Last year, the median sold price for homes in Sussex County increased an average of 5% over 2022 figures – better than how house values performed in New Castle and Kent.
That modest gain should comfort both readers who own a home at the beach — as well as those looking to buy.
Over the past five years, a number of factors have contributed to the resurgence of the beach’s popularity. Work-at-home, retirement, and low property taxes all have contributed to a considerable influx of new residents from the north.
If you are looking to buy, the good news is inventory is high right now in Sussex (nearly double of what’s available in New Castle County), and the recent wave of popularity and the contributing factors aren’t going away anytime soon.
For those reasons, we spoke to our resident experts at the beach and received valuable advice for those considering house-hunting at the beach.
Get Connected
“In the last several years, online presence has become the number one booking tool for short term rentals.
Whether customers are viewing the properties through pictures, virtual tours, etc., it’s always best to consult with an agent to help locate the perfect vacation home. Our agents are familiar with the properties and able to assist in any specific questions guests may have.”
— Kristina Lingo, Jack Lingo Realtor, kristina@jacklingo.com
Be Protected
“Coastal Delaware used to be a hot spot for beach vacations and second homes. It is now becoming a hot spot for retirees, investors, and people of all ages.
While it is generally accepted that real estate is a wise investment, this is doubly so when considering real estate at the beach.’
Here are some tips for beach real estate from a legal perspective:
- Have an elevation certificate performed: Many properties in Delaware are in a flood zone. When searching for flood insurance, an elevation certificate will show any mitigating factors and will thus help ensure the best premium possible for your flood insurance policy.
- Obtain title insurance: Investment and second-home areas are often the target of title theft. When you purchase a homeowner’s title insurance policy, you will receive coverage in the event your deed is stolen.”
— Meaghan Hudson, Esq., Ward & Taylor, LLC, mhudson@wardtaylor.com
Location, Location, Location
“It’s been said time and time again that when it comes to real estate, location is everything.
That adage may be even more pertinent to Sussex County. Whether it’s proximity to the beaches, water-access communities, or maintenance-free communities, every buyer has different needs and priorities.
Which is why when choosing someone to help you with one of the most important financial transactions of your life, you should make sure it’s someone who knows the area, has been following the ever-changing real estate landscape, and understands the difference between perceived value and true value.
Monument Sotheby’s Coastal Division has been serving the beach community for more than 33 years and has the history and expertise to help our clients make the decision that best fits their lifestyle and price point.
My suggestion to anyone who is buying in this area is to make sure you are being represented by someone who is part of the community — and truly understands your preferences and your financial situation. You want a local agent who acts as your partner and will help navigate you through the home buying process.”
— Amy Pietlock Plummer, Monument Sotheby’s Coastal Division, apietlock@gmail.com
Start A New Chapter
“Many baby boomers and Gen X adults have sent their kids to college and now find themselves looking to downsize the empty nest — out of convenience or to begin a new chapter of their lives.
The beach offers an ideal opportunity to accomplish both these tasks … and more. In selling their family homes, they’ll be able to find something cozy that’s close to the beach and, most likely, be able to bank money they can put towards enjoying retirement.
On that note, not only does the southern coast boast some of the finest restaurants in the state, it continues to expand its entertainment offerings and other amenities. It’s also a wonderful place to hike, bike, spend time at the beach and, of course, shop.
And the best part about it is many empty-nesters find there is a large community here — people of the same age and situation — who made the move already and are living life to the fullest.”
— Ben Steward, Coldwell Banker, bsteward@cbanker.com
