Real Estate Report: Mid-Atlantic Region and Sussex County, Delaware
Prepared by Square Feet Appraisals in collaboration with Delaware Beaches Online
Data Source: Bright MLS Weekly Market Report, Week Ending December 1, 2024
Mid-Atlantic Region
Key Highlights
- Market Overview
- The Mid-Atlantic housing market reflects typical seasonal slowing, with decreased activity over Thanksgiving week.
- Median list price in the Bright MLS service area is $385,000, representing a 4.1% YoY increase.
- Trends Summary
| Metric | Value | YoY Change | WoW Change | Comments |
|---|---|---|---|---|
| Showings | 47,075 | -22.8% | -30.9% | Slower buyer activity post-holiday. |
| New Contracts | 3,994 | -13.8% | -27.5% | Reflects seasonal cooling. |
| Median List Price | $385,000 | +4.1% | +2.7% | Prices remain elevated. |
| Active Listings | 34,319 | +12.0% | -4.4% | Inventory growth YoY. |
| Price Reductions | 4.9% of listings | -4.0pp | -3.6pp | Seller confidence evident. |
Challenges and Opportunities
| Challenges | Opportunities |
|---|---|
| Rising mortgage rates hinder affordability. | Suburban markets with spacious homes thrive. |
| Fewer price reductions in active listings. | Luxury properties remain resilient in demand. |
Sussex County, Delaware
Market Highlights
- Strong Coastal Demand
- Towns like Lewes and Rehoboth Beach drive the market, with both luxury and investment properties seeing demand.
- Activity and Price Trends
| Metric | Value | YoY Change | Comments |
|---|---|---|---|
| Median List Price | $400,000 – $600,000 | Elevated | Higher for waterfront and luxury homes. |
| New Listings | Declining | -30.0% | Limited inventory in high-demand areas. |
| Active Listings | Moderate Growth | +10.0% | Constrained for coastal, high-value areas. |
| Showings | Seasonal Decline | ~20% | Slower during the holiday season. |
Specific Trends
| Town | Key Attributes | Buyer Demand |
|---|---|---|
| Rehoboth Beach | Luxury waterfront homes, vibrant rental market. | Strong among affluent buyers. |
| Lewes | Affordable housing under $400,000, attractive to retirees and first-time buyers. | Increasing among locals and families. |
Challenges and Opportunities
| Challenges | Opportunities |
|---|---|
| Limited inventory in prime areas. | High ROI potential for short-term rentals. |
| Seasonal activity declines. | Permanent relocation market remains strong. |
Comparative Overview
| Metric | Mid-Atlantic | Sussex County, DE |
|---|---|---|
| Median List Price | $385,000 | $400,000 – $600,000 |
| Showings | Declining by ~22.8% YoY | Steady for premium listings |
| New Listings | Down 30.1% YoY | Limited, ~30% decline YoY |
| Active Listings | Up 12.0% YoY | Tight in coastal towns |
Recommendations
Mid-Atlantic
- For Buyers: Utilize seasonal slowdown to negotiate favorable terms.
- For Sellers: Highlight energy-efficient features to attract environmentally-conscious buyers.
Sussex County
- For Buyers: Explore investment properties in high-demand areas like Rehoboth Beach.
- For Sellers: Showcase proximity to amenities and rental potential for premium pricing.
Take the Next Step in Your Real Estate Journey
Whether you’re considering buying, selling, or investing in the dynamic markets of the Mid-Atlantic region or the picturesque Sussex County, Delaware, the time to act is now.
- For Buyers: Take advantage of seasonal slowdowns and explore opportunities in coastal properties or suburban gems. Let us help you find your dream home or the perfect investment property.
- For Sellers: Market your property effectively by leveraging high demand for homes in prime locations. Partner with experts to maximize your return in a competitive market.
- For Investors: Sussex County offers exceptional ROI potential for short-term rental properties. Don’t miss your chance to tap into the vacation rental boom.
For more information and weekly insights, visit Bright MLS Market Updates.
Navigating the Mid-Atlantic and Delaware coastal real estate markets? Square Feet Appraisals provides expert appraisal services, including estate, date of death, and financial planning appraisals. Contact us today at sqftappraisals.com to support your real estate goals with precision.
