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.

How the Maryland housing market stacks up

Family enjoying a meal outside in the fall
Monkey Business Images / Shutterstock
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.

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.

About the Author

Doug Whiteman

Doug Whiteman

Editor-in-Chief

Doug Whiteman is the editor-in-chief of MoneyWise. He has been quoted by The Wall Street Journal, USA Today and CNBC.com and has been interviewed on Fox Business, CBS Radio and the syndicated TV show "First Business."