AUGUST 2024 MARKET WATCH – SUSSEX COUNTY, DE
Based on Sales of Single Family Detached Homes
(excluding mobile homes on leased land)
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.
Click Here for the Full sussex County Delaware Market Watch – AUGUST 2024
Click Here for What Sold at the DELAWARE BEACHES JULY 2024
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 July, there were a total of 1,395 homes on the market, an increase of 2.5% from the previous month’s end inventory of 1,361. Of the 1,395 homes on the market at month’s end, 44% 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 317 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 less than 1% compared to the previous 12-month period, with 3,807 homes sold compared to 3,815 for the previous year. The Dagsboro/Millsboro Area saw a 28% increase and the Milton/Harbeson/Broadkill Area and Georgetown Area were each up 12%. The areas of the county with the largest decreases are Western Sussex County, down 13% and the Lewes/Rehoboth/Dewey Area, down 8%.
For the first 7-months of 2024 compared to the same time frame last year, sales are up by over 5%, with 2,258 units closed through July of 2024 compared to 2,136 units through July of 2023. The areas with the largest increase in sales for the first 7 months of 2024 compared to 2023 are the Dagsboro/Millsboro Area, up 41% and the Milton/Harbeson/Broadkill Area, up 17%. The Lewes/Rehoboth/Dewey Area had the largest decrease of 4% comparing YTD July 2024 to YTD July 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, $615,697 compared to $614,015, less than a ½% increase. The median sales price was slightly down compared to the previous 12-month period, $490,000 compared to $495,000, a 1% decrease.
For the first 7 months of 2024 compared to the first 7 months of 2023 the average sales price is down nearly 5%, and the median sales price is down almost 6%.
Pending Sales
Pending sales for the last 12-months were up by 11% over the previous 12-month period, with 3,508 homes going under contract, compared to 3,160.
For the first 7 months of 2024 compared to 2023, pending sales were up by over 7%, with 2,368 homes going under contract in 2024 compared to 2,201 in 2023.
Days on Market
The average days on market for homes to go under contract has increased by 16% 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 49 days during the previous period.
