Before you buy, sell, or rent, it’s important that you understand some high-level Maryland real estate market trends for 2019 that will impact the financial viability of your purchase.
The first thing you should know is the Maryland real estate market is hot. We’re going to take a closer look at what that means and why that is below.
Overview
The real estate market in Maryland has a lot of strengths that make it ripe for opportunities. We’ve seen a bull market for quite some time, which has been great for sellers. Still, due to some of the features of this market, there are some areas of Maryland that are seeing new opportunities for buyers and investors who know where to look.
With the dense population, demographically diverse location of housing, and limited housing inventory, you can find really good deals if you hunt for them.
The best way to find the deals if you are buying, selling, or investing, is by choosing the services of an expert realtor with years of experience in the Maryland real estate market.
This is vital because the real deals are not easily apparent but an expert knows where to look and has the tools to pinpoint what your unique needs require.
Forecast for Maryland Real Estate Market in 2019
The median home value in Maryland is much higher than the average across the country, currently sitting at $291,000, according to homes.com.
Over the last year we saw home values rise over 2.5 percent and they are expected to rise by about 1 percent more in the next 12 months. Since demand is so high and inventory is so low, Maryland is set to be a seller’s market throughout 2019.
As of 2016 the median income in Maryland was about $73,000, making its population the wealthiest of any state in the nation. Also, since Maryland has the fifth-highest density even though it’s the ninth smallest state for landmass in the nation, all these factors position Maryland to continue being a seller’s market throughout 2019.
There are affordable areas of Maryland and there are very pricey parts as well.
As with all real estate, location, location, location must be considered when looking to buy or invest…or sell. Living in a suburb of Washington DC is not affordable for most. Chevy Chase median home values are $1 million, for instance.
However, if you’re looking for a more affordable option and you’re a government employee trying to make it to DC on the daily, Baltimore could be a great choice, with a median home value of around $121,000 and fast commutes to DC. There are many more smaller cities, like Frederick, that has a median home value of around $255,700.
One great indicator of the immediate future of Maryland real estate is basic supply and demand. Since there are currently less houses on the market than there is demand, especially in the lower priced homes, we should continue to see a seller’s market.
CoreLogic HPI Forecast indicates home prices will increase by 5.6% from May 2019 to May 2020.
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