Maryland, known as the Old Line State, is a beautiful place to call home. Its location on the East Coast makes it a great place for business and pleasure, with easy access to the beaches of the Atlantic Ocean and the mountains of the Appalachian region. Maryland is also home to some of the most vibrant cities in the country, including Baltimore, Annapolis, and Frederick. With all of these great features, it’s no wonder that Maryland real estate is in high demand.
Maryland Real Estate Market Overview
The Maryland real estate market is considered one of the hottest in the country. The state has seen a steady increase in home values over the past few years, and experts predict that this trend will continue in the coming years. According to Zillow, the median home value in Maryland is $348,971, and the average price per square foot is $196. Homes in the state typically stay on the market for an average of 48 days, and the average price of homes sold is $333,000.
One factor that contributes to the high demand for Maryland real estate is the state’s strong economy. Maryland has one of the highest median household incomes in the country, at $91,000 per year. The state is also home to many major employers, including Johns Hopkins University, the National Institutes of Health, and Lockheed Martin. Additionally, the state’s proximity to Washington, D.C. has made it a popular choice for people who work in the federal government.
Another factor that makes Maryland real estate attractive is the state’s natural beauty. A Maryland painting contractor told me Maryland is home to several national parks and forests, including Assateague Island National Seashore, Chesapeake and Ohio Canal National Historical Park, and the Appalachian Trail. The state also has over 3,100 miles of coastline, making it a popular destination for boaters and beachgoers.
Maryland Real Estate Market Trends
Maryland’s real estate market has experienced some ups and downs over the past few years, but overall, it has remained strong. In 2020, the COVID-19 pandemic caused some uncertainty in the market, but experts predict that the market will rebound in the coming years. One trend that has emerged in the Maryland real estate market is the increasing popularity of luxury homes. According to a report by Redfin, sales of homes priced over $1 million increased by 52% in 2020.
Another trend that has emerged in the Maryland real estate market is the increasing popularity of urban living. Cities like Baltimore and Annapolis have seen an influx of young professionals who are attracted to the vibrant culture and nightlife of these cities. As a result, the demand for urban housing has increased, and developers have responded by building new apartment complexes and condos in these areas.
Maryland Real Estate Market Challenges
Despite its strong economy and natural beauty, Maryland does face some challenges in its real estate market. One of the biggest challenges is the state’s high property taxes. According to WalletHub, Maryland has the eighth-highest property taxes in the country, with an average rate of 1.10%. This can make it difficult for some people to afford homes in the state, particularly those on a tight budget.
Another challenge that Maryland faces is its aging housing stock. Many of the homes in the state were built in the 1950s and 1960s, and are in need of significant renovations and updates. This can be a turn-off for some homebuyers who are looking for move-in ready homes.
Conclusion
Maryland is a beautiful state with a strong economy and a vibrant culture. Its real estate market is one of the hottest in the country, with high demand for homes and steady increases in home values. While the state does face some challenges, such as high property taxes and an aging housing stock, it remains a wonderful place to buy a home.