While Mortgage Rates Fall, Home Values Warm Up in Delaware

While Mortgage Rates Fall, Home Values Warm Up in Delaware
While Mortgage Rates Fall, Home Values Warm Up in Delaware

Thanks to low mortgage rates, it's an excellent time to buy or sell a home across the U.S. But what about in Delaware?

Is the state's housing market too pricey for buyers? Not-so-great if you've got a home you want to sell? Or just right — for everybody?

Home values provide some answers. They indicate that the market in Delaware is heating up, according to Zillow, though you might find vast differences from one city or one corner of the state to the next.

Current home values in Delaware

Home values have been rising throughout Delaware and are up 1.03% from a year ago.

Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $236,400 , Zillow says.

Could you afford that? Let's say you want to buy that mid-priced home using a 30-year fixed-rate mortgage at this week's average interest rate, which is a low 3.69%, says mortgage company Freddie Mac.

With the 30-year mortgage rate at 3.69% and the median home price for Delaware at $236,400 , a representative monthly mortgage payment would be $1,086.77.

How the Delaware housing market stacks up

Bethany Beach Delaware
Al Jurina / Shutterstock
Bethany Beach, Delaware is a popular relaxation destination for the local population

Property values in Delaware are high by historical standards and are higher than what the typical house is worth nationwide.

The median home value throughout the U.S. is $229,600, which is up 4.88% from a year ago.

Zillow predicts U.S. home values will rise 2.2% over the next year, while in Delaware, they're expected to fall 0.00%.

Homes are going on the market in Delaware at a median price of $137 per square foot, versus $155 per square foot nationwide.

Are you looking to buy? Take a look at today's best mortgage rates where you live.

Delaware home prices over the last 10 years

Year

Avg. Price

2019*

$239,050

2018

$236,675

2017

$225,342

2016

$215,583

2015

$204,183

2014

$198,000

2013

$189,925

2012

$188,517

2011

$220,242

2010

$222,408

2009

$221,617

*2019 price average through August 2019.

How much for an average-sized home?

Here's what a 2,500-square-foot home in Delaware is worth now, and how that's changed over the last decade, based on the Zillow Home Value Index.

Year

Avg. Price

2019*

$342,500

2018

$335,000

2017

$322,500

2016

$312,500

2015

$290,000

2014

$285,000

2013

$270,000

2012

$267,500

2011

$285,000

2010

$312,500

2009

$317,500

*2019 price average through August 2019.

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