Rehoboth Beach, Delaware is a wonderful place to live if you like the ocean, sandy beaches, people, and fun. When it’s cold, you can be alone with the water, being soothed by its sounds and repeating waves. When it’s warm, you can indulge in entertainment along with the tourists from all over the country pouring in.
If you consider buying property in a city with access to the ocean, Rehoboth Beach is the way to go! But before making a decision, you should find out about the market value of real estate there and get professional advice.
The market was shaken by the pandemic. So, nowadays, we gather the pieces and finally see positive changes. People are buying, the prices establish (even though they get higher), and you have all the chances to find a perfect match.
First of all, let’s see all the necessary time and price-based statistics about real estate in Rehoboth Beach, Delaware. Then, we’ll get a bit more familiar with the town itself.
Remember that you can always find relevant information on the website of the U.S. Census Bureau. Also, a trustworthy listing feed will update you on the best prices for the day.
So, in broad strokes:
- The prices increase with the demand;
- The price for a square foot, though, has decreased a bit;
- The property stays on the market before settling for quite a while since people are considering a plethora of options;
- Bargaining might not help you this summer.
Now, let’s find out the details.
Time-related statistics include the number of days a property spends on the market before being sold. We also know the average construction year for the latest listings.
So, every condo or house in Rehoboth Beach stays on the market while potential buyers are considering investing in it for around 89 days. Keep in mind that the number is average. Some houses with lower prices and nice views are sold within weeks, while bigger offers or listings with flaws stay around for a longer time until they find their future owner.
The average year of construction for the houses is 1972. This may seem way too old, but most of these buildings are reconstructed, redecorated, and incredibly durable. Older houses need an additional inspection, though, concerning electricity and overall safety. A professional real estate agent will help you find the safest, most beautiful option.
So, let’s get to the numbers.
As to the average price, it’s $1,407,577 to $1,860,786, depending on the type of house and its condition. In any case, the number is larger than in the same 6 months of 2020. That’s quite a lot of money, but remember that you can always ask for a mortgage or sign another kind of contract to partially pay for the property.
We’re just going to say that it’s cost the price, given the convenience and quality of life you get in Rehoboth Beach, Delaware.
The average price per square foot is $734, which is around a 3% decrease within the latest 6 months. When the statistics for August hit, we will see whether this pattern continues.
Many people buy houses in Rehoboth Beach to rent them later. Summertime sees a lot of tourists pouring into the city for the ocean view and soft sandy beaches. They seek comfort, renting great houses close to the entertainment hot points.
If you’re renting per month, keep in mind that the median number is $1,261. But in summer, the prices are higher, especially if you don’t rent on a monthly basis but rather on a weekly or even daily one.
Only 18% of the property is rented, with the other 82% occupied by house owners. So, you have a spare niche for business there.
Is Bargaining an Option?
Given the prices go as far as $2 million, any discount is good news. Usually, buyers pay at least 99% of the listed price. That’s $20,000 off the price, which doesn’t sound bad.
As of July 2021, 57 properties were sold in Rehoboth Beach. That’s for 6 months, including July. Not many deals, but considering the country went through a pandemic, that’s a good number.
There are enough listings on the market now, and we’re waiting for an increase in listings sold. One of them should definitely become yours. Even if you live in another city, it’s nice to have a property near a beach. You can even rent it, making an additional profit.
Briefly About Rehoboth Beach
In Delaware, Rehoboth Beach is one of the TOP vacation places. People from neighboring states are also frequent visitors in late spring and summer. The town is very family-friendly and has lots of attractions for kids.
Young couples without kids also have a lot to do there, visiting beach parties and restaurants. The town is famous for its marvelous beach, Funland, and Jungle Jim’s, waiting for visitors all summer.
Real estate there is very appealing and has a unique hue to it. The exteriors and landscapes are to fall in love with! When in doubt, come to Rehoboth Beach to see for yourself and choose the best property for sale. The elegance of local buildings and sophisticated infrastructure will enchant you.
Of course, make sure to have a local real estate agent nearby to help you with the choice. Specialists of the market know all the peculiarities and dynamics of prices and available options. They will help you make the best deal and get settled in one of the best ocean towns in the USA.
So, now is the time to write a list of requirements for your new house and start looking for it. The listings are plenty, and there must be at least one option that will take a special place in your heart. Approach it carefully with a real estate agent, and it will become yours, maybe even for 99% of the price (which is quite a deal, given the prices)
Rehoboth Beach Homes for Sale Here