Source:https://youtu.be/ZPrEcFOYo3Q

Hello Sussex homeowners and homebuyers! Here is the Sussex County Housing Market Update for August 2022. Let’s dive right in. 

Last year, the average home prices in Sussex County were around $375,000. As opposed to this year, 2022, that number went up to $420,000 on average. We can observe that this is a slight pullback from last month (July 2022) because we saw the average price around that time reach $430,000. 

In other words, we have higher average home prices this year than last year, but compared to the previous month, the prices have started to decrease. When there are reduced prices, people begin to ask the question: is the market showing signs of crashing?

Is the Market Crashing?

So, even though we saw a 2% decrease in price, the state of the market still stayed the same. In other words, we still have tons of buyer demand. What’s the reason behind this? 

Well, it turns out there are buyers outside the state that keep the buying demand flowing. These buyers come from nearby states like New York, New Jersey, and Pennsylvania and buy homes in cash. You may find it controversial, but all these out-of-state cash buyers will keep that demand high for a long time. 

So what does this mean for you as a homeowner?

1. There is NO crash in sight. 

Yes, you can rest assured that there is no market crash in sight, at least the data and projections show. These are just minor swings in prices on both sides, but the difference is still too low to signal a market crash. 

2. Home Price Normalization.

After these small fluctuations, home prices are starting to stabilize. This means it's easier now for you to purchase your home this month than two or three months ago. 

3. Healthy Economic Growth

And this is the main advantage of the presence of these out-of-state buyers in our market. The main pro is that more people are coming into the state than people leaving. This influx of people buying homes in Delaware from other states leads to healthy growth in our market. 

The projection shows that we will have stable and healthy growth as the years go by in the city of Delaware. Hence, don’t fret. Instead, you can be confident that this month is a better and more stable time to buy your home than months ago!

We understand this is a lot of information to take in. But the bottom line is if you are planning to buy a home, now is the best time to do it! And here at Loft Realty, we are always ready to serve you. So if you have any questions about the housing market in Sussex County in Delaware, please call us at 302-359-0500 or email us at Hello@LoftTeamDE.com. Stay updated on our next Sussex County Market Update!