As home prices rise, property values ​​rise in Maryland

Thanks to extremely low mortgage rates, it is currently an excellent time to buy or sell a home in the United States. But real estate prices are rising – last year they rose by an average of 5.9 percent for existing single-family homes, the National Association of Realtors announced on Tuesday.

And what about Maryland? Is the state’s real estate market too expensive for buyers? Not great if you have a home you want to sell? Or just right — for everyone?

Some answers lie in real estate prices, which suggest that Maryland’s market is improving, according to Zillow, although there can be big differences from city to city and from one part of the state to another.

Current real estate values ​​in Maryland

Real estate prices have increased across Maryland, up 1.40% from last year.

According to Zillow, the median value of a single-family home across the state is currently $289,100—that is, half are worth more and half are worth less.

Could you afford it? Let’s say you want to buy this mid-priced home with a 30-year fixed-rate mortgage at this week’s average interest rate, which is a low 3.69%, says mortgage company Freddie Mac.

With a 30-year mortgage rate of 3.69% and a median home value of $289,100 in Maryland, the representative monthly mortgage payment would be $1,329.04.

How the real estate market is doing in Maryland

Real estate prices in Maryland are historically high and exceed the value of the average home nationwide.

The median home value in the United States is $229,600, up 4.88% from last year.

Zillow predicts that real estate prices in the U.S. will rise by 2.2 percent next year, with Maryland expecting an increase of 0.67 percent.

In Maryland, homes come to market at an average price of $185 per square foot, compared to $155 per square foot nationwide.

Do you want to buy? Check out the currently lowest mortgage rates in your area.