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Credit to: Coastal Point
The Sussex County real estate market closed out 2024 with a surge in home sales, even as prices showed signs of stabilization and homes took longer to sell, representatives of the Sussex County Association of Realtors announced this week.
According to the latest data, they said, the total sold dollar volume for December reached $263.75 million, reflecting a 23.3 percent year-over-year increase, though down 8 percent from November. Closed sales rose to 479 homes, a 27.4 percent jump compared to last year and 4.8 percent higher than the previous month — “a clear sign that buyer demand remains strong.”
While overall sales activity was up, home prices presented a mixed picture. The median sold price rose to $466,104, a 1.4 percent increase from December 2023 and 1.9 percent higher than November. However, the average sold price dropped to $547,960, down 4.3 percent year-over-year and 11.5 percent from the previous month, indicating that while more homes are selling, some higher-end sales may be tapering off.
At the same time, homes are taking longer to sell. The median days on market (DOM) climbed to 42 days, a 61.5 percent increase from last year and 55.6 percent higher than in November. The average DOM reached 58 days, up 7.4 percent year-over-year and 11.5 percent month-over-month — “a shift suggesting that buyers are taking a more deliberate approach in their home searches.”
Price-per-square-foot trends also reflected that market shift. The median price per square foot fell to $226, down 5.8 percent year-over-year and 3 percent month-over-month, while the average price per square foot declined to $255, marking a 7.9 percent drop year-over-year and an 8.9 percent decrease month-over-month. Those figures indicate some price adjustments as the market continues to balance supply and demand, SCAOR representatives said.
“Despite longer market times and price recalibrations, Sussex County’s real estate market remained active to close out the year. The increase in closed sales suggests that buyers are still eager to purchase, even as they exercise more caution in pricing negotiations.”
“As the market moves into 2025,” they said, “factors like interest rates, inventory levels, and economic trends will likely shape buyer and seller behavior. While demand remains steady, sellers may need to approach pricing strategically as market conditions evolve.”
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