The Wilmington News Journal published a story a couple of weeks ago entitled “Delaware’s Real Estate Rebound” that featured a number of good points regarding the state of the market here in coastal and southern Delaware.
Everyone in our Rehoboth Beach offices knows how strong the market is here at the Delaware beaches because we see it first-hand every single day. But the News Journal story, written by real estate writer James Fisher, made a number of good points and referenced some interesting data.
Let’s take a look at some of the information presented in the article:
- The median home sales price has risen gradually in Sussex County for four straight years. This indicates that supply and demand have now fallen in line and real estate at the Delaware beaches is growing at a healthy level, in contrast to the unsustainable gains that occurred about a decade ago. The median home price in Sussex County is also the highest in the state, well above both Kent and New Castle Counties.
- Many of the new homes being built in Rehoboth and Lewes are paid for by professionals from Baltimore, New Jersey or Washington, D.C. This information comes from a coastal homebuilder, but it does seem to be on the money, so to speak. With low property taxes, no sales tax and the proximity of the Atlantic Ocean, the Delaware beaches continue to be a popular destination for those seeking second homes and investment properties.
- In 2015, one in every three Delaware homes sold was in Sussex County. The urban areas in and around Wilmington and the capital area of greater Dover not withstanding, this is big news for Delaware’s southernmost county. Personally, we think this will continue for some time as homebuyers continue their migration to the beaches. We’ve been observing this for years and we don’t see it changing anytime soon.
Data from our very own Sussex County Association of REALTORS delivered even more promising news last month, after figures were tallied for the 2015 calendar year. Among them:
- Nearly $1.2 billion in real estate changed hands in Sussex County
- More than 5,000 properties were sold
- More than 2,900 single-family homes were sold
- The average residential home sold for $359,395
- Homes remained on the market for an average of only 86 days
What does this all translate to for prospective homebuyers or sellers in coastal Delaware? Simply put, it means that the real estate market has fully recovered from the recession of a few years ago and is now on a track of stable, sustainable growth.
It also means that it’s a perfect time to buy or sell a home here at the Delaware beaches! So give us a call today at 302-569-5096 and let us get you started on the right path.
We’re one of the top real estate companies in coastal Delaware for a reason. Let us personally show you the Oldfather difference today.