The state of Maryland is an affluent state with a healthy economy. The most recent census results show that the state maintains an unemployment rate which hovers around 25% lower than the national average. The median household income in Maryland is also well above the national average, with the median in Maryland at$52,868 and the national average being $41,994. The housing market in Maryland is also healthy and looking to continue growing. The US census shows that in 2002 there were 2,197,126 total housing units in the state. The home ownership rate in Maryland in 2000 was just above the national average, with 67.7% of homes being owner occupied in Maryland compared with an average of 66.2% nationwide. The value of homes in Maryland was also above the national average. The national average for the median value of a home according to the 2000 census data was $119,600, and in Maryland the median value of an owner occupied housing unit was $146,000.
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Local Realtors report that the Maryland housing market is still going strong, but that recently sales are slowing slightly with the introduction of the fall weather. Even though it is still considered a seller’s market in Maryland, housing sales have eased down slightly in the last month. The turn around pace is not quite as fast as it has been previously over the past few months. However, demand for homes is still high and sellers are enjoying fair market value for their houses.
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The place to buy right now in Maryland looks to be Southern Maryland. Southern Maryland home buyers have found that their money will get more home and a larger property. This is in addition to paying less in property taxes than most of the neighboring areas. The market trend has been very strong for property owners, with the cost of living in Southern Maryland being lower than most of the Metro area. This is allowing Southern Maryland residents to be able to live more comfortably. There are many other reasons people are choosing Southern Maryland, it is a short commute to DC, most all of the area’s military bases, Virginia, and there are reasonably priced waterfront properties. These properties are lower than most of what is available in the Metro area. In addition to the waterfront properties, retirees are looking at the abundance of planned communities.
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