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.

How the Delaware housing market stacks up

Couple sitting near a harbor
Maridav / Shutterstock
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.

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.

About the Author

Doug Whiteman

Doug Whiteman

Editor-in-Chief

Doug Whiteman is the editor-in-chief of MoneyWise. He has been quoted by The Wall Street Journal, USA Today and CNBC.com and has been interviewed on Fox Business, CBS Radio and the syndicated TV show "First Business."