Maryland Real Estate

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Commonly Asked Questions about Maryland Real Estate

What is the average house price in Maryland?

$422,066. The average Maryland home value is $422,066, up 2.9% over the past year and goes to pending in around 8 days.

What is the average price for a house in Maryland?

There are currently 20,511 homes for sale in Maryland. The median list price in Maryland is $429,000 and the average price per square foot is $228.

Are home prices dropping in Maryland?

While the overall home values have increased by 4.0% over the past year, certain regions in Maryland are expected to experience price declines. For example, Baltimore is forecasted to see a 3.6% decrease by May 2025.

Is Maryland expensive to live in?

The cost of living in Maryland is 16% higher than the national average. Housing is 44% higher than the national average, while utilities are 10% higher. When it comes to basic necessities such as food and clothing, groceries are around 6% higher than in the rest of the country, while clothing costs 6% higher.

How much money do you need to buy a house in Maryland?

Mortgage lenders in Maryland generally ask home buyers to contribute 20% of the purchase price as a down payment. However, if you qualify for Veterans Affairs (VA) loan or a Federal Housing Administration (FHA) loan, your down payment may be as low as 3.5% or even 0%.

Are home prices dropping in MD?

Median Home Price In Baltimore, Marylands most populous city, the median price in April 2024 was considerably lower at $200,000, a decrease of 4.8% from the previous year. Annapolis, the capitol city, had median prices much higher than the statewide median at $612,000, a 7.4% increase from April 2023.

Is it a good time to buy in Maryland?

March to June are the best months to buy a house in Maryland. During these months, low competition and competitive prices can get you a good deal on your future home.