Real Estate Activity 1st Qtr. 2020 Sussex County

Current Market Conditions for Sussex County, DE
(as of 3/31/2020—based on sales of single-family homes)

Active Listings/Current Inventory
As of the end of March, there were a total of 1,663 homes on the market, a minmimal decrease from the previous month’s end inventory of 1,666.  This represents a 6-month’s supply of inventory, with a current absorption rate of 292 homes sold per month thus far in 2020.

Closed Sales
For the first quarter of 2020, sales of single-family homes in Sussex County are up 14% from last year, with 876 homes sold compared to 771 for the first three months of 2019.  The areas with the largest increase were the Dagsboro/Millsboro Area, up 84%, and the Milford/Lincoln/Slaughter Beach Area, up 36%.  The areas with the largest decrease are the Milton/Harbeson/Broadkill Area, down 6% and the Western Sussex County Area, down 5% from last year to date.

Home Prices
The average sales price of single-family homes in Sussex County are up over the first 3-month period of last year, $409,337 compared to $391,662, a 5% increase.  The median sales price increased by 5% from the first 3-months of 2019, $315,000 compared to $299,000.

Pending Sales
Pending sales for the first quarter of 2020 were up by 14% over last year, with 988 homes going under contract through March of 2020, compared to 866 in 2019.

Days on Market
The average days on market for homes to go under contract has decreased by 11% for homes sold through March of this year compared to last.  In 2020, the current average days on market is 100 days, compared to 112 days through March of 2019.

The statistics referenced here are based on single family homes derived from the Bright Multiple Listing Service.