Wilmington, DE
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Wilmington, DE Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q3 2018. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2016 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Wilmington Housing Market Information

With a population of 71,442, 28,306 total housing units (homes and apartments), and a median house value of $157,150, Wilmington real estate values are some of the lowest in Delaware, although compared to real estate around the nation, Wilmington homes are still considered rather expensive.

Row houses and other attached homes are the single most common housing type in Wilmington, accounting for 52.46% of the city's housing units. Other types of housing that are prevalent in Wilmington include large apartment complexes or high rise apartments ( 22.95%), duplexes, homes converted to apartments or other small apartment buildings ( 12.46%), and a few single-family detached homes ( 11.78%). This particular housing mix is relatively uncommon and characteristic of cities that are compact and walkable, and which often have a lively downtown.

The most prevalent building size and type in Wilmington are three and four bedroom dwellings, chiefly found in row houses and other attached homes. The city has a mixture of owners and renters, with 43.89% owning and 56.11% renting.

The housing in Wilmington was primarily built before 1939 ( 40.41%), making the housing stock in Wilmington some of the oldest overall in America, although there is a range of ages of homes in Wilmington. The next most important housing age is between 1940-1969 ( 32.28%), followed by between 1970-1999 ( 19.36%). There's also some housing in Wilmington built between 2000 and later ( 7.95%).

Vacant housing appears to be an issue in Wilmington. Fully 16.40% of the housing stock is classified as vacant. Left unchecked, vacant Wilmington homes and apartments can be a drag on the real estate market, holding Wilmington 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.

Wilmington Home Appreciation Rates

Homes have actually lost value in Wilmington over the last then years, as home values have seen a decline of 9.93% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Wilmington home appreciation rates at 1.35%, which equates to an annual appreciation rate of 5.53%.

Over the last year, Wilmington appreciation rates have trailed the rest of the nation. In the last twelve months, Wilmington's appreciation rate has been 3.78%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Wilmington were at 1.35%, which equates to an annual appreciation rate of 5.53%.

Relative to Delaware, our data show that Wilmington's latest annual appreciation rate is lower than 80% 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 Wilmington differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Wilmington - 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 Wilmington real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$157,150

Wilmington, DE HOME PRICES

Value Range
> $1,091,000 0.7
$817,001 - $1,091,000 0.5
$545,001 - $817,000 1.6
$436,001 - $545,000 2.0
$327,001 - $436,000 5.9
$218,001 - $327,000 17.9
$109,001 - $218,000 43.3
$54,001 - $109,000 21.3
$0 - $54,000 6.7

Very Low for DE
Average for Nation

Value Relative to Nation Value Relative to State
52.8875912408759 100.0

Number Of Homes And Apartments:
28,306

Wilmington Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
DE*
Compared To
America*
Latest Quarter:
2018 Q2 - 2018 Q3
Last 12 Months:
2017 Q3 - 2018 Q3
Last 2 Years:
2016 Q3 - 2018 Q3
Last 5 Years:
2013 Q3 - 2018 Q3
Last 10 Years:
2008 Q3 - 2018 Q3
Since 2000:
2000 Q1 - 2018 Q3
45.43% 2.02%
1
4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,333 / per month

Homeownership Rate

Homeownership
Owners 43.89
Renters 56.11
Vacant 16.40

Housing Market Details

 

Age of Homes

AGE OF Wilmington HOMES
2000 or Newer 8.0
1970 - 1999 19.4
1940 - 1969 32.3
1939 or Older 40.4

Types of Homes

TYPE OF Wilmington HOMES
Single-Family 11.8
Townhomes 52.5
Small Apt. Buildings 12.5
Apt. Complexes 22.9
Mobile Homes 0.4
Other 0.0

Home Size

SIZE OF Wilmington HOMES
No Bedroom 3.26
1 Bedroom 19.27
2 Bedrooms 23.93
3 Bedrooms 41.80
4 Bedrooms 8.56
5 or more bedrooms 3.18