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Yes, a paved or repaved driveway can boost your home's value by increasing its curb appeal and the functionality of your outdoor space. A new driveway can add anywhere from $5,000 to $20,000 to a property's value. An old, crumbling driveway can be a red flag for potential buyers and inspectors.

The amount of value added depends on the materials used, the design, and local market conditions. Concrete is often cited as adding the most value due to its long lifespan, though asphalt may be more desirable in colder climates. The return on investment is greatest when replacing a driveway that is in poor condition; repaving a driveway that is already in good shape will not yield as significant an increase in value.

The average cost of 1,500 square feet of asphalt ranges from about $10,500 to $22,500, depending on location, thickness, base material, and how accessible the job site is to crews and equipment. Keep in mind that your asphalt material cost may vary depending on its type, ranging from porous asphalt to heated blacktop. Standard asphalt costs $7 to $13 per square foot.

Chip seal layers gravel and a liquid bitumen one at a time on-site, while asphalt directly pours a pre-combined mixture. Asphalt must be sealed, but it will last up to four times as long as chip seal driveways. Aesthetically, chip seal has a natural, rustic look compared to the traditional asphalt slab.

Driveway pavers are often worth the cost. Paver types like cobblestone, brick, and concrete are highly durable, and permeable paver options can be tremendously eco-friendly. While you may pay more for a paver driveway, you’ll see great returns from the increased curb appeal and low maintenance compared to other types of driveways.