Explore Current Home Values in Maryland

Are you curious about current home values in Maryland? Knowing your home’s worth can make a big difference, whether you’re thinking about selling, requesting PMI cancellation, or simply keeping an eye on market trends.

In this article, we’ll review home values in the Old Line State, offering insights on current price trends and tips for getting an accurate home value estimate. We’ll also share effective strategies to boost your home’s value and introduce tools to help you get the best price when you’re ready to sell.

Already Own a Home? What's It Worth Now?

Home values have rapidly increased in recent years. How much is your current home worth now? Get a ballpark estimate from HomeLight’s free Home Value Estimator.

Get Estimate

Editor’s note: This post is for educational purposes and is not intended to be construed as financial advice. HomeLight always encourages you to consult your own advisor.

Current home values in Maryland

The median home value in Maryland has risen by 28% since 2020. Data from the Maryland Realtors Association shows that the typical home sold for $330,000 at the start of the decade, compared to $436,000 in June this year.

“High home prices combined with elevated mortgage rates have made buying a home more challenging, particularly for first-time and moderate-income buyers,” said Dr. Lisa Sturtevant, Bright MLS Chief Economist, in a recent press release.

“Home prices are still rising because of the limited inventory. There is also a pool of buyers in the market who are not as price or interest rate sensitive because they are selling a home and rolling significant equity into the purchase of their next home.”

The table below highlights the notable rise in home prices in Maryland over the past five years:

Year Median home price Percent change year-over-year
2024 (June) $436,000 +5.1%
2023 $400,000 +3.9%
2022 $385,000 +6.5%
2021 $361,000 +9.4%
2020 $330,000 +9.2%

Source: Maryland Realtors Association

This trend isn’t exclusive to Maryland; it’s a nationwide phenomenon. According to a recent analysis of the Case-Shiller National Home Price Index, U.S. home prices have surged 47% since early 2020.

As a result, homeowners have accumulated significant equity in their homes, which can be used to buy new properties, fund home improvements, pay off debts, or save for retirement. ICE’s Mortgage Monitor report indicates that as of early 2024, the average mortgage-holding homeowner has $299,000 in equity.

In the next section, we’ll explain how to estimate your home’s value in Maryland.



from HomeLight Blog https://www.homelight.com/blog/home-values-in-maryland/

Nhận xét

Đăng nhận xét

Bài đăng phổ biến từ blog này

How to Sell My House Fast in Washington DC: Cash Offer Options

Hình ảnh
Selling your home in the bustling Washington, D.C. area can feel like a daunting task, especially when you’re on a tight deadline. If you’re a homeowner faced with the need for a fast sale, you may be weighed down by questions and uncertainty. This guide is designed to help you navigate the real estate market in D.C. when time is of the essence. We’ll explore options such as getting a cash offer for your home and partnering with a top real estate agent. We’ll also provide expert tips to help sell your Washington, D.C. house faster. Sell Your District of Columbia House Fast With an All-Cash Offer Get an all-cash, no-obligation offer on your District of Columbia home through HomeLight’s Simple Sale platform whenever you’re ready. Receive your offer in as little as a week and close in as few as 10 days. No showings, no repairs, no open houses. Step 1: Request Offer Why you might need to sell your Washington, D.C. house fast Sometimes, life throws curveballs that demand quick d...
Đọc thêm

6 Reasons to Move to Brentwood, CA: Why You’ll Love Living Here

Hình ảnh
Nestled in the East Bay region just east of San Francisco, Brentwood, CA, is a hidden gem that blends small-town charm with the amenities and opportunities of big-city living. Known for its idyllic weather, high quality of life, and ample outdoor recreation, Brentwood has plenty to offer everyone looking to call it home. From its rich agricultural history and focus on local produce to its robust calendar of community events, there are countless reasons to consider a move to this thriving city. So, if you’re looking for homes for sale in Brentwood , apartments for rent , or are just curious about what the area has to offer, this Redfin guide is for you. To give you a taste, here are 6 reasons to move to Brentwood, CA, and why you’ll love living here.  1. Weather Brentwood has a Mediterranean climate , making it popular for people who love plenty of sunlight and limited rainfall. Winters are generally mild and wet, while summers are hot and dry with cool evenings. This kind ...
Đọc thêm

Buying a Mediterranean Style House: Luxury Living or Not Worth the Trouble?

Hình ảnh
You’re reading through the MLS listing of a new potential home, and you see “Mediterranean house” advertised front and center. Right away, your mind takes you to the seaside villas of Spain and Italy with red-tile roofs and gorgeous courtyards. A life of romance and leisure is undoubtedly ahead. Sounds great, right? It definitely can be, but beyond the mosaic tiling and rustic charm, there’s a lot more to Mediterranean houses. The Mediterranean-style home America knows so well dates back to the early 20th century and has seen fluctuations in its popularity over the last few decades. The style provides an excellent indoor-outdoor living balance, and the light, earthy tones give off a welcoming warmth. But, depending on your location and needs, the potential challenges may just cause more headaches than dreamy nights. So how do you know if a Mediterranean home is the right fit for you? We talked to real estate agents and architects with over 50 years of combined experience, and we sc...
Đọc thêm