Current home values in Delaware

Home values have been rising throughout Delaware and are up 7.8% from a year ago.

Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $438,286, Realtor says.

Real estate agents say would-be homebuyers in some parts of the country are starting to overcome the obstacles caused by COVID-19 and are going virtual house hunting to take advantage of today's bargain mortgage rates and the low monthly house payments they provide.

Here's how that works in Delaware: Let's say you want to buy a mid-priced home using a 30-year fixed-rate mortgage at the current average interest, which is a low 3.33%, according to mortgage company Freddie Mac.

A 30-year mortgage for a $438,286 home at 3.33% would give a typical Delaware homebuyer a monthly payment of $1,541, assuming a 20% down payment.

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How the Delaware housing market stacks up

Couple sitting near a harbor
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Deleware couples can be close to the water by watching boats in the harbor

The state's median home value is higher than the U.S. median of $248,948, which is up 5.1% from a year ago.

While the coronavirus is expected to continue hanging over the U.S. economy like a dark cloud, Zillow forecasts that U.S. home values will rise 5.1% over the next year, while in Delaware, they're predicted to rise 3.5%.

Homes right now are going on the market in Delaware at a median price of $156 per square foot, versus $134 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
2020* $257,630
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

*2020 price average through March 31, 2020.

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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
2020* $388,954
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

*2020 price average through March 31, 2020.

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