2021 REAL ESTATE MARKET RECAP

It’s no secret the real estate market has been hot for some time now. With low interest rates, buyers everywhere are looking for their next home to purchase. A common road block many have come across has been lack of inventory. This has been driving sale prices upwards, leading to multiple offer situations and properties selling well above asking price. Check out the stats below comparing the last 2 years in real estate for Sussex County.

Average Sale Price

The average sale price for Sussex County increased over $46,000! Lack of inventory and buyer demand drove prices up.

Total Sales Volume

Total sales volume was up 14% for all Sussex County, despite having the same amount of transactions thanks to a rise in sale prices.

Average Days to Sell

The average days on market decreased about 75% due to the high buyer demand and limited inventory!

In Conclusion

As you can see from the charts above, 2021 was a great year for sellers and we are already seeing more of the same signs as we begin 2022. As long as interest rates remain low, buyers can combat the rising prices with lower monthly payments, making it a great time to both buy and sell.

Cheers to 2022!