Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Sussex County | Delaware Avg | US Average |
|---|---|---|---|
| Median Home Price | $333,413 | $249,028 | $242,182 |
| Price Trend (Annual %) | 5.5% | 4.9% | 8.2% |
| Median Gross Rent | $1,221 | $1,341 | $1,342 |
| Rent Trend (Annual %) | 3.4% | 3.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Sussex County is about 34% higher than in Delaware. Rent is about 9% lower than the Delaware average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Sussex County, up about 5.5% and 3.4% a year respectively. Home prices are changing faster.
Median rent in Sussex County rose about 25.4% between 2015 and 2023, from $973 to $1,221. Over the same span, rent in Delaware rose about 31.8%.
Affordability
On average, housing unit costs 4.2 yearly household incomes in Sussex County.
Buying the median-priced home in Sussex County costs roughly 22.8 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Sussex County. The price-to-rent ratio in Delaware is about 15.5.
| Metric | Sussex County | Delaware Avg | US Average |
|---|---|---|---|
| Median Home Price | $333,413 | $249,028 | $242,182 |
| Median Household Income | $78,500 | $83,492 | $78,145 |
| Price-to-Income Ratio | 4.2 | 3.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Sussex County rose about 42.1%, while median household income rose about 54.9% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Sussex County | Delaware Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 56.7% | 62.5% | 58.2% |
| Rental Rate | 13.1% | 24.0% | 31.3% |
| Vacancy Rate | 30.2% | 13.5% | 10.6% |
| Median Tenure (years) | 14.0 | 15.0 | 15.0 |
| Median Year Moved In | 2012 | 2011 | 2011 |
Sussex County has a homeownership rate of 56.7%, lower than the Delaware average of 62.5%. Its housing vacancy rate is 30.2%, compared with 13.5% in Delaware.
Housing Stock
| Metric | Sussex County | Delaware Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.38 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1996 | 1983 | 1978 |
| Median Number of Rooms | 6.2 | 6.2 | 5.5 |
The typical housing unit in Sussex County was built around 1996. On average, 2.4 people live in a home with about 6.2 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Sussex County, Delaware.
What is the median home price in Sussex County, Delaware?
The median home price in Sussex County, Delaware is $333,413, higher than the Delaware average of $249,028.
What is the average home price in Sussex County, Delaware?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Sussex County, Delaware?
The median gross rent in Sussex County, Delaware is $1,221 per month, lower than the Delaware average of $1,341.
What was the median gross rent in Sussex County in 2020?
In 2020, the median gross rent in Sussex County, Delaware was $1,049 per month.
What is the price-to-rent ratio in Sussex County, Delaware?
The price-to-rent ratio in Sussex County, Delaware is about 22.8, meaning it would take roughly 22.8 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Sussex County.
Are home prices or rent rising faster in Sussex County, Delaware?
Both home prices and rent are rising in Sussex County, up about 5.5% and 3.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Sussex County, Delaware?
56.7% of households in Sussex County, Delaware own their home, lower than the Delaware average of 62.5%.
What is the vacancy rate in Sussex County, Delaware?
The housing vacancy rate in Sussex County, Delaware is 30.2%, higher than the Delaware average of 13.5%.