Many people are curious about what the Delaware housing market is like and about what it’s like to live in this state. In order to understand that, though, you have to first understand Delaware itself.
Delaware is close to Maryland, Pennsylvania, and New Jersey, making it a great place to live if you are someone who likes to travel and wants to be within easy access of other states.
It also has a rich historical and cultural heritage. Delaware was once home to Native Americans, the stomping-ground of colonial Dutch settlers, and has many sites that were of historical importance still standing today.
If you are someone who enjoys history and also values having a beautiful state to call home, you can find everything you are looking for in Delaware.
Compare and Contrast this Information to the 2015 Delaware Real Estate Market Here
Now that you understand Delaware a bit better, you can understand the Delaware housing market better too.
Right now, the median home value in Delaware is around $241,355, with home values rising steadily. In fact, last year alone, there was a 9.0% rise. The median price for listed homes is even more than the median home value in general. Right now, the median price of listed homes is $264,000.
Those who are interested in buying a home in Delaware would likely do well to buy one quickly, before prices rise even higher. Living anywhere is getting more and more expensive with each passing year, and this certainly includes the state of Delaware.
Influencing Factors for the 2018 Delaware Real Estate Market
Currently, many factors are having an influence on the state of the Delaware housing market. These include the following facts:
- Rents in the state are high, at around $1,300 per month on average, encouraging more people to consider home ownership
- Delaware has a higher than average foreclosure rate, with about 5 out of every 10,000 homes being foreclosed on
- Delaware also has a higher than average delinquent mortgage rate at 2.7%
The above information is not designed to scare you out of getting involved in the Delaware housing market. Instead, it is simply provided to help you see the “big picture” of home ownership in Delaware. By knowing this information, you can make smarter choices for yourself and your family and avoid getting in “over your head” in terms of home ownership.
Best Places to Live in Delaware
Now that you understand more about the Delaware housing market, it’s time to decide whether or not Delaware is a place you’d like to live and, if so, where.
Fortunately, if you’re leaning toward living in Delaware, you’ll be glad to know that there are many excellent places you can call home.
One such place is Newark. It is a “college town” of sorts, thanks to the fact that it houses the University of Delaware. And, as is the case with most college towns, you’ll find plenty of great things to do and enjoy here. Entertainment aside, Newark is known for its excellent schools, its low crime rates, and the fact that it is a relatively wealthy place to live. So, if you want a nice, upscale living experience with lots of room for enjoyment and education alike, Newark is the place to be.
New Castle is another nice option to consider. This area is considered very historic and is home to many parks, museums, and other educational experiences. It’s not really the place to go if you’re looking for nightlife, but it is close to Wilmington, which is full of fun and nightlife. So, if you don’t mind living somewhere quiet but being close to excitement when you want it, you’re sure to love New Castle.
Dover is yet another place that comes highly recommended. Not only is it the capital of Delaware, but it really lives up to its reputation. In Dover, you’ll enjoy a great historical district, plenty of museums, theater opportunities, and more. Enrichment opportunities truly abound in Dover. Plus, the city boasts a low unemployment rate, making it easy to find work here.
Finally, don’t forget popular, bustling Wilmington, a part of Delaware that people really love. Wilmington is large and in charge with over 72,000 residents. If you like big city life, then you’ll love it here. Don’t think it’s all hustle and bustle in Wilmington though. No, you can also find quiet areas next to the sea and plenty of trails for walking or biking. The weather tends to be quite nice too.
As you can see, there are plenty of places to live (and love) in Delaware. Now, it’s up to you to find the right living locale for your needs.