Elsmere, DE Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Elsmere, DE Housing Market Trends

With a population of 5,872, 2,351 total housing units (homes and apartments), and a median house value of $194,689, Elsmere real estate values are some of the lowest in Delaware, although compared to real estate around the nation, Elsmere homes are still considered rather expensive.

Single-family detached homes are the single most common housing type in Elsmere, accounting for 41.96% of the town's housing units. Other types of housing that are prevalent in Elsmere include row houses and other attached homes ( 29.51%), large apartment complexes or high rise apartments ( 14.13%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 13.51%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Elsmere. Owner-occupied housing accounts for 67.39% of Elsmere's homes, and 53.54% have either three or four bedrooms, which is average sized relative to America.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Elsmere's housing was primarily built during this period, from the '40s through the '60s. A full 67.68% of the town's housing hails from this era. Other housing ages represented in Elsmere include homes built before 1939 ( 17.35%) and housing constructed between 1970-1999 ( 7.74%). There's also some housing in Elsmere built between 2000 and later ( 7.23%).

Vacant housing appears to be an issue in Elsmere. Fully 14.13% of the housing stock is classified as vacant. Left unchecked, vacant Elsmere homes and apartments can be a drag on the real estate market, holding Elsmere real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Elsmere Home Appreciation Rates

Elsmere's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Elsmere during the period has been just 2.15%, which is lower than 80% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Elsmere's appreciation rate, at 9.66%, has been at or slightly above the national average. In the latest quarter, Elsmere's appreciation rate has been 3.47%, which annualizes to a rate of 14.61%.

Relative to Delaware, our data show that Elsmere's latest annual appreciation rate is higher than 90% of the other cities and towns in Delaware.

Average Home Values

 

Median Home Value:
$194,689

Elsmere, DE HOME PRICES

> $1,208,000
0.0%
0.0%
$906,001 - $1,208,000
0.0%
0.0%
$604,001 - $906,000
0.6%
0.6%
$483,001 - $604,000
2.4%
2.4%
$362,001 - $483,000
2.6%
2.6%
$242,001 - $362,000
25.9%
25.9%
$121,001 - $242,000
62.7%
62.7%
$61,001 - $121,000
5.1%
5.1%
$0 - $61,000
0.7%
0.7%
0.0% 100.0%
% OF HOMES
Value Relative To State

Average for Nation

Very Low for DE

Value Relative To Nation

Number Of Homes And Apartments:
2,351

Elsmere Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
DE*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
80.13% 2.78%
3
5
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,621 / per month

Homeownership Rate

Owners
67.4%
67.4%
Renters
32.6%
32.6%
Vacant
14.1%
14.1%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
7.2%
7.2%
1970 - 1999
7.7%
7.7%
1940 - 1969
67.7%
67.7%
1939 or Older
17.3%
17.3%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
42.0%
42.0%
Townhomes
29.5%
29.5%
Small Apt. Buildings
13.5%
13.5%
Apt. Complexes
14.1%
14.1%
Mobile Homes
0.9%
0.9%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.9%
0.9%
1 Bedroom
7.5%
7.5%
2 Bedrooms
34.7%
34.7%
3 Bedrooms
45.0%
45.0%
4 Bedrooms
8.5%
8.5%
5 or more bedrooms
3.3%
3.3%
0.0% 100.0%
% OF HOMES