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|All Listings||Under $100,000||$300,000 - $400,000|
|$400,000 - $500,000||$500,000 - $600,000||$600,000 - $700,000|
|$700,000 - $800,000||$900,000 - $1,000,000||Over $1,000,000|
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As we reflect on 2022, the surge in Bethany Beach real estate activity that we felt in 2020 and 2021 carried into the first quarter of 2022 and then slowed in the second quarter. There was moderate activity in the third and fourth quarters of the year. While there is still plenty of uncertainty about what the state of the economy means for real estate in the short term, we are enthusiastic about the year ahead! Real estate has been and will continue to be an attractive asset with proven appreciation over time, tax advantages and a source of cash flow. Importantly, real estate in a second home resort market is a tangible asset that offers immediate enjoyment.
During 2022, the highest sale price was a single family oceanfront home in the community of Middlesex Beach which settled for $4,850,000. While 47 properties sold for over $1million in Bethany during 2022, there were certainly a number of opportunities under $1million. The lowest priced sale of improved real estate was an efficiency flat in the Bethany Beach Inn building that settled for $240,000. The median sale price of improved property (excludes vacant lots/land) rose 6% in 2022 to $685,500. With regard to inventory available for sale, at year's end, there were 20 properties for sale in Bethany Beach. This is down 76% when compared to the end of 2019, prior to the COVID-19 pandemic. We believe this environment of limited inventory in Bethany Beach and the surrounding Delaware beach areas will keep prices stabilized in 2023. Please reach out to discuss your real estate goals as either a buyer or a seller of Bethany Beach real estate, we are here to help!
Learn more about the Bethany Beach Real Estate Market on our blog, by clicking here.
Founded in 1901 by members of the Christian Missionary Society in Washington DC, Bethany Beach still reflects the character of early settlers seeking “a haven of rest for quiet people”. In search of this permanent seashore location, the Missionary members settled on a beach area east of Ocean View as the location for the new community, and held a contest for the new name…