Lewes, 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

Lewes, DE Housing Market Trends

With 3,322 people, 1,565 houses or apartments, and a median cost of homes of $586,128, Lewes house prices are not only among the most expensive in Delaware, Lewes real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Lewes, accounting for 72.62% of the city's housing units. Other types of housing that are prevalent in Lewes include row houses and other attached homes ( 12.37%), duplexes, homes converted to apartments or other small apartment buildings ( 5.95%), and a few large apartment complexes or high rise apartments ( 5.78%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Lewes. Owner-occupied housing accounts for 76.59% of Lewes's homes, and 73.94% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Lewes built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Lewes built between 2000 and later ( 29.77%). A lesser amount of the housing stock also hails from between 1940-1969 ( 15.08%). There's also some housing in Lewes built before 1939 ( 13.16%).

A decent proportion of the Lewes housing stock is seasonally occupied. That is, homes and condos in Lewes are occupied by people for a portion of the year - mainly for vacation purposes - and then locked up and left unoccupied for the remainder of the year as owners return to their primary residences. This characteristic of the Lewes housing market speaks to its popularity as a vacation location of choice.

Lewes Home Appreciation Rates

Lewes's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Lewes during the period has been just 2.26%, which is lower than 80% of US communities.

Over the last year, Lewes appreciation rates have trailed the rest of the nation. In the last twelve months, Lewes's appreciation rate has been 6.58%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Lewes were at 4.04%, which equates to an annual appreciation rate of 17.17%.

Importantly, this makes Lewes one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Delaware, our data show that Lewes's latest annual appreciation rate is lower than 70% of the other cities and towns in Delaware.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Lewes differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Lewes - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Lewes real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$586,128

Lewes, DE HOME PRICES

> $1,158,000
5.7%
5.7%
$869,001 - $1,158,000
12.2%
12.2%
$579,001 - $869,000
33.1%
33.1%
$464,001 - $579,000
14.2%
14.2%
$348,001 - $464,000
16.9%
16.9%
$232,001 - $348,000
11.8%
11.8%
$116,001 - $232,000
3.5%
3.5%
$58,001 - $116,000
0.8%
0.8%
$0 - $58,000
1.7%
1.7%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for DE

Value Relative To Nation

Number Of Homes And Apartments:
1,565

Lewes 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
135.09% 4.06%
9
9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,467 / per month

Homeownership Rate

Owners
76.6%
76.6%
Renters
23.4%
23.4%
Vacant
44.2%
44.2%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
29.8%
29.8%
1970 - 1999
42.0%
42.0%
1940 - 1969
15.1%
15.1%
1939 or Older
13.2%
13.2%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
72.6%
72.6%
Townhomes
12.4%
12.4%
Small Apt. Buildings
6.0%
6.0%
Apt. Complexes
5.8%
5.8%
Mobile Homes
3.3%
3.3%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.0%
0.0%
1 Bedroom
8.6%
8.6%
2 Bedrooms
11.5%
11.5%
3 Bedrooms
44.1%
44.1%
4 Bedrooms
29.8%
29.8%
5 or more bedrooms
6.0%
6.0%
0.0% 100.0%
% OF HOMES