Current Market Conditions for 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 Market Watch Monthly Newsletter – March 2024
The statistics referenced here are based on detached single-family home sales over the last 12 months compared to the previous 12-month period, as well as YTD statistics. They are derived from the Bright Multiple Listing Service.
Active Listings/Current Inventory
As of the end of February, there were a total of 1,089 homes on the market, an increase of nearly 6% from the previous month’s end inventory of 1,029. Of the 1,089 homes on the market at month’s end, 50% of them are new construction homes. The current homes on the market represents slightly more than a 3-month’s supply of inventory, with a current absorption rate of 305 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 8% compared to the previous 12-month period, with 3,660 homes sold compared to 4,031 for the previous year. The Angola/Long Neck/Millsboro Area saw a 1% increase and the Dagsboro/Millsboro Area was exactly even. The areas of the county with the largest decreases are Western Sussex County, down 20% and the Milton/Harbeson/Broadkill Beach Area, down 16%.
For the first 2-months of 2024 compared to the same time frame last year, sales are up by just over 2%, with 478 units closed through February of 2024 compared to 468 units through February of 2023. The areas with the largest increase in sales for the first 2 months of 2024 compared to 2023 are the Dagsboro/Millsboro Area, up 53%, and the Bethany/Ocean View/Fenwick Area, up 44%. The Angola/Long Neck/Millsboro Area had the largest decrease of 14% comparing YTD February 2024 to YTD February 2023.
Home Prices
Over the last 12-months, the average sales price of single-family homes in Sussex County are up over the previous 12-month period, $626,149 compared to $593,656, a 5% increase. The median sales price was also up over the previous 12-month period, $500,000 compared to $475,000, a 5% increase.
For the first 2 months of 2024 compared to the first 2 months of 2023 the average sales price is down over 9%, and the median sales price is down almost 8%.
Pending Sales
Pending sales for the last 12-months were up by over 2% over the previous 12-month period, with 3,660 homes going under contract, compared to 3,578.
For the first 2 months of 2024 compared to 2023, pending sales were down by over 5%, with 601 homes going under contract in 2024 compared to 634 in 2023.
Days on Market
The average days on market for homes to go under contract has increased by 41% 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 55 days, compared to 39 days during the previous period.
WHAT SOLD AT THE DELAWARE BEACHES IN FEBRUARY 2024
Contact Us!
Barbara “Babs” Morales – babs@SellingDelawareHomes.com
Joan Wallace – joan@BeachByBabs.com
