Few states are as rich in history as Maryland. Just in case you are not familiar with this great state and/or with the Maryland housing market, you should know that this Mid-Atlantic state is bordered by many other places.
It is close to Virginia, Washington D.C., West Virginia, Pennsylvania, and Delaware. With so many beautiful and enriching places nearby, it’s no surprise that many people enjoy living in Maryland. This is especially true of its famed capital, Baltimore.
History buffs will appreciate the fact that Maryland was one of the thirteen original colonies and is considered the “birthplace of religious freedom.”
In addition to these great features, Maryland is a small state, though it does boast a large population of around six million. It also tends to offer many employment opportunities and has a mostly wealthy populous. For all of these reasons, it is no surprise that the Maryland housing market is a booming one, and there’s no better time than the present to find your place in it.
When you look back on older details dealing with the Maryland housing market, it is easy to see that home values in the state are rising rapidly.
Right now, the median home value of a house in Maryland is $283,549. This is a 6.1% increase from the previous year, and home values are only expected to continue growing.
Homes listed in Maryland reflect this increase in value, at least slightly, with an average listing price of $295,900. Most homes sold, however, go for less than was asked for, at least right now, with an average home selling price of $265,300.
Influencing Factors for the 2018 Maryland Real Estate Market
Currently, many factors are having an influence on the state of the Maryland housing market. These include the following facts:
- Rents in the state are high, at around $1,650 per month on average, encouraging more people to consider home ownership
- Maryland has a higher than average foreclosure rate, with 2 out of every 10,000 homes foreclosed on
- Maryland also has a delinquent mortgage rate of 2.1%, also higher than the national average
While this information about the Maryland housing market and the high rates of foreclosures can be frightening, don’t let it scare you off from living in this great state. There is much to love about Maryland providing you live within your means and choose a home and location wisely.
Best Places to Live in Maryland
As you can probably tell from this description of the Maryland housing market, there are plenty of great places to live within the state. The tough part is simply choosing the one that is right for you.
One good option is North Bethesda. Here, you’ll enjoy a small, quiet town that is full of shopping, movie theaters, and other forms of family-friendly entertainment. The crime rates here are also quite low, so you can feel safe no matter what you’re doing. Perhaps the only downside to living in North Bethesda is that it can be somewhat expensive, but isn’t the extra cost worth it for a safe, enjoyable place to live?
Another very nice place to call home is the town of Hampstead. Here, you’ll enjoy a very low unemployment rate, which means that it is not very likely you’ll ever have to struggle to find a job. Likewise, the median income tends to be quite high, which means there is a good chance that, whatever job you have, you’ll do well at it financially speaking. If job stability and stable income are important things to you, then Hampstead is the place to be.
For those who like being among the wealthy but who don’t prefer Hampstead, another good option is Garrett Park. This is a charming small town with plenty of friendly people. As mentioned, though, it is a fairly wealthy area so be prepared for a high cost of living and high costs in general. It’s a pretty fair trade-off to enjoy your home to the fullest, however.
Another good place to consider, also with low unemployment rates and comparatively high incomes, is Rockville. Rockville is quiet and serene and, all around, a truly awesome place to call home.
These are, of course, just a few towns out of a great many. If you don’t find something that you love on the list, keep looking. Maryland might be small, but it’s also diverse, which makes it easy to find a place that truly feels right for you. In Maryland, you’ll never be forced to settle for anything less than exactly what you want.