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The Sussex County housing market showed continued signs of strength in the fourth quarter of 2019, with sharp increases in both sales and prices. Sales were up almost 3%, which continued a trend from the third quarter and helped moderate the significant sales declines in the early part of the year – sales were down almost 5% for the calendar year, but they were down much more sharply in the first six months. More significantly, we’re starting to see sustained strength in pricing: for the quarter, prices were up almost 7% on average and 8% at the median, finishing the calendar year up almost 5% on average and over 9% at the median. Indeed, the average price in Sussex is now higher than at any point since the height of the last seller’s market in the middle of the 2000s. Going forward, we believe that the seller market fundamentals are strong: a growing economy, prices well below historic highs, low-interest rates, and relatively low levels of inventory. So we expect to see continued appreciation and sales growth through 2020.
