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Maryland real estate

Maryland – The Old Line State Forecasts a New Beginning

As recently as 2010, Maryland was the 10th-worst housing market in the country in terms of foreclosures. But in 2012, Maryland rebounded with eight consecutive months of steady improvement in median home prices. In fact, in December, 2012, statewide prices rose 9% from the year earlier. And for the entire year, sales increased by an impressive 5.5% over 2011. This was the largest increase in sales since 2009, when federal tax credits helped to generate sales.

Other indicators reflect this positive trend. In both November and December of 2012, home inventories fell below 6 months. This figure is important as experts generally establish the 6 month inventory component as a measurement of a healthy real estate market.

The Washington suburbs of Montgomery and Prince Georges counties fared even better than the state as a whole, with inventories at 2.1 and 2.7 in December 2012. Montgomery County led the state in median home price, up 7.5% since December, 2011.

Prince Georges County experienced 12% growth in median prices between 2011 and 2012. And while those prices remain below the statewide median levels, this is quite an accomplishment for a county that from 2006 to 2011 experienced a 47% drop in the average price of a home!

Baltimore and its surrounding counties experienced similar trends. For the first time since 2006, home inventories dropped below 10,000. And, between December 2011 and December 2012, home sales actually increased almost 13%. Condominium sales in Baltimore were even more impressive, rising 41.5% since December, 2011!

In Frederick County, foreclosures are beginning to decline. Combined with an increase in homes, market conditions in 2013 could lead to demand surpassing supply. And, with the rate of foreclosures dropping, builders are more confident to proceed with the construction of new homes.

Cleary a variety of factors contributed to Maryland's impressive housing market growth. The Old Line State clearly benefited from a rise in home prices, faster-paced sales, lower inventories, and, of course, historically-low mortgage rates.

Falling unemployment numbers are helping to drive Maryland's housing market. From a high of 8% in 2010, Maryland has seen a near steady drop in unemployment rates since then. As of December 2012, the rate rested at 6.6%, as opposed to the national average of 7.8%. Most notably, Bethesda, in Montgomery County experienced a 2.8% job growth rate in the first 12 months of 2012. Combined with low vacancy rates and a low foreclosure rate, Bethesda is ranked third of the nation's most healthy real estate markets.

And there's even more healthy news from Maryland! For the first time in recent years, the proposed state budget contains no drastic measures! In layman’s terms, that means no restrictive spending cuts and no tax increases. How is that for a reason to relocate to the Old Line State?!

Living in Maryland

Looking for easy-access to big cities and big business, while still being able to enjoy coastal living at the end of the day? The state of Maryland will give you a chance to have it all!

Maryland earned one of its nicknames, “America in Miniature” because of its varied topography. From east to west, the landscape changes from dunes and low marshlands, to rolling hills and oak forests, to mountains and pine groves. It is also called the “Old Line State,” the “Free State,” and the “Chesapeake Bay State.”

Because of all those differences, Maryland’s weather is also varied. Summers on the coast can be hot and humid with a cool, somewhat mild winter. But as you move west, the annual snowfall often exceeds 20 inches.

Before you head off to Maryland, let’s go over some of the fast facts:

  • What is the population of Maryland?
  • The population of Maryland is 5,884,563
  • What is the capital of Maryland?
  • The capital of Maryland is Annapolis
  • What is the largest city in Maryland?
  • The largest city in Maryland is Baltimore

While Maryland is the 9th-smallest state by area, it is considered the 5th-most densely populated in the nation. It also has the highest median household income, which gives it the title of wealthiest state in the country. Most of Maryland’s population is centered in the cities that surround Washington, D.C. as well as Baltimore and Annapolis, home to the United States Naval Academy.

Because of its proximity to Washington, D.C., many medical research and educational institutions have settled in Maryland. Johns Hopkins University has become the largest employer in the Baltimore area, thanks to its medical research facilities.

Since Maryland has access to the Atlantic, the Port of Baltimore is able to handle a large variety of imports, from raw materials and bulk commodities to petroleum and motor vehicles.

If you like fresh seafood, the Chesapeake Bay provides many favorites, from blue crab and oysters to striped bass and menhaden.

History-lovers will go crazy for Harpers Ferry, the Chesapeake and Ohio Canal, the Antietam National Battlefield, and the National Aquarium. Maryland is also home to Fort McHenry, which is said to be the inspiration for Francis Scott Key’s famous song, "The Star-Spangled Banner."

Just imagine what this state can inspire for you, if you were to set down roots here!

This is the Census data for Maryland

Population

Total population estimate for Maryland (July 1) 2012
5,884,563
Total population change for Maryland- April 1, 2010 to July 1, 2012
1.9%

Age

Percentage of the population that's under 5 years old in Maryland, 2011
6.3%
Percentage of the population that's under 18 years years old in Maryland, 2011
23.1%
Percentage of the population that's 65 years and over Maryland, 2011
12.5%

Gender

Percentage of the population that are females in Maryland, 2011
51.6%

Race breakdown for Maryland in percentages

White alone, 2011
61.1%
Black alone, 2011
30.0%
American Indian and Alaska Native alone,2011
0.5%
Asian alone, percent, 2011
5.8%
Native Hawaiian and Other Pacific Islander alone, 2011
0.1%
Two or more races, 2011
2.5%
Hispanic or Latino Origin, 2011
8.4%
Not Hispanic, White alone, 2011
54.4%

A little more about the residents of Maryland

Percentage of residents who lived in the same house 1 year ago, 2007-2011
86.4%
Percent of residents who are foreign born 2007-2011
13.5%
Percent speaking a language other than English at home, 2007-2011
16.2%

Education

Percent high school graduates or higher for residents 25 years old and over in Maryland, 2007-2011
88.2%
Percent with a bachelor's degree or higher for residents 25 years old and over in Maryland, 2007-2011
36.1%

Veterans

Total number of Veterans living in Maryland 2007-2011
443,652

Communting

The average travel time to work for workers in Maryland (16 years and over not working at home), 2007-2011
31.7 mins

Real estate stats in Maryland

Housing unit estimates, 2011
2,391,350
Owner-occupied housing units - percent of total occupied housing units, 2007-2011
68.7%
Housing units by units in structure - multi-dwelling structure, percent, 2007-2011
25.4%
Median value of specified owner-occupied housing units, 2007-2011
$319,800.00
Households, 2007-2011
2,128,377
Average household size, 2007-2011
2.63

Income

Per capita income for Maryland in the past 12 months (in 2011 inflation-adjusted dollars), 2007-2011
$35,751.00
Median household income in Maryland, 2007-2011
$72,419.00
Percentage of people living in poverty in Maryland 2007-2011
9.0%

Business and commerce info for Maryland

Private nonfarm establishments, 2010
134,579
Private nonfarm employment for pay period including March 12, 2010
2,075,507
Private nonfarm employment for pay period including March 12, 2010, percent change, 2000-2010
0.8%
Total number of businesses in Maryland, 2007
528,112
Percentage of Black-owned businesses in Maryland, 2007
19.3%
Percentage of American Indian- and Alaska Native-owned businesses in Maryland , 2007
0.6%
Percentage of Asian-owned businesses in Maryland, 2007
6.8%
Percentage of Native Hawaiian- and Other Pacific Islander-owned businesses in Maryland, 2007
0.1%
Percentage of Hispanic-owned businesses in Maryland, 2007
4.9%
Percentage of Women-owned businesses in Maryland, 2007
32.6%

Land size and population

Size of Maryland in Square Miles, 2010
9,707.24 mi²
Population per square mile in Maryland, 2010
594.8

Maryland real estate