- 4 Beds
- 3 Full Baths
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As we reflect on 2022, the surge in South Bethany 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 like South Bethany is a tangible asset that offers immediate enjoyment.
During 2022, the highest sale price was a single family oceanfront home in the South Bethany which settled for $3,370,000. While 18 properties sold for over $1million in South Bethany during 2022, there were certainly opportunities under $1million. The lowest priced sale of improved real estate was $535,000. The median sale price of improved property (excludes vacant lots/land) rose 1% in 2022 to $1,212,000 With regard to inventory available for sale, at year's end, there were 5 properties for sale in South Bethany. This is down 55% when compared to the end of 2019, prior to the COVID-19 pandemic. We believe this environment of limited inventory in South Bethany 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 South Bethany real estate, we are here to help!