Real Estate Market Watch - January 2021

Berkshire Hathaway HomeServices Gallo Realty 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. 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. Contact one of our agents for reliable information on the real estate market.

To download the full Market Watch newsletter, click here.

The statistics referenced here and in the attached newsletter are based on single family homes derived from the Bright Multiple Listing Service.

Active Listings/Current Inventory
As of the end of January, there were a total of 743 homes on the market, a decrease of 10% from the previous month's end inventory of 823.  This represents a 2-month's supply of inventory, with a current absorption rate of 328 homes sold per month thus far in 2021.  Of the total inventory, 51% (379 homes) of the homes available are new construction.

Closed Sales
For the first month of 2021, sales of single-family homes in Sussex County are up 25% compared to January of last year, with 328 homes sold compared to 262 for January 2020.  The areas with the largest increase are the Milton/Harbeson/Broadkill Area, up 60% and the Angola/Long Neck/Millsboro Area up 54%.  The areas with the largest decrease are the Dagsboro/Millsboro Area, down 32% and the Milford/Lincoln/Slaughter Beach Area, down 14% from last year to date.

Home Prices
The average sales price of single-family homes in Sussex County are up over the first month of last year, $484,345 compared to $394,390, a 23% increase.  The median sales price was up by 12% over January of 2020, $345,000 compared to $307,445.

Pending Sales
Pending sales for the first month of 2021 were up by 11% from last year, with 346 homes going under contract through January of 2021, compared to 311 in 2020.

Days on Market
The average days on market for homes to go under contract has decreased by 40% for homes sold through January of this year compared to last.  In 2021, the current average days on market is 55 days, compared to 91 days through January of 2020.

Back to Top