Westmoreland home prices have dropped and now appear to be stabilizing in line with other communities in the area.
Westmoreland is a smaller community of approximately 45 single family homes on the east side of DuPont Rd within the Wilmington city limits. The communites of West Haven and West Park are just across DuPont Rd to the west. Westover Hills and the Ed Oliver Golf Club are bordering to the north. The City of Wilmington flows to the east and the Cab Calloway School of the Arts is to the south. As with the adjacent communities, this location affords easy access to Wilmington, New Castle County, and the surrounding areas.
The first wave of Westmoreland home construction occurred between 1936 and 1941 with construction continuing periodically into the 1990s. Most properties were 2 story Colonials with sizes ranging from 2000 to over 5000 sqft. Generally the homes were approximatley 2500-3500 sqft with 4 or 5 bedrooms on lots ranging from under 1/4 acre to over 1/2 acre. The home construction was very similar to that found in Westhaven, West Park, and Westover Hills.
As seen in the adjacent communities, prices and activity declined during the recession. Average prices first peaked above $600,000 in 2005, dropped to the low $500,000s in 2006-2009, and rose above $600,000 again in 2010. Average pricing then fell to $506,000 with 2 sales in 2012 and $423,000 with 3 sales in 2013. In 2014 year to date, there have been 4 sales with an average sales price of $443,000.
There are also 2 Westmoreland homes currently on the market with an average asking price of $489,000 and one property temporarily off the market for $309,000.
With Westmoreland's fine housing, great location, and access to the area, it should continue to be a solid housing choice for those looking for the convenience of the city in a close suburban environment.
Long & Foster Real Estate Inc – Devon, PA/Wilmington, DE
Office: 610-225-7400/Direct: 610-618-0808
(All statistics per the TrendMLS System and believed accurate but not guaranteed)