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.
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.
