Overview of the Commercial and Residential
Real Estate Market in Delaware
Ranked number 49 in terms of state size, Delaware contains just 1,982 square miles. This tiny state is a mere 96 miles long and 35 miles across at its widest point. It is nine miles across in some areas. Delaware is the only state without any national parks, national historic sites, battlefields, monuments, or memorials. It is, however, the most likely birthplace of one of the most enduring symbols of American pioneers and U.S. history. Finnish settlers built the first log cabins in America when they arrived in Delaware in the 1600s. One of the oldest surviving, built in the 1750s, is in Fort Christina Park in Wilmington. Currently, 925,749 people call Delaware home. More than 72 percent of these Delawareans own their own home, according to the U.S. Census. The median value for an owner-occupied home in Delaware is $241,100. The median household income is $60,119 and that is based on a median per capita income of $29,733. Just 17.7 percent of this state's residents live in multi-unit structures. With 71,525 people, Wilmington is the state's largest city. It has a homeownership rate of 47.9 percent and a median home value of $179,300. The median household income for the city is $39,761 based on a per capita income of $25,471.
Delaware's unemployment rate was at 6.5 percent in August of 2014. The Delaware Economic Development Office focuses much of their effort on helping small businesses develop and grow. A 2013 study by Phoenix Marketing International, ranked Delaware ninth in the nation for the number of millionaires per capita, giving it a ratio of 6.20 percent. Delaware's general corporation law is known for being business friendly. Over 50 percent of all U.S. companies traded publicly and 63 percent of Fortune 500 companies are incorporated in Delaware. One-fifth of the state's revenue comes from franchise taxes. Delaware does not charge income tax on corporations not operating within the state. Some of the most beautiful beaches in the world make Delaware a popular tourist attraction and keep the demand for retail space, hotels, and restaurants high.
Office Rental and Executive Suites in Wilmington, DE
How to Become a Realtor in Delaware
Located in Dover, Delaware, the Real Estate Commission of the Delaware Department of State, Division of Professional Regulation regulates and oversees all real estate professionals in the state. They require applicants complete 99 hours of approved pre-license real estate education. Then applicants must pass the two-part salesperson licensing real estate exam. Delaware does have reciprocal license agreements with several states. To apply for a reciprocal license, applicants need to verify they have completed at least 99 hours of pre-license real estate education in the another jurisdiction. They need to pass the Delaware law portion of the state licensing exam. Reciprocal license applicants must show they have been continuously licensed for three years immediately prior to their application and list 20 sales or lease transactions that they completed during that time.