Get a jump on your week with the latest in local Real Estate Market trends, Mortgage Rates, and Local Happenings
The Main Story...
... With 2023 in the rear view mirror, we can now reflect back on how the year ended compared to 2022...
2023 In Review
12% fewer homes were sold in 2023 vs. 2022, or roughly 675 fewer homes. Compared to the height of the market in 2021, there was a reduction of nearly 29% equalling almost 2,000 fewer homes sold.
The average home price saw an increase of 7.5% this year vs. 2022 and ended up 16% higher than the preceding 5 year average.
Interest rates continued to come down through the month of December ending the month at 6.61%. This was nearly flat to the closing rate of 2022, 6.48%. All indications currently are that rates will continue to come down as we enter 2024.
"Marry the House, Date the Rate"
To sum it up...
Interest rates ended the year near where they started 2023 a year ago. Higher interest rates throughout the year did have an impact on the amount of inventory available, which in turn continued upward pressure on home prices. As interest rates are expected to come down, we should see more inventory open up in 2024.
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Market Stats for Specific Towns or Communities
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*all information in this email is relative to Sussex County Delaware and is not to be construed as the case for Kent or New Castle Counties.
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