Del/Mar Coastal Real Estate Market Report (February 2025)
Data Source: Bright MLS Weekly Market Report, Week Ending November 10, 2024
Report Prepared by Square Feet Appraisals in Collaboration with Delaware Beaches Online
Data Source: Bright MLS Weekly Market Report, Week Ending November 10, 2024
Report Prepared by Square Feet Appraisals in Collaboration with Delaware Beaches Online
Market Overview
The Del/Mar Coastal real estate market is showing signs of a shift. While mortgage rates remain high and economic uncertainty lingers, an increase in inventory is giving buyers more options. Market activity is slowing, with fewer pending sales and homes taking longer to sell.
Overall Market Summary
| Metric | February 2025 | February 2024 | YoY Change |
|---|---|---|---|
| New Listings | 945 | 1,005 | -6.0% |
| Pending Sales | 733 | 797 | -8.0% |
| Closed Sales | 524 | 551 | -4.9% |
| Median Sold Price | $400,000 | $389,900 | +2.6% |
| Median Days on Market | 48 days | 37 days | +11 days |
| Active Listings | 2,837 | 2,273 | +24.8% |
| Months of Supply | 3.62 | 3.14 | +0.48 months |
County Breakdown
| County | Closed Sales | Median Price | Days on Market | Active Listings |
| Somerset, MD | 12 (-45.5%) | $208,595 (+49.0%) | 49 days (+14 days) | 108 (+17.4%) |
| Sussex, DE | 332 (+2.2%) | $432,090 (+3.1%) | 50 days (+16 days) | 1,850 (+24.8%) |
| Wicomico, MD | 61 (-14.1%) | $270,280 (+1.0%) | 42 days (+1 day) | 229 (+20.5%) |
| Worcester, MD | 119 (-10.5%) | $399,900 (0%) | 45 days (+8 days) | 650 (+27.7%) |
Market Breakdown by Property Type
| Property Type | Closed Sales | Median Price | Days on Market | New Listings | Active Listings |
| Detached Single-Family | 354 (-6.6%) | $399,000 (+6.4%) | 49 days (+13 days) | 624 (-10.6%) | 1,904 (+16.8%) |
| Townhomes | 76 (+26.7%) | $442,000 (+8.7%) | 42 days (+5 days) | 133 (+6.4%) | 414 (+100.0%) |
| Condos | 94 (-16.1%) | $397,845 (-2.1%) | 49 days (+6 days) | 188 (+3.3%) | 519 (+19.0%) |
Key Insights
- Inventory Growth: Active listings are up 24.8% year-over-year, giving buyers more options.
- Slower Market: Homes are sitting on the market longer, with median days on market rising from 37 to 48 days.
- Sales Declining: Pending sales dropped 8%, showing a slower buying pace.
- Moderate Price Growth: Median home prices rose 2.6%, a slower increase compared to past years.
Observations & Trends
- Buyer’s Market Conditions Emerging: With inventory growing and sales slowing, buyers have more leverage.
- Seasonal Market Shifts: Activity may pick up in summer as hesitant buyers and sellers enter the market.
- Townhomes Performing Well: Sales for townhomes increased 26.7%, while condos struggled with a 16.1% decline.
- Worcester County Leading Inventory Growth: Active listings increased 27.7%, providing the most new choices for buyers.
Takeaway
The Del/Mar Coastal market is evolving into a more balanced environment. Buyers have more choices as inventory grows, while sellers must adjust expectations as homes take longer to sell. Expect the market to remain steady with potential activity increases in the summer.
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