LUXURY MARKET REPORT
Seven Year Summary
Single Family Properties Over $1MM
Rehoboth Beach consistently ranks highest in single family luxury home sales throughout the coastal Delaware region. The luxury market appears to be very healthy with all stats showing positive, steady improvements, specifically:
1) Rehoboth Beach accounted for 50% of the luxury homes sold in 2017 throughout coastal Delaware — with a total of 76 homes sold above the $1MM threshold. Also showing a large presence in the 2017 luxury market, Bethany Beach accounted for 25% of the total sold in the luxury sector.
2) Luxury homes sold 66 days sooner (29% faster) in 2017 compared to all of 2016.
3) The Average Sold Price increased by $94K (5.8%) in 2017 versus 2016.
4) 2017 saw a 21% increase over 2016 in the number of $1MM+ homes sold (152 -vs- 126).
5) Currently, there is under than one year’s inventory of homes in today's luxury market.
* SOURCE: Matrix™ MLS System for residential properties. Data maintained in this system: may not reflect all real estate market activities; is deemed reliable but not guaranteed; and is subject to change without notice.