IN-TOWN REHOBOTH BEACH
JAN - DEC 2024 REAL ESTATE UPDATE
Rehoboth Beach “The Nations Summer Capital” has it all from quaint bed and breakfasts to many fine hotels. Area restaurants and eateries offering the catch of the day to French cuisine and draw sophisticated palates from as far away as Washington, D.C., Philadelphia and Manhattan just for dinner. Area shopping ranges from factory outlets to specialty shops, and let us not forget – all of it is TAX FREE! One of downtown Rehoboth’s greatest assets is a mile-long boardwalk which allows for bike riding, strolling or jogging. Other activities and special events on the “boards” include miniature golf, arcades, a small amusement park, bandstand musical entertainment and numerous festivals. Here you can sit and observe the sunrise and enjoy the daily migration of dolphins and pelicans.
Sold Data Last Updated: JANUARY 2025
Stats Include All Sales Posted by All Brokers and are compiled from the Bright Multiple Listing Service.
2024 YEAR END MARKET STATS FOR ALL OF SUSSEX COUNTY
Barbara Morales Associates of the Berkshire Hathaway HomeServices PenFed Realty Rehoboth office 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.
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WHAT SOLD AT THE BEACHES, click here.
The statistics referenced here and in the attached newsletter are based on detached single-family home sales 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 December, there were a total of 1,194 homes on the market, a decrease of over 5% from the previous month’s end inventory of 1,257. Of the 1,194 homes on the market at month’s end, 45% of them are new construction homes. The current homes on the market represent less than a 4-month’s supply of inventory, with a current absorption rate of 343 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 up almost 12% compared to the previous 12-month period, with 4,121 homes sold compared to 3,685 for the previous year. The Georgetown Area saw a 53% increase and the Milton/Harbeson/Broadkill Area was up 27%. The area of the county with the largest decreases is the Lewes/Rehoboth/Dewey Area, down 2%.
Home Prices
Over the last 12-months, the average sales price of single-family homes in Sussex County are slightly down compared to the previous 12-month period, $621,503 compared to $634,114, a less than 2% decrease. The median sales price was also down compared to the previous 12-month period, $490,000 compared to $505,000, a 3% decrease.
Pending Sales
Pending sales for the last 12-months were up by 11% over the previous 12-month period, with 4,082 homes going under contract, compared to 3,670.
Days on Market
The median days on market for homes to go under contract has increased by 10% for homes that have closed over the last 12-months compared to the previous 12-month period. The current median days on market for these closed homes is 34 days, compared to 31 days during the previous period.