Lewes, DE Housing Market Trends
With 3,604 people, 1,673 houses or apartments, and a median cost of homes of $776,635, 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 69.58% of the city's housing units. Other types of housing that are prevalent in Lewes include large apartment complexes or high rise apartments ( 16.24%), row houses and other attached homes ( 7.52%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.82%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Lewes. Owner-occupied housing accounts for 82.41% of Lewes's homes, and 77.75% have either three or four bedrooms, which is average sized relative to America.
Lewes homes and real estate are some of the newest in America. 41.54% of Lewes's housing was built since 2000, making the city have a very new look and feel. If you like the amenities of newer homes and subdivisions, then you will probably like what the Lewes real estate market has to offer. Quite a bit of the housing here was also built between 1970-1999 ( 32.71%), and before 1939 ( 17.35%). There's also some housing in Lewes built between 1940-1969 ( 8.40%).
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
Real estate appreciation rates in Lewes's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.01% during the period.
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 5.08%, 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 3.17%, which equates to an annual appreciation rate of 13.30%.
Importantly, this makes Lewes one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to Delaware, our data show that Lewes's latest annual appreciation rate is lower than 70% of the other cities and towns in Delaware.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Lewes differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Lewes - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Lewes real estate investment or home purchase decisions.
Median Home Value
$776,635
Very High
for Delaware
Very High
for nation
Number of Homes And Apartments:
1,673
DE
America
2024 Q3 - 2024 Q4
2023 Q4 - 2024 Q4
2022 Q4 - 2024 Q4
2019 Q4 - 2024 Q4
2014 Q4 - 2024 Q4
2000 Q1 - 2024 Q4
Average Market Rent:
$2,610 / per month