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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.

When comparing installation costs, asphalt is often less expensive upfront than concrete. Asphalt prices typically range from $7 to $15 per square foot, while concrete can range from $3 to $18 per square foot. However, long-term costs should also be considered. Concrete driveways generally last longer (up to twice as long) and require less maintenance, which can make them more affordable over their lifespan. While asphalt has a lower installation cost and is easier to repair, it requires more frequent maintenance, such as sealing, which can add up over time. Therefore, while concrete is more expensive initially, its durability may offset the cost in the long run.

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.

Instead of a set number of types, asphalt comes in variations designed for different needs. Some are categorized by temperature—hot mix, warm mix, and cold mix. Others are sorted by composition, like dense-graded, gap-graded (such as Stone Matrix Asphalt), porous, and mastic asphalt. There are also modified versions with added compounds like polymers, rubber, or emulsions. Instead of focusing on a number, it may be more useful to understand how contractors customize asphalt for durability, climate, and traffic conditions.