Millsboro appreciation rates and housing market information

Millsboro housing market information

With a population of 2,325, 1,159 total housing units (homes and apartments), and a median house value of $220,700, Millsboro real estate prices are well above average cost compared to national prices.

single-family detached homes are the single most common housing type in Millsboro, accounting for 40.81% of the town's housing units. Other types of housing that are prevalent in Millsboro include large apartment complexes or high rise apartments (20.02%), row houses and other attached homes (18.98%), mobile homes or trailers (12.60%), and a few duplexes, homes converted to apartments, or other small apartment buildings (7.59%).

People in Millsboro primarily live in small (one, two, or no bedroom) single-family detached homes. Millsboro has a mixture of owner-occupied and renter-occupied housing.

There is a lot of housing in Millsboro 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 Millsboro built from 1940-1969 (20.10%). A lesser amount of the housing stock also hails from 1995 and later (13.46%), and some were built from 1939 and earlier (13.46%).

Vacant housing appears to be an issue in Millsboro. Fully 10.87% of the housing stock is classified as vacant. Left unchecked, vacant Millsboro homes and apartments can be a drag on the real estate market, holding Millsboro real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Millsboro home appreciation rates

In the last 10 years, Millsboro has experienced some of the highest home appreciation rates of any community in the nation. Millsboro real estate appreciated 164.75% over the last ten years, which is an average annual home appreciation rate of 16.47%, putting Millsboro in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Millsboro 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, Millsboro appreciation rates have trailed the rest of the nation. In the last twelve months, Millsboro's appreciation rate has been -1.59%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Millsboro were at -0.99%, which equates to an annual appreciation rate of -3.96%.

Relative to Delaware, our data show that Millsboro's latest annual appreciation rate is higher than 24% of the other cities and towns in Delaware.