The Sussex County real estate market continues to demonstrate resilience and steady growth, despite challenges posed by higher interest rates. The latest statistics show that the region remains a desirable destination for buyers, with increased sales activity and rising sales volumes across most coastal towns. Even the average time to sell saw only a slight change, highlighting the sustained buyer interest in the region. Let’s take a closer look at how each area performed and what these numbers suggest for the future of the market.
Sussex County: A Broad Overview
The overall market in Sussex County wrapped up 2024 with strong numbers:
- Days to Sell: The average time to sell a property saw a minor shift, increasing slightly from 55 days in 2023 to 58 days in 2024. This small change indicates a relatively stable market pace.
- Number of Sales: There was a 9% increase in buyer activity, with 7,049 homes sold in 2024, compared to 6,484 sales in 2023 — an additional 565 transactions.
- Total Sales Volume: The total sales volume saw a significant rise, increasing by 12% from $3.2 billion in 2023 to $3.57 billion in 2024. That’s a difference of $372 million!
- Average Sale Price: The average sale price also increased, climbing by 3% to $525,842 in 2024, up from $509,797 in 2023 — a gain of $16,045.
Overall, the market remains strong, with more sales, higher prices, and growing buyer demand despite slightly longer selling times!
Town-by-Town Analysis
Bethany Beach
Bethany Beach displayed a relatively stable performance in 2024:
- Days to Sell: The average days on market decreased slightly by 2 days, from 55 days in 2023 to 53 days in 2024.
- Number of Sales: Sales activity grew by 12%, increasing from 221 transactions in 2023 to 247 in 2024.
- Total Sales Volume: Total sales volume increased marginally by 0.19%, reaching $132.2 million.
- Average Sale Price: The average sale price dipped by 8%, coming in at $1.03 million.
The change in the average sale price is due to a shift in the types of properties sold, with a higher number of condos and townhomes being sold in 2024 compared to 2023. Despite this change, total sales volume still increased slightly due to the higher number of homes sold in 2024.
Fenwick Island
Fenwick Island stood out as a top performer in 2024, showcasing impressive growth:
- Days to Sell: The average time to sell a property increased by 12 days, from 40 days in 2023 to 52 days in 2024.
- Number of Sales: The number of sales grew significantly by 31%, from 29 transactions in 2023 to 38 in 2024.
- Total Sales Volume: Total sales volume surged by 91%, reaching $67 million.
- Average Sale Price: The average sale price rose by $514,599, hitting $1.61 million!
Fenwick Island’s performance highlights robust demand for high-end properties, contributing to its substantial growth in both sales volume and average price.
Rehoboth Beach
Rehoboth Beach remains one of the most sought-after markets in Sussex County, maintaining steady growth in 2024:
- Days to Sell: The average time to sell a property remained stable, increasing by just 5 days, from 44 days in 2023 to 49 days in 2024.
- Number of Sales: The number of sales rose by 4%, from 634 to 658 transactions.
- Total Sales Volume: Total sales volume increased by 8%, reaching $511.5 million.
- Average Sale Price: The average sale price grew modestly by $16,493, coming in at $809,398.
Rehoboth Beach continues to see strong buyer demand, with consistent activity supporting steady market growth.
Lewes
Lewes showed steady performance throughout 2024:
- Days to Sell: The average days on market increased slightly by 2 days, from 51 days in 2023 to 53 days in 2024.
- Number of Sales: Total number of sales increased by 1%, rising from 1,390 to 1,408.
- Total Sales Volume: Total sales volume saw a slight uptick of 1%, reaching $804.3 million.
- Average Sale Price: The average sale price increased by $2,816, reaching $591,554.
Lewes continues to be a steady and reliable market, despite the high interest rates in 2024.
Key Takeaways
- Sussex County’s real estate market remains strong, with continued growth in total sales volume and average sale prices, reflecting steady buyer demand despite broader market challenges.
- While days on market saw a slight change, it remains a minor adjustment and indicates a balanced pace of sales.
- Despite fluctuating interest rates, buyers remain active, and the Sussex County market continues to offer valuable opportunities for both buyers and sellers.
- As we move into 2025, Sussex County’s real estate market is expected to remain dynamic.
Looking to navigate this ever-evolving market? Partnering with an experienced real estate professional is essential. Contact me today to discuss how we can make 2025 your most successful real estate year yet!