Among the first things you may analyze as you begin your home shopping journey are price and value. Once you determine your budget, the key question is: where can you find the best value based on your criteria? The factors that affect a home’s value can be complex and should be carefully examined and understood.
Home Prices in Delaware as Compared to Other States
Often when searching for a home and evaluating prices, it’s helpful to create context by comparing prices for all states in which you may be considering purchasing. This gives you a reality gauge to understand each local market. Business Insider reports that, as of April 2019, the median home list price across the entire USA is $226,800. (The median is the price that falls in the middle of all list of prices.)
Neighboring states that you may be considering have the following median home list prices (refer to this article in Business Insider for starter home price rankings):
- New Jersey (among the top ten most expensive states in the US): $327,700
- Maryland: $290,000
- Pennsylvania: $173,200
At the time of this report, Delaware was around the middle of states across the country, at $237,300. Pricing in each state can also vary greatly based on the area within the state in which you are looking. We’ll explore that further below.
Delaware Prices by Area
If you are searching for a home in Delaware, be aware that prices fluctuate by area even though we're a small state! For example, homes in nice suburbs and towns that also offer easy access to Philadelphia and Wilmington will be more expensive. The same goes for homes in coastal towns in Southern Delaware. Based on Delaware home price data by Zillow, homes in Hockessin are generally the most expensive on average while homes in downtown Wilmington and Dover will be more affordable.
Blenheim Homes builds in New Castle County, Delaware. If you're interested in evaluating home prices between northern and southern New Castle County, we recommend viewing Zillow's median home cost data. Here's the snapshot:
- The median home value in New Castle County is $231,900.
- The market is currently set as "Very Hot" meaning you should carefully watch homes you're interested in!
- Northern New Castle County has more neighborhoods and towns with higher home prices.
- Southern New Castle County has more homes with average home prices (not too high, not too low).
- Hockessin, Delaware has the highest median home value in New Castle County at $415,100.
- Wilmington, Delaware has the lowest median home value in New Castle County at $135,500 (be aware that the lower median home values are in the downtown areas; there are suburbs of the city that are still considered Wilmington where home prices are significantly higher).
Which neighborhood you choose can greatly affect home pricing, even if the neighborhoods are very close together. For more information and to analyze this data in more depth, we highly recommend checking out this page on New Castle County home prices and values by Zillow!
Time of Year Effect on Pricing
Seasonality is a big factor to consider when buying a home in Delaware! The best time to purchase depends on your priorities in your home search. For example, home prices tend to be lower from late fall into early winter according to this article on the best time to buy a home in Delaware, while selection is most abundant in the spring and early summer. For a balance of good selection and good prices, the end of summer may be a good time for you to shop for a home. If cost is your largest concern, you may want to avoid buying a home in late spring or early summer as home prices tend to be higher during these times.
All this being said, it's best to look casually early on, to start to begin to understand how much on average a home may cost in Delaware in the area you want to buy and the fluctuations prices undergo. On many popular sites like Zillow or on home builder sites like our own, you can sign up for email notifications to be alerted on special deals and discounts or new listings! This can help you keep track of the market and eventually find the perfect home to suit your needs!
Delaware’s Home Market in 2019 and Beyond
Now that we have a snapshot of the regional home market, let’s take a look at Delaware’s 2019 home sales and overall market trajectory. As of August 31st, 2019, the Delaware Zillow Home Index Value (Zillow’s estimate for the home’s value) was $236,400. Home values in Delaware have increased by 1.0% throughout the past year and are expected to increase by another 0.3% by August 31st, 2020.
Since 2012, home values in Delaware have been consistently on the rise and are forecasted to maintain and slightly increase their market value in 2020, indicating a stable time for home buyers to purchase. As of August 31, 2019, Zillow gives the Delaware home market temperature a “Very Hot” rating.
Comparing Home Prices
When comparing home prices, it’s important to consider the key factors that influence value (for your family and for future resale purposes). Some of the most important are:
- Community location
- Access to local conveniences and entertainment
- School district
- Community design and amenities
- Construction quality of the home itself (if you are unfamiliar with construction you may find it can be overwhelming to think about what’s behind the walls of a home, but it’s crucial to understanding a home’s true value, so we recommend finding a trusted source to consult!)
While Blenheim's home prices vary based on community, floor plan, features included and whether they are quick deliveries (already constructed and move-in ready) vs. new build home designs (customized with the options and finishes of your choice), there are extremely high, consistent community and construction standards that distinguish us from other builders. So that no matter what home you are purchasing with us, you can feel confident that you are making one of life's biggest investments wisely.
What makes investing with Blenheim different from other builders is that we are a builder that develops its own communities, versus those that buy lots in existing developments. It allows us the freedom and creativity to design architecture, open spaces, streetscapes and amenities that are worthy of the beautiful home we build for you. To ensure the money you are spending on your home is protected by a high-quality community design and execution, and not potentially affected negatively by the decisions of a third party who controls the community and amenity designs but has no relationship with the people buying homes within it.
Additionally, our thoughtful, detailed and creative approach to design floor plans that fit the unique way homeowners in each of our communities will live results in cutting-edge floor plans and features. We then use premium materials and excellent quality construction practices to turn those innovative plans into high performance, built-for-generations homes.
Our Home Prices in Middletown, DE
As mentioned above, Middletown is one of Delaware’s more desirable areas but is still, on average, more affordable than other cities in Delaware like Hockessin and Bear. Blenheim Homes offers two home communities in Middletown: The Village of Bayberry and The Ponds at Bayberry.
The Village of Bayberry
The Village of Bayberry offers homes starting from $275,900. This community features amenities like miles of tree-lined walking trails, a private lake house on the banks of an 11-acre boating & fishing lake, parks, playgrounds and activity clubs. See our quick delivery homes and new build home designs for price details. Remember that home prices vary depending on feature selection, lot size, location within the community, etc.
The Ponds at Bayberry
The Ponds at Bayberry is a resort-style luxury 55+ community and offers homes starting from $279,900. Community amenities, which are restricted to Ponds 55+ residents, include a 10,000 square foot clubhouse, fitness center, outdoor pool, tennis, bocce, and pickle ball courts, a ballroom, and on-lot maintenance. See our new build home designs for price details.
Our Home Prices in Wilmington, DE
Just two miles outside the desirable town of Hockessin, Westhampton, in Wilmington, DE, is a luxury town and twin home community. Half of the community is preserved as open space to give all home buyers lots backing up to trees for great privacy and serenity. It is situated conveniently between the Pennsylvania countryside and Downtown Wilmington & Philadelphia, meaning rest & relaxation could include anything from an afternoon at a vineyard to a Broadway show and dinner in one of the vibrant nearby cities. Our homes at Westhampton start at $379,900. See our quick delivery homes and new build home designs for price details.
Our sales teams are always happy to help you find your perfect home in any of our three communities when you’re ready to start your Blenheim homeowner journey.