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.
Housing Market Overview
| Metric | Wilmington | Delaware Avg | US Average |
|---|---|---|---|
| Median Home Price | $219,012 | $249,028 | $242,182 |
| Price Trend (Annual %) | 15.2% | 4.9% | 8.2% |
| Median Gross Rent | $1,186 | $1,341 | $1,342 |
| Rent Trend (Annual %) | 3.6% | 3.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Wilmington is about 12% lower than in Delaware. Rent is about 12% lower 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 Wilmington, up about 15.2% and 3.6% a year respectively. Home prices are changing faster.
Median rent in Wilmington rose about 30.4% between 2015 and 2023, from $909 to $1,186. Over the same span, rent in Delaware rose about 31.8%.
Affordability
On average, housing unit costs 4.0 yearly household incomes in Wilmington.
Buying the median-priced home in Wilmington costs roughly 15.4 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Wilmington. The price-to-rent ratio in Delaware is about 15.5.
| Metric | Wilmington | Delaware Avg | US Average |
|---|---|---|---|
| Median Home Price | $219,012 | $249,028 | $242,182 |
| Median Household Income | $55,024 | $83,492 | $78,145 |
| Price-to-Income Ratio | 4.0 | 3.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Wilmington rose about 137.5%, while median household income rose about 39.0% 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 | Wilmington | Delaware Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 41.2% | 62.5% | 58.2% |
| Rental Rate | 48.4% | 24.0% | 31.3% |
| Vacancy Rate | 10.4% | 13.5% | 10.6% |
| Median Tenure (years) | 12.0 | 15.0 | 15.0 |
| Median Year Moved In | 2014 | 2011 | 2011 |
Wilmington has a homeownership rate of 41.2%, lower than the Delaware average of 62.5%. Its housing vacancy rate is 10.4%, compared with 13.5% in Delaware.
Housing Stock
| Metric | Wilmington | Delaware Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.14 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1952 | 1983 | 1978 |
| Median Number of Rooms | 5.3 | 6.2 | 5.5 |
The typical housing unit in Wilmington was built around 1952. On average, 2.1 people live in a home with about 5.3 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Wilmington, Delaware.
What is the median home price in Wilmington, Delaware?
The median home price in Wilmington, Delaware is $219,012, lower than the Delaware average of $249,028.
What is the average home price in Wilmington, 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 Wilmington, Delaware?
The median gross rent in Wilmington, Delaware is $1,186 per month, lower than the Delaware average of $1,341.
What was the median gross rent in Wilmington in 2020?
In 2020, the median gross rent in Wilmington, Delaware was $1,030 per month.
What is the price-to-rent ratio in Wilmington, Delaware?
The price-to-rent ratio in Wilmington, Delaware is about 15.4, meaning it would take roughly 15.4 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Wilmington.
Are home prices or rent rising faster in Wilmington, Delaware?
Both home prices and rent are rising in Wilmington, up about 15.2% and 3.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Wilmington, Delaware?
41.2% of households in Wilmington, Delaware own their home, lower than the Delaware average of 62.5%.
What is the vacancy rate in Wilmington, Delaware?
The housing vacancy rate in Wilmington, Delaware is 10.4%, lower than the Delaware average of 13.5%.