Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | New Castle County | Delaware Avg | US Average |
|---|---|---|---|
| Median Home Price | $230,493 | $249,028 | $242,182 |
| Price Trend (Annual %) | 7.9% | 4.9% | 8.2% |
| Median Gross Rent | $1,379 | $1,341 | $1,342 |
| Rent Trend (Annual %) | 3.8% | 3.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in New Castle County is about 7% lower than in Delaware. Rent is about 3% higher than the Delaware average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in New Castle County, up about 7.9% and 3.8% a year respectively. Home prices are changing faster.
Median rent in New Castle County rose about 32.9% between 2015 and 2023, from $1,038 to $1,379. Over the same span, rent in Delaware rose about 31.8%.
Affordability
On average, housing unit costs 2.6 yearly household incomes in New Castle County.
Buying the median-priced home in New Castle County costs roughly 13.9 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in New Castle County. The price-to-rent ratio in Delaware is about 15.5.
| Metric | New Castle County | Delaware Avg | US Average |
|---|---|---|---|
| Median Home Price | $230,493 | $249,028 | $242,182 |
| Median Household Income | $89,930 | $83,492 | $78,145 |
| Price-to-Income Ratio | 2.6 | 3.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in New Castle County rose about 46.3%, while median household income rose about 41.6% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | New Castle County | Delaware Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 65.0% | 62.5% | 58.2% |
| Rental Rate | 29.9% | 24.0% | 31.3% |
| Vacancy Rate | 5.2% | 13.5% | 10.6% |
| Median Tenure (years) | 16.0 | 15.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 | 2011 |
New Castle County has a homeownership rate of 65.0%, higher than the Delaware average of 62.5%. Its housing vacancy rate is 5.2%, compared with 13.5% in Delaware.
Housing Stock
| Metric | New Castle County | Delaware Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.50 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1974 | 1983 | 1978 |
| Median Number of Rooms | 6.2 | 6.2 | 5.5 |
The typical housing unit in New Castle County was built around 1974. On average, 2.5 people live in a home with about 6.2 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in New Castle County, Delaware.
What is the median home price in New Castle County, Delaware?
The median home price in New Castle County, Delaware is $230,493, lower than the Delaware average of $249,028.
What is the average home price in New Castle County, Delaware?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in New Castle County, Delaware?
The median gross rent in New Castle County, Delaware is $1,379 per month, higher than the Delaware average of $1,341.
What was the median gross rent in New Castle County in 2020?
In 2020, the median gross rent in New Castle County, Delaware was $1,181 per month.
What is the price-to-rent ratio in New Castle County, Delaware?
The price-to-rent ratio in New Castle County, Delaware is about 13.9, meaning it would take roughly 13.9 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in New Castle County.
Are home prices or rent rising faster in New Castle County, Delaware?
Both home prices and rent are rising in New Castle County, up about 7.9% and 3.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in New Castle County, Delaware?
65.0% of households in New Castle County, Delaware own their home, higher than the Delaware average of 62.5%.
What is the vacancy rate in New Castle County, Delaware?
The housing vacancy rate in New Castle County, Delaware is 5.2%, lower than the Delaware average of 13.5%.