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As we reflect on the 2022 real estate market in Fenwick Island, the surge in real estate activity that we felt in 2020 and 2021 carried into the first quarter of 2022 in Fenwick 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 market like Fenwick Island is a tangible asset that offers immediate enjoyment.
During 2022, the highest sale price was a single family oceanfront home in Fenwick Island which settled for $3,500,000. While 16 properties sold for over $1million in Fenwick Island during 2022, there were plenty of opportunities under $1million. The lowest priced sale of improved real estate was a condominium that sold for $295,000. The median sale price of improved property (excludes vacant lots/land) was essentially in 2022 when compared to the year prior at $907,500 versus $905,500. With regard to inventory available for sale, at year's end, there were 4 properties for sale in Fenwick Island. This is down 89% when compared to the end of 2019, prior to the COVID-19 pandemic. We believe this environment of limited inventory in Fenwick Island 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 Fenwick Island real estate, we are here to help!