Reflecting on November, let’s take a closer look at how our local real estate market fared. While the overall picture for Sussex County is one of growth, there were some interesting trends and shifts within our beach towns. Let’s dive into the numbers!
Overall County Performance
- Days on Market: Year over year, we did not see much change in days on market, as it took only 4 days longer to sell this year than last. This indicates a steady market throughout the county.
- Number of Sales: There were 519 total sales this November compared to 578 last year. This might indicate a slight cooling off, but it is very common to see a slow down in an election year.
- Total Sales Volume: Although we saw a fewer number of sales this year, the total sales volume increased by 10% indicating a strong demand for higher-end properties!
- Average Sale Price: A noteworthy 25% increase in the average sale price shows prices continue to rise – great news for sellers! This year, November’s average sale price was $598,127 versus $476,919 for the same time period last year.
Town-by-Town Breakdown
Bethany Beach
- Days on Market: Despite a slight increase of 6 days, homes continued to sell relatively quickly, signaling a steady market.
- Number of Sales: There were 10 more sales this year compared to last year – from 9 sales in 2023 to 19 in 2024. This is a positive sign that buyer demand remains strong.
- Total Sales Volume: With sales almost doubling this year, it is no surprise we saw a substantial 58% increase in total sales volume.
- Average Sale Price: This November, more condos and townhomes sold whereas last year it was mostly single family homes. As a result, the average sale price decreased by 21%, from $1,223,556 in 2023 to $965,018 in 2024.
Fenwick Island
- Days on Market: Homes took longer to sell, from 3 days in 2023 to 31 days in this year. It is typical to see a slight market slow down during election years.
- Number of Sales: Although homes took longer to sell, there were 4 sales this year compared to only 2 in 2023. This is a result of more inventory.
- Total Sales Volume: It is no surprise that total sales volume increased as the number of sales doubled! Total volume in 2024 was $6,944,000 compared to $1,245,750 in 2023.
- Average Sale Price: The increase in average sale price this year was remarkable! Average price this November was $1,736,000 up from $622,875 in 2023. This indicates prices are still on the rise!
Rehoboth Beach
- Days on Market: Homes took about 70 days to sell this November compared to 47 last year. Again, we attribute this to the typical slow down around election time.
- Number of Sales: We also saw 12 less sales this year compared to last, with a total of 43 homes sold in 2024 compared to 55 sales in 2023.
- Total Sales Volume: Interestingly enough, total sales volume increased by 44% this year, suggesting that larger properties were driving the market!
- Average Sale Price: Rehoboth also saw a significant 72% increase in average sale price, from $746,430 in 2023 to $1,284,519 in 2024. Prices are continuing to rise!
Lewes
- Days on Market: Lewes is the only town that saw homes selling faster this November, taking on average 52 days to sell compared to 69 in 2023.
- Number of Sales: Total number of sales dropped about 35% this year, from 133 in 2023 to 86 sales in 2024.
- Total Sales Volume: As expected with a decrease in number of sales, we also saw a 25% decrease in the total sales volume.
- Average Sale Price: Despite the decreases in number of sales and total volume, the average sale price saw a 19% increase!
Key Takeaways
- Sussex County’s real estate market remains strong, with overall growth in sales volume and average sale prices.
- While some towns experienced slower markets and decreased sales which is typical in an election year, others saw significant growth in both sales and prices.
- The market for higher-end properties continues to be robust, driving overall growth.
- Keeping an eye on market trends and adjusting strategies accordingly will be crucial for buyers in the coming months.
Considering buying or selling a property? It’s essential to consult with a local real estate agent who can provide personalized advice based on your specific needs and the current market conditions.
If you have any questions or would like to discuss your future real estate plans, contact me today!