{"id":46338,"date":"2024-07-30T09:24:31","date_gmt":"2024-07-30T16:24:31","guid":{"rendered":"https:\/\/www.homelight.com\/blog\/?p=46338"},"modified":"2026-04-06T00:49:56","modified_gmt":"2026-04-06T07:49:56","slug":"home-values-in-maryland","status":"publish","type":"post","link":"https:\/\/www.homelight.com\/blog\/home-values-in-maryland\/","title":{"rendered":"Explore Current Home Values in Maryland"},"content":{"rendered":"

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<\/a>, or simply keeping an eye on market trends.<\/p>\n

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<\/a>. We\u2019ll also share effective strategies to boost your home\u2019s value and introduce tools to help you get the best price when you\u2019re ready to sell.<\/p>\n\n\n\n\n\n

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\n \"homelight\n <\/div>\n \n

Already Own a Home? What's It Worth Now?<\/h3>\n

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.<\/p>\n \n

\n Get Estimate<\/a>\n <\/div>\n <\/div>\n<\/div>\n\n\n

Editor\u2019s 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.<\/em><\/p>\n

<\/div>\n

Current home values in Maryland<\/h2>\n

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<\/a> this year.<\/p>\n

\u201cHigh home prices combined with elevated mortgage rates have made buying a home more challenging, particularly for first-time and moderate-income buyers,\u201d said Dr. Lisa Sturtevant, Bright MLS Chief Economist, in a recent press release<\/a>.<\/p>\n

\u201cHome 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.\u201d<\/p>\n

The table below highlights the notable rise in home prices in Maryland over the past five years:<\/p>\n\n\n\n\n\n\n\n\n
Year<\/td>\nMedian home price<\/td>\nPercent change year-over-year<\/td>\n<\/tr>\n
2024 (June)<\/a><\/td>\n$436,000<\/td>\n+5.1%<\/td>\n<\/tr>\n
2023<\/a><\/td>\n$400,000<\/td>\n+3.9%<\/td>\n<\/tr>\n
2022<\/a><\/td>\n$385,000<\/td>\n+6.5%<\/td>\n<\/tr>\n
2021<\/a><\/td>\n$361,000<\/td>\n+9.4%<\/td>\n<\/tr>\n
2020<\/a><\/td>\n$330,000<\/td>\n+9.2%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Source: Maryland Realtors Association<\/a><\/em><\/p>\n

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%<\/a> since early 2020.<\/p>\n

As a result, homeowners have accumulated significant equity<\/a> in their homes, which can be used to buy new properties, fund home improvements, pay off debts, or save for retirement. ICE\u2019s Mortgage Monitor report indicates that as of early 2024, the average mortgage-holding homeowner has $299,000 in equity<\/a>.<\/p>\n

For comparison, the table below shows median home prices in several of Maryland\u2019s largest cities:<\/span><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
City<\/td>\nMedian home price<\/td>\nPopulation<\/td>\n<\/tr>\n
Baltimore<\/td>\n$207,700<\/td>\n559,266<\/td>\n<\/tr>\n
Columbia<\/td>\n$489,300<\/td>\n107,764<\/td>\n<\/tr>\n
Ellicott City<\/td>\n$704,300<\/td>\n74,882<\/td>\n<\/tr>\n
Frederick<\/td>\n$423,000<\/td>\n88,270<\/td>\n<\/tr>\n
Gaithersburg<\/td>\n$559,700<\/td>\n69,589<\/td>\n<\/tr>\n
Germantown<\/td>\n$413,300<\/td>\n90,846<\/td>\n<\/tr>\n
Glen Burnie<\/td>\n$394,300<\/td>\n72,058<\/td>\n<\/tr>\n
Rockville<\/td>\n$657,500<\/td>\n67,284<\/td>\n<\/tr>\n
Silver Spring<\/td>\n$538,300<\/td>\n83,534<\/td>\n<\/tr>\n
Waldorf<\/td>\n$417,300<\/td>\n83,298<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Home value averages of multiple public transaction sites\u00a0<\/span><\/i><\/p>\n

Population estimates by <\/span><\/i>World Population Review<\/span><\/i><\/a><\/p>\n

In the next section, we\u2019ll explain how to estimate your home’s value in Maryland.<\/p>\n","protected":false},"excerpt":{"rendered":"

Find out how home values in Maryland have changed since 2020 and explore effective strategies to increase your home’s market value.<\/p>\n","protected":false},"author":360,"featured_media":46341,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","cybocfi_hide_featured_image":"","footnotes":""},"categories":[320,330],"tags":[],"class_list":["post-46338","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-add-value","category-house-value"],"acf":[],"yoast_head":"\nExplore Current Home Values in Maryland<\/title>\n<meta name=\"description\" content=\"Find out how home values in Maryland have changed since 2020 and explore effective strategies to increase your home's market value.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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