There’s a the age old question everyone thinks about when they decide to move to a city in Delaware:
Should I buy a place or rent?
Well, we aren’t here today to solve that problem for you exactly. We are just assuming you’ll do the right thing and a buy a place 😉
And while we are happy to tell you the best place to live in Delaware, this analysis is going to tackle the question of the best place to buy a house as an investor. That is we are going to try and determine the up and coming cities in the First State.
To do that we are going to look at places in Delaware that are growing faster than average, but where home prices are below average. In every day terms, the “deals”.
The best deal in Delaware at the moment? That would be Long Neck according to our analysis.
Here’s a look at the top ten places to buy a home in Delaware for 2019:
- Long Neck (Homes For Sale)
- Bear (Homes For Sale)
- Seaford (Photos | Homes For Sale)
- Pike Creek Valley (Homes For Sale)
- Laurel (Photos | Homes For Sale)
- Clayton (Photos | Homes For Sale)
- Bridgeville (Photos | Homes For Sale)
- Millsboro (Photos | Homes For Sale)
- Milford (Photos | Homes For Sale)
- Middl (Photos | Homes For Sale)
The methodology that wen’t into this can be a bit complicated, so we’ll break it down for you in as much detail as we can below.
For more Delaware reading, check out:
- 10 Best Places To Raise A Family In Delaware
- These Are The 10 Best Places To Retire In Delaware
- These Are The 10 Richest Cities In Delaware
How do you determine the best places to buy a home in Delaware for 2019?
We were in real estate for almost five years and have been working on this site for another three. Suffice is to say, we’ve put a lot of thought into what goes into finding a good place to buy a home.
So all that thinking has come to this moment where we get to spell out how we’d approach finding an up-and-coming place to live in Delaware. Put differently, the analysis will try to find places in Delaware with undervalued homes relative to pent up demand.
To do that we looked at the most recent American Community Survey Census data for 2013-2017 and compared it to the previous vintage (2012-2016). Specifically, we used the following criteria:
- Y-o-Y Change In Population (People want to live here)
- Y-o-Y Change In Median Home Prices (People are willing to pay for it)
- Home Prices Relative To The State Average (It’s still kinda cheap)
We want places that are growing, have seen home prices increase in recent years, and are still “cheap” for Delaware with the following caveats:
- Home prices had to be within 20% of the state average (Much lower than that and you get to some of the more dangerous places)
- Home prices increased in the last year, and
- Above 5,000 people (Bigger cities have more data points)
So of the 77 cities and towns in Delaware, only 36 places made it through our initial filters to even be considered.
We then ranked each place from 1 to 36 for the criteria mentioned above with 1 being the best for that criteria. We averaged the rankings to create a “best place to buy” index with the place having the lowest index being the best.
Turns out that Long Neck is the best potential gem in the not-so-rough in the First State.
Read on for more on these places.
According to common legend, the name “Bear” originated from a tavern located along the roadway from Wilmington to Dover, Delaware, whose sign was decorated with the image of a large bear.
Seaford is named after Seaford, East Sussex in England.
The Kent County side of Milford was first settled in 1680 by Henry Bowan on what was known as the Saw Mill Range. A century later the Reverend Sydenham Thorne built a dam across the Mispillion River to generate power for his gristmill and sawmill. Around the same time, Joseph Oliver laid out the first city streets and plots nearby on a part of his plantation. Soon a number of homes and businesses appeared along Front Street. The city was incorporated February 5, 1807.
There You Have It – The Best Places To Purchase A House In Delaware for 2019
There’s our analysis of the best places to buy a house in Delaware. And, to be clear, we aren’t necessarily saying these places are the best places to live, just that it looks like they might be in a couple of years based on the data.
In fact, every place in the following table meets our criteria, so even though it may not look super long, remember we started off with all 77 places in the state.
So if we’d could rent or buy in these cities, we’d definitely buy.
For more Delaware reading, check out:
Detailed List Of The Best Places To Buy A Home In Delaware
|Pike Creek Valley||4|