23 Oct 101 Things You Need to Know About the Maryland Real Estate Market
Baltimore, the birthplace of The Star Spangled Banner, could perhaps be real estate investor’s best kept secret. No matter what your budget is, there has never been a better time to invest in real estate in the state of Maryland according to your needs.
If you have a dream to invest in property in the state of Maryland, you are not alone. It is one of the most sought-after destinations in the US for some obvious reasons. First of all, it is connected to several states in the Mid-Atlantic Region. Another reason is its rapid transport system. When it comes to the real estate market in Maryland, it is showing up trends over the past few months and it is flourishing due to increased demand for properties.
Best Brokerage Firms
Are you looking for the best real estate brokers in Maryland for buying or selling a home? These firms are the best and one-stop destinations to choose the best homes for your investment –
- Conway Real Estate
- Bankers Real Estate Brokerage Firm, LLC
- The Pinnacle Real Estate Company
- Auction Brokers
Best Real Estate Clubs
The following real estate clubs are the perfect hotspots to find the expert real estate management services and to find the best real estate agents in Maryland.
- The Baltimore Real Estate Investors Association
- Mid-Atlantic Real Estate Investors Association
- Real Estate Investors Metropolitan Washington
- Maryland Real Estate Investors Association
Best Real Estate Meetups
Here are some of the best real estate meetups to connect with professional real estate agents and investors who can share their experience with their investment in Maryland.
- Real Estate Investor Newbies Support Group Meetup
- Real Estate Investors Meetups in Baltimore
- Real Estate Investment Wealth
Investor-Friendly Title Companies
If you’re a serious investor, you need title companies that are friendly to investors. You can count on the following title companies in Maryland, which specialize in working with their clients directly for accurate transactions.
Hard Money Lenders
Get real estate loans fast and easily for residential real estate investment. You can rest assured with quick funding and flexible and competitive rates.
Are you looking for the best traditional money lenders who can assist you in the process of buying a home? You may apply quickly for the loan from these traditional lenders for quick turnaround and smooth process.
Access the hottest deals on wholesale homes for real estate agents and investors, including top single-family homes and townhouses with convenience and value.
Find the best construction materials and supplies in Maryland with the following rehab suppliers. They have years of experience in offering quality commercial and residential construction supplies.
- Burke Gregory Building Center
- GTO Construction
- Bishop & Smith Registered Architects
- Capitol Building Supply
Maryland Real Estate Market Status
In Maryland, the average value of a home is $282,500. Since the past year, Maryland has witnessed over 4.1% of growth in home values. According to Zillow, the home values will rise up to 5.5% by next year. The average list price in Maryland is $183 per sq. ft. Currently, the average home price listed is $320,000 and the average home price which is sold is $260,400. In Maryland, the average rent price is $1750.
Factors Affecting the Maryland Real Estate Market
Foreclosures are one of the major factors which may affect the home values in the near future. There are 2.0 homes foreclosed per 10,000 in Maryland, which is higher than 1.6, i.e. national value. The first step towards the process of foreclosure is delinquency of mortgage. This is when a homeowner cannot pay off the mortgage.
In Maryland, there are 2.1% of delinquent mortgages, i.e. higher than the national percentage of 1.6%. Home values have been dropped by around 20% across the US from their hike in 2007 until trough by 2011. Now, a lot of homeowners are floating underwater in terms of mortgages, which means they owe more than the actual value of their home. There are 14.6% of homeowners in Maryland who went underwater on the mortgage.
Hottest Real Estate Investment Cities in Maryland
Economy (according to BLS)
- GDP – $333.336 billion in 2016
- Per capita income – $25,615 (2000)
- Median household income – $69,272 (2010)
Top Real Estate Schools to Get Licensed
- Chris Rood – Join Chris Hood to learn wholesale real estate and start earning full time with real estate investment. Become the most anticipated real estate professional of your community or across Maryland.
- Maryland Real Estate Academy – Learn all the core principles and concepts of real estate in a professional environment and be prepared for Real Estate Licensing Exam in Maryland.
- Tristar Academy – Get started for MD Real Estate License with the next Continuing Education Classes for DC and MD. They have specialized courses for real estate licensing exam.
Famous Historical Homes in Maryland
- Mount Clare Museum House – Built in 1760, Mount Clare Museum House is the first museum house in Maryland owned by Charles Carroll, one of the first senators of Maryland.
- The Star-Spangled Banner Flag House and Museum – Built in 1793, the Star-Spangled Banner Flag House and Museum was once a business place and house for Pickersgill.
- Carroll Mansion – The former home of Charles Carroll tells the beautiful history of the country that dates back 200 years old. This historic home was turned from a home to a sweatshop, saloon, tenement apartments, vocational school, recreational hub, and then a historical landmark.
- Mother Seton House – Learn about Mother Elizabeth Seton, first canonized saint of the Catholic Church born in the US, who built this visitor center and a girls’ boarding school.
Fun facts about Maryland
- At Annapolis, Maryland, the US Naval Academy was founded in 1845.
- The first railroad station was built in Baltimore in 1830 by Baltimore & Ohio Railroad Company.
- Backbone Mountain at Garrett County is the highest point in Maryland, i.e. located around 3360 ft. above the sea level. Bloody Point Hole is the very lowest point in Maryland, i.e. 174 ft. below the sea level. It is located around 1 mile southwest of the Kent Island tip in Queen Anne’s County.
- Over 43% of the land area of Maryland is covered by its forests, i.e. spread over 2.7 million acres. Hickory and Oak are the leading deciduous or hardwood forests, covering over 60% of forested regions. The most prominent softwood is Loblolly pine and it is also the prominent forest wood on Eastern Shore.
- New Market is called as the antique capital of Maryland.
- Located around Oakland, the Swallow Falls State Park features the Muddy Creek Falls. It is Maryland’s largest waterfall at 63 feet.
- Maryland has also given some of its lands for Washington D.C.
- Crownsville hosts Maryland Renaissance Festival from August to October.
- Including waterfront areas spread over 90,239 acres, Maryland has over 47 State parks that are being operated. In addition, it has 15 public ponds and lakes for fishing, 9 state forests, and 15 state parks for hunting, 36 wilderness areas spread over 88,348 acres, and 6 nature reserves spread over 7676 acres of landscapes.
- During the 17th century, Annapolis was called as the Athens of America and it was also the capital city of the US.
- Elizabeth Ann Bayley Seton from Emmitsburg was canonized on 14th September 1975 and became the first native American for getting such a great honor. The Sisters of Charity in Maryland is a religious community formed by St. Elizabeth Ann.