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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 12,981 people, 5,034 houses or apartments, and a median cost of homes of $366,336, Milford real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Milford, accounting for 56.94% of the city's housing units. Other types of housing that are prevalent in Milford include large apartment complexes or high rise apartments ( 30.38%), duplexes, homes converted to apartments or other small apartment buildings ( 6.50%), and a few row houses and other attached homes ( 4.76%).
The most prevalent building size and type in Milford are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 48.69% owning and 51.32% renting.
Milford homes and real estate are some of the newest in America. 41.77% of Milford's housing was built since 2000, making the city have a very new look and feel. If you like the amenities of newer homes and subdivisions, then you will probably like what the Milford real estate market has to offer. Quite a bit of the housing here was also built between 1970-1999 ( 26.17%), and between 1940-1969 ( 18.39%). There's also some housing in Milford built before 1939 ( 13.67%).
Appreciation rates for homes in Milford have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 92.01%, which ranks in the top 40% nationwide. This equates to an annual average Milford house appreciation rate of 6.74%.
Appreciation rates are so strong in Milford that despite a nationwide downturn in the housing market, Milford real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Milford appreciation rates continue to be some of the highest in America, at 6.81%, which is higher than appreciation rates in 72.95% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Milford. Milford appreciation rates in the latest quarter were at 4.92%, which equates to an annual appreciation rate of 21.18%.
Importantly, this makes Milford 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 Milford'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 city. Individual neighborhoods within Milford differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Milford - 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 Milford real estate investment or home purchase decisions.
$366,336
for Delaware
for nation
5,034
$1,764 / per month