The Rehoboth Beach real estate market is a dynamic and ever-evolving landscape, offering a unique blend of coastal charm, luxury properties, and investment opportunities. As a beaches touring enthusiast, understanding the intricacies of this market can be invaluable in making informed decisions about your next coastal getaway or potential real estate investment.
What is the Current Market Overview of Rehoboth Beach Real Estate?
The Rehoboth Beach real estate market is characterized by a mix of trends and statistics that paint a comprehensive picture of the current state of the market. According to the latest data, the median sale price of a home in Rehoboth Beach was $638,000 last month, representing a 3.7% increase since the previous year. However, the market is not considered highly competitive, with a Redfin Compete Score that places it on the lower end of the scale. The market conditions tend to favor sellers, with homes selling faster and at higher prices.
How Have Home Prices and Trends Evolved in Rehoboth Beach?
The average home value in Rehoboth Beach is currently $752,837, which represents a 5.8% decrease over the past year. However, the median sale price per square foot has increased by 9.3% to $808. Interestingly, the prices vary significantly by bedroom type, with 5+ bedroom homes seeing a 28.3% increase in price compared to last year.
What are the Sales and Inventory Trends in Rehoboth Beach Real Estate?
The Rehoboth Beach real estate market has seen a decrease in total units sold, with 30 homes sold in December compared to 36 the previous month, a 17% decrease. However, the total number of homes available this month is higher by 17 units or 15% compared to last year. The average number of days on the market has also increased, from 41 days last year to 80 days this year.
What Migration and Relocation Trends are Shaping the Rehoboth Beach Real Estate Market?
Across the nation, 0.90% of homebuyers searched to move into Rehoboth Beach from outside metros, with Washington, Philadelphia, and New York being the top sources of inbound migration. Conversely, Miami was the most popular destination among Rehoboth Beach homebuyers, followed by Cape Coral and Myrtle Beach.
What Additional Insights Should Beaches Touring Enthusiasts Consider?
Rehoboth Beach has several schools, including Rehoboth Elementary School, which has 517 students. Additionally, the area is susceptible to natural hazards and environmental risks such as floods, fires, wind, and heat, which could impact the value and desirability of homes in the region.
In conclusion, the Rehoboth Beach real estate market offers a unique blend of coastal charm, luxury properties, and investment opportunities. By understanding the current market overview, home prices and trends, sales and inventory data, and migration and relocation patterns, beaches touring enthusiasts can make informed decisions about their next coastal adventure or real estate investment.
References:
1. Redfin. (n.d.). Rehoboth Beach Housing Market: House Prices & Trends | Redfin. Retrieved from https://www.redfin.com/city/15565/DE/Rehoboth-Beach/housing-market
2. Rocket Homes. (n.d.). Rehoboth Beach, Delaware Housing Market Report August 2024. Retrieved from https://www.rockethomes.com/real-estate-trends/de/rehoboth-beach
3. Long & Foster. (n.d.). REHOBOTH BEACH HOUSING MARKET DATA. Retrieved from https://marketminute.longandfoster.com/Market-Minute/DE/Rehoboth-Beach.htm
4. Zillow. (n.d.). Rehoboth Beach, DE Housing Market: 2024 Home Prices & Trends. Retrieved from https://www.zillow.com/home-values/47330/rehoboth-beach-de/.