Lewes appreciation rates and housing market information

Lewes housing market information

With 2,902 people, 2,363 houses or apartments, and a median cost of homes of $603,397, Lewes house prices are not only among the most expensive in Delaware, Lewes real estate also is some of the most expensive in all of America.

single-family detached homes are the single most common housing type in Lewes, accounting for 68.64% of the city's housing units. Other types of housing that are prevalent in Lewes include large apartment complexes or high rise apartments (13.29%), row houses and other attached homes (11.55%), duplexes, homes converted to apartments, or other small apartment buildings (5.63%), and a few mobile homes or trailers (0.89%).

Owner-occupied, three and four bedroom single-family detached homes are the most prevalent type of housing you will see in Lewes. Owner-occupied housing accounts for 43.55% of Lewes's homes, and 60.64% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Lewes built from 1970-1994, so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Lewes built from 1939 and earlier (25.47%). A lesser amount of the housing stock also hails from 1940-1969 (21.33%), and some were built from 1995 and later (21.33%).

A decent proportion of the Lewes housing stock is seasonally occupied. That is, homes and condos in Lewes are occupied by people for a portion of the year - mainly for vacation purposes - and then locked up and left unoccupied for the remainder of the year as owners return to their primary residences. This characteristic of the Lewes housing market speaks to its popularity as a vacation location of choice.

Lewes home appreciation rates

In the last 10 years, Lewes has experienced some of the highest home appreciation rates of any community in the nation. Lewes real estate appreciated 167.87% over the last ten years, which is an average annual home appreciation rate of 16.78%, putting Lewes in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Lewes definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Over the last year, Lewes appreciation rates have trailed the rest of the nation. In the last twelve months, Lewes's appreciation rate has been -3.21%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Lewes were at 1.22%, which equates to an annual appreciation rate of 4.88%.

Relative to Delaware, our data show that Lewes's latest annual appreciation rate is higher than 49% of the other cities and towns in Delaware.