Sussex County Real Estate Market Ends 2024 on a High Note with Strong Sales and Rising Prices

Georgetown, DE. Feb. 10, 2025 – 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.

According to the latest data, total sold dollar volume for December reached $263.75 million, reflecting a 23.3% year-over-year increase, though down 8% from November. Closed sales rose to 479 homes, a 27.4% jump compared to last year and 4.8% 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% increase from December 2023 and 1.9% higher than November. However, the average sold price dropped to $547,960, down 4.3% year-over-year and 11.5% 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% increase from last year and 55.6% higher than in November. The average DOM reached 58 days, up 7.4% year-over-year and 11.5% 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 this market shift. The median price per square foot fell to $226, down 5.8% YoY and 3% MoM, while the average price per square foot declined to $255, marking a 7.9% drop YoY and an 8.9% decrease MoM. These figures indicate some price adjustments as the market continues to balance supply and demand.

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.  

Looking Ahead
As the market moves into 2025, 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.