Lewes, Delaware Summer Real Estate Market Overview

Monday, August 16, 2021   /   by Jay Lesko

Lewes, Delaware Summer Real Estate Market Overview

Lewes, Delaware is considered the first American town. Living there can become a dream if you like serene locations and lots of fun in summer. Ocean views, ergonomic house design, kind neighbors, engaging museums, and delicious food are all there.

But first, you need to know what’s the real estate market there, right? Let the following data be your first step towards the choice of a perfect house that you will, hopefully, call home soon.

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Lewes, Delaware Real Estate Market Overview, Summer 2021

You can always find up-to-date information on the website of the US Census Bureau and reliable listing services. The information below will showcase a 6-month range (till July included) of listings, prices, and trends.

The data is provided for reference. Make sure to contact a professional real estate agent before making a decision to buy a house. This will save money, effort, time, and allow you to choose the most suitable location!

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Overall Trends

We can see an increase in the number of houses listed, prices, settlements, etc. There’s a 45% increase in the price for one square foot of property in Lewes, Delaware. The increase was quite gradual for the past 6 months, July included. So, this is the freshest data on file.

Remember that you have an opportunity to both buy and rent a house in the city. Or you can buy one and rent it to visitors which are plenty in summer. Ocean views and sandy beaches do their job.

The increase since last year is totally expected as the US is coming out of the coronavirus crisis little by little.

We’ve grouped data in short answers to the most commonly asked questions.

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How Many Days Is the Property on the Market Before Purchase?

Property in Lewes is on the market before settling for over a month - 37 days, which is several times less than in 2020. So, people are back on their feet and ready to buy real estate again. 

Keep in mind that this is the average number. A house can be bought in a week or 40 days, depending on the price, demand, condition, etc.

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How Much Are You Going to Pay After Negotiation?

Negotiation (or simply bargain) is a common approach used by potential buyers to see how resilient the seller is. For some items, it works, but not so much for Lewes real estate. You’re expected to pay at least 99% of the price mentioned in the listing.

Considering the numbers, even 1% off is a good deal.

Remember that you can always sign a contract or ask for a mortgage if you don’t have enough for a one-payment purchase. With convenient terms and conditions, you’re not going to overpay a lot.

How Many Houses Were Sold in 6 Months?

In the last 6 months, 68 houses were sold in Lewes, Delaware. On average, the property was built in 1991, which isn’t long for a building. 68 doesn’t seem like much, but for the scale of the city, it’s better than last year.

Average Property Prices in Lewes, Delaware

The average price for a square foot of property is $421. Reminding you that there was a 45% ($149) increase in the price from winter 2020/2021.

Half a year ago, the average listing price was $789,475. In July, the sources gave the numbers $851,486 and $965,794.

Owners live in 81% of properties, while the remaining 19% of houses are for rent.

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Why Buy Property in Lewes, Delaware

If you’re dreaming about a calm urban life in a warm, cozy town, Lewes is the way to go. The houses are very sweet and ergonomic there, and the surroundings are very suitable for smooth days in traditional friendly neighborhoods.

Life here is like you see it in movies where people go to a small town to unwind and find happiness. The landscapes here will take you months to explore, as well as:

  • Museums;
  • Beaches;
  • Cafes and restaurants;
  • Parks, etc.

The motto of the town is “The First Town in The First State”. This isn’t an empty claim. This was one of the first settlements in Delaware. And the state was the first one to ratify the Constitution. So, life is calm here, but every local is proud of their town.

You will be too after living here for some time. 

If you don’t want it to be serene all year long, Lewes has you covered. In the summertime, people from all over the US are coming there to have a good rest on local beaches. There are many beach-themed shops and cafes to go to. No need to fly anywhere if you’re living in a beach town.

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There are always places to go, throw a picnic, or have a romantic dinner. The schools are great and a healthy lifestyle is promoted all over the place. Biking is encouraged, which decreases the carbon footprint of the town and makes it easier to get in shape.

Transport overall is very convenient and accessible. Although the town isn’t large, there are many bus stops, so this shouldn’t be a top priority for you when choosing a perfect listing. Essential businesses and grocery stores are within walking distance since the infrastructure of the town is well thought through.

But First of All, Find Out the Prices

However, first of all, you should find out the prices on listings here. Read market overviews frequently, compare data, and consider your budget. When you decide to buy a house in Lewes, Delaware, contact a real estate agent to make sure you get the best deal.

A professional will help you find the best neighborhood, where you’ll get accustomed to the new town much better! They will try to find the best deal (that 99% is better than 100%, right?) and guide you through the purchasing process. 

The market will change a bit more till the end of the year. So, make sure to read fresh reports every season while considering a new living environment.

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