Millsboro, 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 Q1 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

Millsboro, DE Housing Market Trends

With a population of 4,533, 1,594 total housing units (homes and apartments), and a median house value of $234,629, Millsboro real estate prices are well above average cost compared to national prices.

Row houses and other attached homes are the single most common housing type in Millsboro, accounting for 37.91% of the town's housing units. Other types of housing that are prevalent in Millsboro include single-family detached homes ( 29.47%), large apartment complexes or high rise apartments ( 22.78%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.95%). Towns that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of towns are often walkable and compact, and often have a lively downtown.

The most prevalent building size and type in Millsboro are three and four bedroom dwellings, chiefly found in row houses and other attached homes. The town has a mixture of owners and renters, with 62.93% owning and 37.07% renting.

Millsboro homes and real estate are some of the newest in America. 65.19% of Millsboro's housing was built since 2000, making the town have a very new look and feel. If you like the amenities of newer homes and subdivisions, then you will probably like what the Millsboro real estate market has to offer. Quite a bit of the housing here was also built between 1970-1999 ( 20.00%), and between 1940-1969 ( 12.73%). There's also some housing in Millsboro built before 1939 ( 2.09%).

Vacant housing appears to be an issue in Millsboro. Fully 14.76% of the housing stock is classified as vacant. Left unchecked, vacant Millsboro homes and apartments can be a drag on the real estate market, holding Millsboro 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.

Millsboro Home Appreciation Rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Millsboro, where house values have increased just 11.94%, which is annualized rate of 1.13%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

Over the last year, Millsboro appreciation rates have trailed the rest of the nation. In the last twelve months, Millsboro's appreciation rate has been 4.82%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Millsboro were at 0.97%, which equates to an annual appreciation rate of 3.95%.

Notably, Millsboro's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Delaware, our data show that Millsboro's latest annual appreciation rate is higher than 50% 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 town. Individual neighborhoods within Millsboro differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Millsboro - 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 Millsboro real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$234,629

Millsboro, DE HOME PRICES

> $1,137,000
0.0%
0.0%
$852,001 - $1,137,000
1.3%
1.3%
$568,001 - $852,000
1.8%
1.8%
$455,001 - $568,000
5.2%
5.2%
$341,001 - $455,000
13.8%
13.8%
$227,001 - $341,000
31.7%
31.7%
$113,001 - $227,000
33.6%
33.6%
$57,001 - $113,000
6.4%
6.4%
$0 - $57,000
6.3%
6.3%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Low for DE

Value Relative To Nation

Number Of Homes And Apartments:
1,594

Millsboro Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
DE*
Compared To
America*
Latest Quarter:
2020 Q4 - 2021 Q1
Last 12 Months:
2020 Q1 - 2021 Q1
Last 2 Years:
2019 Q1 - 2021 Q1
Last 5 Years:
2016 Q1 - 2021 Q1
Last 10 Years:
2011 Q1 - 2021 Q1
Since 2000:
2000 Q1 - 2021 Q1
74.40% 2.65%
4
5
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,403 / per month

Homeownership Rate

Owners
62.9%
62.9%
Renters
37.1%
37.1%
Vacant
14.8%
14.8%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
65.2%
65.2%
1970 - 1999
20.0%
20.0%
1940 - 1969
12.7%
12.7%
1939 or Older
2.1%
2.1%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
29.5%
29.5%
Townhomes
37.9%
37.9%
Small Apt. Buildings
7.0%
7.0%
Apt. Complexes
22.8%
22.8%
Mobile Homes
2.9%
2.9%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.0%
0.0%
1 Bedroom
5.0%
5.0%
2 Bedrooms
18.5%
18.5%
3 Bedrooms
58.3%
58.3%
4 Bedrooms
14.6%
14.6%
5 or more bedrooms
3.6%
3.6%
0.0% 100.0%
% OF HOMES