Since Joe Biden assumed the presidency in January 2021, real estate in Delaware has seen a considerable increase in value. Biden's properties in Greenville and Rehoboth Beach, in particular, have appreciated significantly, with their total value nearly doubling.
Why It Matters
The significant appreciation in Biden's real estate portfolio aligns with broader national trends. The U.S. housing market has experienced a surge in home values over the past few years, driven by factors such as high demand and limited inventory. Delaware's real estate market, in particular, has benefited from its appeal as a tax-friendly state and the desirability of locations like Rehoboth Beach.
Since January 2021, home prices in Delaware have increased by approximately 35.1 percent, with the average home price rising from $259,000 to $350,000, according to data from Redfin. That's slightly higher than the 29.2 percent increase the overall U.S. housing market saw during that same period.
Since first purchasing his homes, Joe Biden's real estate holdings have appreciated significantly, reflecting both his personal investments and broader market trends. Biden's beach house in Rehoboth Beach has seen an increase of about 62 percent, while his primary home in Greenville has seen an approximately 398 percent increase since it was purchased.
What To Know
Biden currently owns two homes in Delaware: his primary residence in the Wilmington suburb of Greenville and a vacation home in Rehoboth Beach. According to Zillow estimates, both homes had a combined estimated value of $3.1 million in January 2021 when Biden took office. Today, both homes are estimated to be worth $6,170,100, almost double the value since he took office.
Greenville Residence
Biden's primary home at 1209 Barley Mill Road in Greenville, a suburb of Wilmington, Delaware, has also seen a notable rise in value. Biden and his wife Jill purchased the lot for $350,000 in 1996. According to CNN, they built their home there 23 years into Biden's tenure as a U.S. senator representing Delaware. The home, spanning over 6,850 square feet, features three bedrooms and 4.5 bathrooms and sits on 4.17 acres.
The home was worth $1.1 million in January 2021, and its current estimated worth is $1,742,700, according to data from Zillow. This reflects a modest increase of around $642,700.
Rehoboth Beach House
Biden's beach house, located at 32 Far View Road in Rehoboth Beach, was purchased in 2017 for $2.7 million. According to CNN, the purchase came after he and his wife Jill signed a three-book deal after his vice presidency. The 4,786-square-foot residence boasts six bedrooms and five bathrooms and sits on 0.34 acres.
In January 2021, the home was only worth $2 million. However, Zillow now estimates its value at approximately $4,427,400. This marks an increase of around $2,427,400—more than double the value when he took office.
What People Are Saying
Joe Biden, 46th President of the United States, wrote in a letter: "Delaware is home. And now for the final time, Jill and I, nurtured and chiseled by the State, have come home to stay – with gratitude and love for the opportunities you have given us to listen, to learn, and to lead."
What's Next
When Joe Biden leaves office on January 20, 2025, he is expected to return to Delaware. He and his wife, Jill Biden, will likely split their time between their primary residence in Greenville and their vacation home in Rehoboth Beach.
The dramatic rise in the value of President Biden's properties underscores the broader dynamics of the U.S. real estate market over the past few years.
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