Sussex County Delaware September 2023 Real Estate Update
Babs Morales and Joan Wallace of the Rehoboth Beach office of Berkshire Hathaway HomeServices PenFed Realty provide 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.
As a Buyer, this can be a valuable tool for making an offer on a property. Having up-to-date information on selling prices of comparable properties will allow you to make the smartest offer.
As a Seller, having the knowledge to determine the listing price for your property, can help you to obtain the best possible sale price in the shortest amount of time.
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.
|Active Listings/Current Inventory|
As of the end of August, there were a total of 1,029 homes on the market, an increase of slightly less than 1% from the previous month’s end inventory of 1,021. Of the 1,029 homes on the market at month’s end, 48% 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 310 homes sold per month over the last 12 months.
Over the last 12-months, sales of single-family homes in Sussex County are down 20% compared to the previous 12-month period, with 3,715 homes sold compared to 4,648 for the previous year. All areas of the county showed a decrease, with the largest decreases in the Milton/Harbeson/Broadkill Beach Area, down 38% and the Milford/Lincoln/Slaughter Beach Area, down 30%. The area with the lowest decrease was the Lewes/Rehoboth/Dewey Area, down 9%.
For the first 8-months of 2023 compared to the same time frame last year, sales are down 15%, with 2,440 units closed through August of 2023 compared to 2,869 units through August of 2022. The Lewes/Rehoboth/Dewey Area was almost even in units sold, with 578 homes sold compared to 582 the previous year – a 1% decrease. The Angola/Long Neck/Millsboro Area had a 3% decrease with 496 homes sold through August of 2023 compared to 511 through August of 2022.
Over the last 12-months, the average sales price of single-family homes in Sussex County are up over the previous 12-month period, $617,914 compared to $568,418 a 9% increase. The median sales price was also up over the previous 12-month period, $499,990 compared to $450,000, an 11% increase.
For the first 8 months of 2023 compared to the first 8 months of 2022 the average sales price is up 9%, and the median sales price is up 10%.
Pending sales for the last 12-months were down by 14% over the previous 12-month period, with 3,516 homes going under contract, compared to 4,088.
For the first 8 months of 2023 compared to 2022, pending sales were only down 2%, with 2,552 homes going under contract in 2023 compared to 2,609 through August of 2022.
Days on Market
The average days on market for homes to go under contract has increased by 68% 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 52 days, compared to 31 days during the previous period.
Barbara “Babs” Morales – babs@SellingDelawareHomes.com
Joan Wallace – joan@BeachByBabs.com