2023 Year End Real Estate Statistics
Barbara Morales Associates of the Rehoboth Beach office of Berkshire Hathaway HomeServices PenFed Realty provide this 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.
The statistics referenced here are based on detached single-family home sales in Sussex County over the last 12 months compared to the previous 12-month period. They are derived from the Bright Multiple Listing Service. Click Here for Full Year End Market Watch
|Active Listings/Current Inventory
For the year ending in 2023, there were a total of 1,067 homes on the market, a decrease of almost 4% from the previous month’s end inventory of 1,107. Of the 1,067 homes on the market at month’s end, 51% 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 307 homes sold per month over the last 12 months.
For the year ending in 2023, sales of single-family homes in Sussex County are down 12% compared to the previous 12-month period, with 3,679 homes sold compared to 4,192 for the previous year. The Angola/Long Neck/Millsboro Area was exactly even in units sold. All other areas of the county showed a decrease, with the largest decreases in the Milton/Harbeson/Broadkill Beach Area, down 25% and Western Sussex County, down 22%.
For the year ending in 2023, the average sales price of single-family homes in Sussex County are up over the previous 12-month period, $634,895 compared to $583,372, almost a 9% increase. The median sales price was also up over the previous 12-month period, $506,000 compared to $470,345, a 7.5% increase.
Pending sales for the last 12-months were up by nearly 4% over the previous 12-month period, with 3,710 homes going under contract, compared to 3,570.
Days on Market
The average days on market for homes to go under contract for the year ending in 2023 has increased by 53% 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 36 days during the previous period
Barbara “Babs” Morales – babs@SellingDelawareHomes.com
Joan Wallace – joan@BeachByBabs.com