Current home values in Maryland

Home values have been rising throughout Maryland and are up 3.6% from a year ago.

Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $466,036, Realtor says.

Real estate agents say would-be homebuyers in some parts of the country are starting to overcome the obstacles caused by COVID-19 and are going virtual house hunting to take advantage of today's bargain mortgage rates and the low monthly house payments they provide.

Here's how that works in Maryland: Let's say you want to buy a mid-priced home using a 30-year fixed-rate mortgage at the current average interest, which is a low 3.33%, according to mortgage company Freddie Mac.

A 30-year mortgage for a $466,036 home at 3.33% would give a typical Maryland homebuyer a monthly payment of $1,639, assuming a 20% down payment.

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How the Maryland housing market stacks up

Family enjoying a meal outside in the fall
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Families in Maryland enjoy the outdoors in the fall

The state's median home value is higher than the U.S. median of $248,948, which is up 5.1% from a year ago.

While the coronavirus is expected to continue hanging over the U.S. economy like a dark cloud, Zillow forecasts that U.S. home values will rise 5.1% over the next year, while in Maryland, they're predicted to rise 3.5%.

Homes right now are going on the market in Maryland at a median price of $170 per square foot, versus $134 per square foot nationwide.

Are you looking to buy? Take a look at today's best mortgage rates where you live.

Maryland home prices over the last 10 years

Year Avg. Price
2020* $312,221
2019 $301,263
2018 $294,692
2017 $279,750
2016 $266,800
2015 $258,467
2014 $252,175
2013 $242,083
2012 $230,800
2011 $234,033
2010 $250,242
2009 $267,167

*2020 price average through March 31, 2020.

Compare current mortgage rates from top national lenders. Get the best rate for your purchase or mortgage refinance.

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How much for an average-sized home?

Here's what a 2,500-square-foot home in Maryland is worth now, and how that's changed over the last decade, based on the Zillow Home Value Index.

Year Avg. Price
2020* $424,733
2019 $462,500
2018 $455,000
2017 $435,000
2016 $417,500
2015 $407,500
2014 $397,500
2013 $382,500
2012 $365,000
2011 $370,000
2010 $397,500
2009 $417,500

*2020 price average through March 31, 2020.

Get peace-of-mind on your home insurance

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