Lewes House prices (real estate, new construction, live)

[WilliamofYoungsville]

Why are the prices of previously lived in homes around Lewes dropping? My friend has a place nearby that they purchased for around $450,000 and now a similar home across the street just dropped down to $369,000.

[nuts2uiam]

Could be several reasons, originally over priced, length of time on the market, saturated market, personal circumstances dictate quick saleor maybe jitters in the country and its' economy.

[ictulips]

I think that is an impossible question to answer with the amount of information you have provided. I suggest you reach out to a local realtor who should be able to answer your question for you. He/she will be able to provide a market evaluation, including current comparables. There are many variables that impact a home's asking price. Location, condition, comparables, demand. etc...

[genevieveRay]

I agree with with above poster you did not give enough information.

When was the first home purchased? If it was at the peak of the market then of course they would have paid more back then.

Home prices in Lewes are going up from every source I have seen. Can anyone
(expert) confirm this?

[WilliamofYoungsville]

While I was in Lewes I also noticed a Ryan Homes townhouse community that said prices had dropped by $20,000. Can't remember the name of the community, though. It was just off the main road and had a pool near the entrance if that helps.

[Don163]

You need to clarify if you're talking about homes within the town of Lewes, which is small and home prices are high and stable, or homes within the Lewes zip code which is large and vary a great deal.

[EnjoyEveryDay]

Hi William. We spent the past year searching the Lewes area, and recently purchased a previously owned home in the Lewes zip code (vs. in the city proper). We found that home prices overall to be fairly stable, but there are two factors.

The first consideration is that a lot of homes that are now coming on the market for the first time were built during the boom years of 2002-2007 when housing developments and prices were skyrocketing. Many of those homes are no longer worth what they were when they were built, so if you are looking at a home from that "era" many/most of them are selling for less than they owner paid.

The second is that there is a LOT of new construction occurring around Lewes, so that naturally puts something of a cap on existing homes as many folks won't pay more for a previously owned home vs. a new one (although having gone both routes a number of times, not sure that argument always makes sense).

My personal experience is that housing prices have stabilized and started increasing again in Lewes, but a good real estate agent can give you a much broader and more expert opinion.

Hope that helps, and best of luck finding a place that you love.

[Rick672]

I might be able to provide some insight on why prices may have dropped on already built homes around Lewes. We are currently researching real estate in the area. All of the new developments have very appealing designs in their homes. Great rooms attached to large kitchens. Master bedroom suites on the first floor. The layouts are more appealing than the conventional homes built ten to twenty years ago. When I page through realtor.com of the pictures of older homes, they just don't appeal to me as much as the new developments can offer.
The lower demand for the older homes results in lower or stable prices. This may be one of the reasons for lower prices.