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 – 01 January 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 January, there were a total of 1,029 homes on the market, a decrease of 4% from the previous month’s end inventory of 1,120. Of the 1,029 homes on the market at month’s end, 54% of them are new construction homes. The current homes on the market represent slightly more than a 3 month’s supply of inventory, with a current absorption rate of 308 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 9% compared to the previous 12-month period, with 3,695 homes sold compared to 4,054 for the previous year. The Angola/Long Neck/Millsboro Area was the only area that had an increase, up 2% from the previous 12-month period. The areas with the largest decreases were Western Sussex County, down 21% and the Milton/Harbeson/Broadkill Beach Area, down 19%.
Looking at January of 2024 compared to January of 2023, closed sales were up nearly 5%, with 224 homes sold in January 2024 compared to 214 in January 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, $629,662 compared to $590,287, a 7% increase. The median sales price was also up over the previous 12-month period, $505,000 compared to $475,000, a 6% increase.
Pending Sales: Pending sales for the last 12 months were up by almost 4% over the previous 12-month period, with 3,683 homes going under contract, compared to 3,556.
Days on Market: The average days on market for homes to go under contract has increased by 49% 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 37 days during the previous period.
WHAT SOLD AT THE DELAWARE BEACHES IN JANUARY 2024
Contact Us!
Barbara “Babs” Morales – babs@SellingDelawareHomes.com
Joan Wallace – joan@BeachByBabs.com
