S
ussex County's real estate landscape wrapped up 2024 with a resounding boost in home sales, despite prices stabilizing and homes lingering on the market longer. According to the Sussex County Association of Realtors (SCAOR), December's total sold dollar volume soared to $263.75 million, marking a 23.3% year-over-year increase, albeit an 8% dip from November.

    Closed sales skyrocketed to 479 homes, a 27.4% jump compared to the previous year and a 4.8% rise over the preceding month – a clear indication of sustained buyer demand. However, home prices presented a nuanced picture: the median sold price rose to $466,104, a 1.4% increase from December 2023 and 1.9% higher than November. Conversely, the average sold price dropped to $547,960, down 4.3% year-over-year and 11.5% from the previous month.

    The shift in market dynamics is also reflected in homes 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 November. Meanwhile, the average DOM reached 58 days, up 7.4% year-over-year and 11.5% month-over-month – a sign that buyers are adopting a more deliberate approach in their home searches.

    Price-per-square-foot trends also indicate this market shift: the median price per square foot fell to $226, down 5.8% year-over-year and 3% from last month, while the average price per square foot declined to $255, marking a 7.9% drop year-over-year and an 8.9% decrease from November.

    As SCAOR representatives observe, "Despite longer market times and price recalibrations, Sussex County's real estate market remained active to close out the year." They caution that factors like interest rates, inventory levels, and economic trends will likely shape buyer and seller behavior in 2025, advising sellers to approach pricing strategically as market conditions evolve.