Mid-Atlantic and Delaware Coastal Real Estate Market Report
Data Source: Bright MLS Weekly Market Report, Week Ending November 10, 2024
Report Prepared by Square Feet Appraisals in Collaboration with Delaware Beaches Online
Mid-Atlantic Region Summary
Key Takeaways
- Inventory: Listings remain above 2023 levels, with 4,895 new listings across the Bright MLS service area, marking a 6.6% increase year-over-year (YoY).
- Active Listings: A 13.6% YoY increase in active listings provides more choices across major metro areas, despite seasonal cooling.
- Price Trends: Median list prices across the region have climbed by 6.8% YoY, with the highest price growth outside Washington Metro and Southern Maryland.
- Time to Contract: Median time to contract stands at 25 days, a slight increase, indicating a competitive but slightly slower-paced market.
- Cancelled Listings: Up by 27.5%, reflecting possible price resistance or adjustments by sellers.
Mid-Atlantic Weekly Snapshot
| Metric | Current Value | % Change YoY | Notes |
|---|---|---|---|
| New Listings | 4,895 | +6.6% | Inventory higher than last year despite cooling. |
| Active Listings | 37,071 | +13.6% | Broader supply across the region. |
| Median List Price | $395,000 | +6.8% | Steady price appreciation. |
| Median Time to Contract | 25 days | +1 day | Market pacing slightly slower. |
| Listings with Price Decrease | 8.3% | -0.8 pp | Minor shift in price adjustments. |
| Cancelled Listings | 473 | +27.5% | Sellers making strategic adjustments. |
Sussex County, Delaware (Coastal Area) Summary
Key Takeaways
- Local Inventory: Listings in Sussex County’s coastal towns are seasonally cooling but remain higher than last year, aligning with Mid-Atlantic trends.
- Active Listings & Demand: Active listings have increased in Delaware’s coastal regions, giving buyers more options and keeping the market competitive.
- Price Stability: Median list prices in Sussex County’s coastal area reflect a broader regional trend with a 6.8% YoY increase, sustained by strong buyer demand.
- Time to Sale: Properties in the coastal towns are taking slightly longer to sell than last year, with a median time to contract close to 25 days.
- Cancelled Listings: Higher cancellation rates mirror potential pricing adjustments, as some sellers respond to the competitive landscape.
Sussex County Weekly Snapshot
| Metric | Current Value | % Change YoY | Notes |
|---|---|---|---|
| New Listings | Higher YoY | +6.6% | More options available for buyers. |
| Active Listings | Increasing | +13.6% | Healthier inventory for coastal towns. |
| Median List Price | Similar to $395,000 | +6.8% | Reflects steady demand and price stability. |
| Median Time to Contract | ~25 days | +1 day | Slightly longer selling time than last year. |
| Listings with Price Decrease | ~8.3% | -0.8 pp | Similar trend to region overall. |
| Cancelled Listings | Higher | +27.5% | Adjustments in seller expectations. |
Observations & Trends
- Buyer Activity: Showings remain steady, indicating demand in both the Mid-Atlantic and Sussex County areas.
- Seasonal Trends: As inventory rises, buyers have a healthier selection, although rising list prices may impact affordability.
- Outlook: Listings are expected to continue cooling seasonally, yet both markets show strong price resilience and competitive buyer interest.
For more information and weekly insights, visit Bright MLS Market Updates.
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