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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With 71,442 people, 28,881 houses or apartments, and a median cost of homes of $160,837, 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 53.26% of the city's housing units. Other types of housing that are prevalent in Wilmington include large apartment complexes or high rise apartments ( 23.13%), duplexes, homes converted to apartments or other small apartment buildings ( 11.83%), and a few single-family detached homes ( 11.46%). Cities with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact cities that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.
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 44.25% owning and 55.75% renting.
The housing in Wilmington was primarily built before 1939 ( 42.57%), 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 ( 29.87%), followed by between 1970-1999 ( 19.62%). There's also some housing in Wilmington built between 2000 and later ( 7.94%).
Vacant housing appears to be an issue in Wilmington. Fully 16.39% 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's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Wilmington during the period has been just -1.52%, which is lower than 80% of US communities.
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 3.81%, 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 1.28%, which equates to an annual appreciation rate of 5.24%.
Relative to Delaware, our data show that Wilmington's latest annual appreciation rate is higher 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.
|$814,001 - $1,085,000||0.6|
|$543,001 - $814,000||2.1|
|$434,001 - $543,000||2.2|
|$325,001 - $434,000||5.8|
|$217,001 - $325,000||17.9|
|$109,001 - $217,000||45.1|
|$54,001 - $109,000||19.4|
|$0 - $54,000||6.1|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2017 Q2 - 2017 Q3
Last 12 Months:
2016 Q3 - 2017 Q3
Last 2 Years:
2015 Q3 - 2017 Q3
Last 5 Years:
2012 Q3 - 2017 Q3
Last 10 Years:
2007 Q3 - 2017 Q3
2000 Q1 - 2017 Q3
|* 10 is highest|
|AGE OF Wilmington HOMES|
|2000 or Newer||7.9|
|1970 - 1999||19.6|
|1940 - 1969||29.9|
|1939 or Older||42.6|
|TYPE OF Wilmington HOMES|
|Small Apt. Buildings||11.8|
|SIZE OF Wilmington HOMES|
|5 or more bedrooms||2.72|