You have Ocean City, Fenwick Isl, Rehobeth... all very popular areas. There are soft patches, where rentals are not being occupied, for a couple years now at least.
The first hand one I know of, is a nice time share 2 br 2 bth frplc, ocean view . The person hasn't been able to rent one of her 3 weeks out in prime season, for two years now. The agents have been saying for 2 yrs, the mkt is weak . So she's given it to friends to use.
I'm not suggesting that the area is 'done' appreciating. I couldn't know. Can't even say with surety what my own home values will do.
But the more I hear about speculators being a significant part of the market, and rentals sitting vacant, the more cautious I'd be.
Water will always be the hottest areas. But if /when the time comes where too many people get nervous and want out for any number of reasons (not the least of which will be when one spouse says to another, I'm sick of seeing all that money go out, we'll never see that again)... values will do what they do. They don't call it speculating for nothin';-)
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