Wilmington, DE Real Estate Market
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 Q2 2024. Updated quarterly.
- Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
Wilmington, DE Housing Market Trends
With 71,569 people, 31,650 houses or apartments, and a median cost of homes of $272,522, 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 54.82% of the city's housing units. Other types of housing that are prevalent in Wilmington include large apartment complexes or high rise apartments ( 25.01%), duplexes, homes converted to apartments or other small apartment buildings ( 10.62%), and a few single-family detached homes ( 9.38%). 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 43.45% owning and 56.55% renting.
The housing in Wilmington was primarily built before 1939 ( 44.47%), 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 ( 31.52%), followed by between 1970-1999 ( 13.99%). There's also some housing in Wilmington built between 2000 and later ( 10.02%).
Vacant housing appears to be an issue in Wilmington. Fully 11.26% 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
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 5.25%, which is lower than 70% of US communities.
Appreciation rates are so strong in Wilmington that despite a nationwide downturn in the housing market, Wilmington real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Wilmington appreciation rates continue to be some of the highest in America, at 9.22%, which is higher than appreciation rates in 82.33% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Wilmington. Wilmington appreciation rates in the latest quarter were at 1.44%, which equates to an annual appreciation rate of 5.90%.
Relative to Delaware, our data show that Wilmington's latest annual appreciation rate is higher 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 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.
Median Home Value
$272,522
Very Low
for Delaware
Average
for nation
Number of Homes And Apartments:
31,650
DE
America
2024 Q1 - 2024 Q2
2023 Q2 - 2024 Q2
2022 Q2 - 2024 Q2
2019 Q2 - 2024 Q2
2014 Q2 - 2024 Q2
2000 Q1 - 2024 Q2
Average Market Rent:
$2,113 / per month