According to a survey of Delaware real estate market values, the state’s current median home value is $244,700. The median value in the US is $204,900. The average Delaware house appreciation rate over the previous ten years was 0.02 per year. The yearly pace of home appreciation across the country was 0.13. In comparison to the median gross rent at the national level of $1,023, the rental market in Delaware has a gross median rent of $1,110.
Although the epidemic has significantly increased demand for housing, it is only partly to blame for the shortage of available homes. Twenty years before anyone had ever heard of COVID-19, that issue—which is truly a problem of underproduction—began.
The National Association of Realtors (NAR) estimates that between 2001 and 2020, the United States built 276,000 fewer homes annually on average than it did 30 years earlier. There would be 5.5 million more homes on the market now if construction rates had not slowed down during the past 20 years. According to the NAR, to close the deficit, the United States would need to build more than 2 million new units annually over the following ten years.
Even under ideal conditions, it would be challenging to maintain this speed. It seems like a Sisyphean endeavor given the current situation when supply chain interruptions are affecting 88% of construction projects and nearly 90% of construction firms are unable to locate enough trained artisans to satisfy demand.
Factors to consider when investing in Delaware real estate market:
- Rate of property appreciation
- Rising Population
- Real estate taxes
- the ratio of rent to price
- Standard Gross Rent
- population age on average
- Variety in Employment or Industry
- Rate of Unemployment
- Income Ranges
- number of newly created jobs
- Education Ratings
- Natural crises
Migration and relocation trends in Delaware:
Delaware is more complex than first appears. The little mid-Atlantic state has three state forests, pleasant hills, and a beachy coast that draws tourists from all over the country. More than 10 million people visit Delaware’s beaches each year, making tourism one of the greatest industries in the state.
Delaware is a well-liked retirement location with several communities that offer a small-town charm, outside of the tourist industry. Delaware offers well-regarded public schools and a reasonably low cost of living for families, depending on where you live.
These housing forecasts and statistics for Delaware real estate market might assist you in making an informed choice if you’re considering buying or selling a home there.
Discover the number of people looking to relocate into and out of Delaware, as well as the most popular locations for relocation.
Delaware home prices have increased exponentially. Between June and August of this year, 36% of Delaware homebuyers planned to leave the state, while 64% looked to remain in the urban region.
What types of buyers are looking to relocate to Delaware?
- 0.62% of house purchasers nationwide looked to relocate to Delaware from outside urban areas.
- More than any other metro, Detroit homebuyers looked to relocate to Delaware, followed by Cleveland and Cincinnati.
Where are potential movers from Delaware looking to settle?
- The Delaware metropolitan region was the top choice for 64% of house buyers in the state.
- Delaware purchasers most frequently choose Chicago as their destination, followed by Cincinnati and Cleveland.
How is Delaware’s real estate market doing?
- Average home value: $359,770, up 0.53% from the previous month.
- Average selling price: $361,200
- 53 days on the market
- 2,002 homes are now for sale
- representing 0.8 months of housing supply
- The rate for a 30-year mortgage: 5.4900%
- Income on average: 69110
Average home prices in Delaware:
For the greater part of a decade, the real estate sales in Delaware has experienced almost exponential price growth similar to the rest of the nation. Prices consistently increased for nine years due to rising economic growth and housing industry confidence. The median home value in Delaware real estate market has climbed by up to 47.9% throughout that time.
However, what has happened since the first quarter of 2020 is what matters. The typical home value in the state has risen by about 20.9% since the arrival of the coronavirus.
The fact that prices are anticipated to keep rising shortly in Delaware real estate market is more crucial. Prices will continue to rise, albeit more slowly, as long as supply stays as low as it is and demand as strong. Thankfully, home builders are back at work and have begun to fix the problem, but relief is still a long way off. Homes are being constructed, but the majority won’t be finished until years. Values should continue to increase until then.
Average rent rates in Delaware:
The most recent information provided by Apartment List indicates that Delaware’s median rent has grown 17.1% over the past year to around $1,634. Even though it is a little higher, the most recent rent rise is almost in pace with home values. For a better understanding of what tenants should anticipate paying in the Delaware housing market, consider the following:
- $1,250 for the studio
- Single-Bedroom: $1,304
- two bedrooms: $1,611
- $1,917 for a 3-bedroom
- 4, bedrooms: $2,149
There is much more to Delaware than just being a great state. As mentioned before this mid-Atlantic American state has hills, green forests, and lovely beaches and it is one of the main tourist destinations in the USA. Delaware beaches are a great attraction for tourists and annually more than ten million tourists visit these beaches. For this reason alone, tourism is one of the biggest industries in the state.
Apart from tourism, Delaware is also known as a retirement destination for senior citizens. The state offers a horde of communities and its small-town appeal that attracts many people to settle there post-retirement. The state has many top-rated public schools and people can afford a comfortable living there. If you are looking to buy, rent or sell a house in Delaware, our important statistics about Delaware real estate market will have you to make a wise decision.
If we go through the past 10 years, the Delaware real estate market has been through a roller coaster ride as compared to the rest of the country. But the state has beautifully managed to bounce back. Currently, the real estate market is on the rise, the economic indicators are showing great signs of improvement and there is a great sentiment in the market too.
The housing market predictions 2022 Delaware are positive and encouraging.