for homes that have closed over the last 12-months compared to the previous 12-month period. The current median days on market for these closed homes is 33 days, compared to 32 days during the previous period.
Contact Us!
Barbara “Babs” Morales – Babs@SellingDelawareHomes.com
Joan Wallace – Joan@BeachByBabs.com
