Property Values on the Rise
One year ago, we communicated to you that after nearly 5 years of price stability, we were beginning to see property values on the rise. As the graph illustrates, there is no question that prices continue to climb. The median sale price of single-family homes and condo/townhomes sold through May of this year is up a significant 8% when compared to 2017.
While values as a whole are still more than 20% lower than 2006 when prices peaked, the appreciation that the market has experienced over the last 12 months is significant! Please let us know if you are considering buying or selling at the beach. We would love the opportunity to speak with you.
*Data was derived from the Sussex County MLS. Includes new contracts on properties in North Bethany, Bethany Beach, South Bethany & Fenwick
Island. It may not reflect all activity in the marketplace.