Active Listings/Current Inventory
As of the end of September, there were a total of 734 homes on the market, an increase of 3% from the previous month’s end inventory of 715. Of the 734 homes on the market at month’s end, 40% of them are new construction homes. The current homes on the market represents less than a 2-month’s supply of inventory, with a current absorption rate of 406 homes sold per month thus far in 2021. There were 500 new listings of single-family homes put on the market in September, with 48% of them going under contract by the month’s end.
For the first nine months of 2021, sales of single-family homes in Sussex County are up 3% from last year, with 3,654 homes sold compared to 3,533 for the first nine months of 2020. The areas with the largest increase were the Georgetown Area, up 45% and the Angola/Long Neck/Millsboro Area, up 26%. The area with the largest decrease is the Milton/Harbeson/Broadkill Beach Area, down 12%.
The average sales price of single-family homes in Sussex County are up over the first 9-month period of last year, $516,334 compared to $461,651, a 12% increase. The median sales price was also up over the first 9-months of 2020, $390,000 compared to $349.900, an 11% increase.
Pending sales for the first nine months of 2021 were up by just less than 1% over last year, with 3,843 homes going under contract through September of 2021, compared to 3,826 in 2020.
Days on Market
The average days on market for homes to go under contract has decreased by 49% for homes that have closed through September of this year compared to last. In 2021, the current average days on market for these closed homes is 41 days, compared to 80 days through September of 2020.