Housing

The Cheapest and Most Expensive Housing Markets in Maryland

Cumberland Maryland, Church, City, town
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Home prices have surged in the U.S. in recent years. Driven by rising demand and supply constraints during the pandemic, the median home sale price spiked by nearly 50% from the second quarter of 2020 to Q3 in 2022. While the sale price of a typical American home has fallen in recent months since, housing prices remain at historic highs.

Not only have home values soared, but borrowing costs for home buyers have also climbed. The average interest rate on a 30-year fixed mortgage has been above 6% since September 2022, a high not seen in nearly a decade and a half. In a market defined by high prices and high mortgage rates, homeownership has become prohibitively expensive for a large number of Americans.

Still, housing prices are also subject to a number of factors that can be isolated from broader, nationwide market trends — and location is one of them. Two homes that are virtually identical can vary in price by hundreds of thousands of dollars, depending on where they are. And for prospective homeowners on a budget, some Maryland cities are far more affordable than others.

According to five-year estimates from the U.S. Census Bureau’s 2022 American Community Survey, the typical home in Maryland is worth $380,500. But across the 42 cities, towns and unincorporated communities in the state with populations of at least 30,000, median home values range from about $185,000 to over $1 million.

In any local market, home prices are often a reflection of what residents can afford. In Maryland, many of the least expensive cities for homebuyers are not high-income areas. Of the 42 places in Maryland with available data from the ACS, 18 have a median home value that is less than the statewide median. In all but three of these places, the typical household earns less than the statewide median household income of $98,461. Similarly, most of Maryland’s more expensive housing markets have higher earning populations.

Why It Matters

For Sale Real Estate Sign in Front of New House.
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Homeownership is one of the most practical ways to build wealth in the United States, and rising borrowing costs and home values are pricing out a growing share of the population. The state of the U.S. housing market also has broader economic implications. According to the Congressional Research Service, spending associated with homeownership totaled $1.1 trillion in 2021, or nearly 5% of U.S. gross domestic product.

These are the cheapest and most expensive housing markets in Maryland.

42. Dundalk

AppalachianViews / iStock via Getty Images
  • Median home value: $184,700
  • Homes worth over $1 million: 0.8%
  • Homeownership rate: 63.2%
  • Median household income: $61,217
  • Total population: 66,321

41. Hagerstown

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  • Median home value: $192,500
  • Homes worth over $1 million: 1.5%
  • Homeownership rate: 40.2%
  • Median household income: $48,481
  • Total population: 43,374

40. Salisbury

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  • Median home value: $199,300
  • Homes worth over $1 million: 0.0%
  • Homeownership rate: 25.8%
  • Median household income: $53,309
  • Total population: 32,960

39. Baltimore

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  • Median home value: $202,900
  • Homes worth over $1 million: 1.4%
  • Homeownership rate: 47.8%
  • Median household income: $58,349
  • Total population: 584,548

38. Essex

Famartin / Wikimedia Commons
  • Median home value: $235,600
  • Homes worth over $1 million: 0.9%
  • Homeownership rate: 58.0%
  • Median household income: $67,580
  • Total population: 40,842

37. Middle River

Public Domain / Wikimedia Commons
  • Median home value: $239,500
  • Homes worth over $1 million: 0.5%
  • Homeownership rate: 62.5%
  • Median household income: $72,970
  • Total population: 31,155

36. Parkville

Bing722 / Wikimedia Commons
  • Median home value: $242,600
  • Homes worth over $1 million: 0.5%
  • Homeownership rate: 64.2%
  • Median household income: $79,661
  • Total population: 30,520

35. Woodlawn (Baltimore County)

Famartin / Wikimedia Commons
  • Median home value: $251,800
  • Homes worth over $1 million: 0.5%
  • Homeownership rate: 63.9%
  • Median household income: $74,618
  • Total population: 42,239

34. Milford Mill

Famartin / Wikimedia Commons
  • Median home value: $254,100
  • Homes worth over $1 million: 0.0%
  • Homeownership rate: 44.6%
  • Median household income: $71,846
  • Total population: 31,513

33. Randallstown

Public Domain / Wikimedia Commons
  • Median home value: $286,400
  • Homes worth over $1 million: 0.4%
  • Homeownership rate: 74.1%
  • Median household income: $89,484
  • Total population: 36,223

32. Glen Burnie

Famartin / Wikimedia Commons
  • Median home value: $312,200
  • Homes worth over $1 million: 0.6%
  • Homeownership rate: 63.8%
  • Median household income: $86,283
  • Total population: 71,427

31. Owings Mills

Public Domain / Wikimedia Commons
  • Median home value: $318,200
  • Homes worth over $1 million: 0.3%
  • Homeownership rate: 47.7%
  • Median household income: $92,322
  • Total population: 34,999

30. Frederick

Public Domain / Wikimedia Commons
  • Median home value: $343,800
  • Homes worth over $1 million: 0.9%
  • Homeownership rate: 58.5%
  • Median household income: $89,981
  • Total population: 78,390

29. Montgomery Village

Famartin / Wikimedia Commons
  • Median home value: $354,800
  • Homes worth over $1 million: 0.5%
  • Homeownership rate: 66.9%
  • Median household income: $91,703
  • Total population: 34,748

28. Waldorf

Famartin / Wikimedia Commons
  • Median home value: $360,300
  • Homes worth over $1 million: 0.5%
  • Homeownership rate: 72.1%
  • Median household income: $111,454
  • Total population: 81,077

27. Bel Air South

Jerrye & Roy Klotz, MD / Wikimedia Commons
  • Median home value: $362,300
  • Homes worth over $1 million: 1.1%
  • Homeownership rate: 82.9%
  • Median household income: $113,739
  • Total population: 57,109

26. Chillum

A. Bailey / Wikimedia Commons
  • Median home value: $369,400
  • Homes worth over $1 million: 0.6%
  • Homeownership rate: 41.5%
  • Median household income: $74,479
  • Total population: 35,908

25. Clinton

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  • Median home value: $379,400
  • Homes worth over $1 million: 0.5%
  • Homeownership rate: 90.8%
  • Median household income: $122,266
  • Total population: 40,224

24. Catonsville

Public Domain / Wikimedia Commons
  • Median home value: $381,000
  • Homes worth over $1 million: 0.7%
  • Homeownership rate: 70.7%
  • Median household income: $103,448
  • Total population: 42,767

23. Pasadena

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  • Median home value: $382,100
  • Homes worth over $1 million: 1.6%
  • Homeownership rate: 80.9%
  • Median household income: $113,944
  • Total population: 32,161

22. Odenton

Public Domain / Wikimedia Commons
  • Median home value: $387,600
  • Homes worth over $1 million: 0.5%
  • Homeownership rate: 64.7%
  • Median household income: $120,280
  • Total population: 45,026

21. Germantown

Public Domain / Wikimedia Commons
  • Median home value: $393,700
  • Homes worth over $1 million: 1.4%
  • Homeownership rate: 65.9%
  • Median household income: $109,268
  • Total population: 90,210

20. Pikesville

Public Domain / Wikimedia Commons
  • Median home value: $397,400
  • Homes worth over $1 million: 4.8%
  • Homeownership rate: 68.2%
  • Median household income: $94,408
  • Total population: 34,101

19. College Park

Public Domain / Wikimedia Commons
  • Median home value: $404,700
  • Homes worth over $1 million: 1.2%
  • Homeownership rate: 40.9%
  • Median household income: $76,973
  • Total population: 34,416

18. Bel Air North

Famartin / Wikimedia Commons
  • Median home value: $408,000
  • Homes worth over $1 million: 0.8%
  • Homeownership rate: 91.1%
  • Median household income: $133,613
  • Total population: 31,308

17. Towson

Public Domain / Wikimedia Commons
  • Median home value: $408,100
  • Homes worth over $1 million: 5.0%
  • Homeownership rate: 57.5%
  • Median household income: $98,425
  • Total population: 57,617

16. Bowie

Source: Andrew Bossi / Wikimedia Commons
  • Median home value: $419,200
  • Homes worth over $1 million: 0.6%
  • Homeownership rate: 86.1%
  • Median household income: $138,797
  • Total population: 57,922

15. Severn

Famartin / Wikimedia Commons
  • Median home value: $439,400
  • Homes worth over $1 million: 1.0%
  • Homeownership rate: 73.1%
  • Median household income: $125,330
  • Total population: 56,438

14. Wheaton

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  • Median home value: $454,600
  • Homes worth over $1 million: 0.4%
  • Homeownership rate: 63.8%
  • Median household income: $101,229
  • Total population: 52,775

13. Columbia

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  • Median home value: $458,700
  • Homes worth over $1 million: 1.6%
  • Homeownership rate: 64.3%
  • Median household income: $124,537
  • Total population: 106,600

12. Eldersburg

Famartin / Wikimedia Commons
  • Median home value: $460,100
  • Homes worth over $1 million: 1.1%
  • Homeownership rate: 89.0%
  • Median household income: $143,148
  • Total population: 30,357

11. Gaithersburg

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  • Median home value: $472,800
  • Homes worth over $1 million: 6.6%
  • Homeownership rate: 51.0%
  • Median household income: $104,544
  • Total population: 69,016

10. Annapolis

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  • Median home value: $473,100
  • Homes worth over $1 million: 12.1%
  • Homeownership rate: 59.8%
  • Median household income: $97,219
  • Total population: 40,719

9. Aspen Hill

Famartin / Wikimedia Commons
  • Median home value: $495,800
  • Homes worth over $1 million: 1.6%
  • Homeownership rate: 63.7%
  • Median household income: $104,582
  • Total population: 54,262

8. Silver Spring

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  • Median home value: $606,100
  • Homes worth over $1 million: 6.2%
  • Homeownership rate: 37.7%
  • Median household income: $95,213
  • Total population: 81,808

7. Severna Park

Public Domain / Wikimedia Commons
  • Median home value: $613,500
  • Homes worth over $1 million: 8.3%
  • Homeownership rate: 91.0%
  • Median household income: $164,288
  • Total population: 40,452

6. Olney

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  • Median home value: $615,700
  • Homes worth over $1 million: 6.4%
  • Homeownership rate: 89.1%
  • Median household income: $166,541
  • Total population: 35,522

5. Ellicott City

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  • Median home value: $617,200
  • Homes worth over $1 million: 3.5%
  • Homeownership rate: 72.0%
  • Median household income: $149,534
  • Total population: 73,589

4. Rockville

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  • Median home value: $623,800
  • Homes worth over $1 million: 6.3%
  • Homeownership rate: 54.6%
  • Median household income: $122,470
  • Total population: 67,142

3. North Bethesda

G. Edward Johnson / Wikimedia Commons
  • Median home value: $714,500
  • Homes worth over $1 million: 22.7%
  • Homeownership rate: 49.2%
  • Median household income: $131,142
  • Total population: 49,763

2. Potomac

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  • Median home value: $1,044,900
  • Homes worth over $1 million: 53.6%
  • Homeownership rate: 85.2%
  • Median household income: $218,710
  • Total population: 46,499

1. Bethesda

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  • Median home value: $1,088,000
  • Homes worth over $1 million: 56.4%
  • Homeownership rate: 65.1%
  • Median household income: $185,546
  • Total population: 66,316
Rank Places in Maryland with at least 30,000 residents Median home value ($) Homeownership rate (%) Median household income ($) Total Population
1 Bethesda 1,088,000 65.1 185,546 66,316
2 Potomac 1,044,900 85.2 218,710 46,499
3 North Bethesda 714,500 49.2 131,142 49,763
4 Rockville 623,800 54.6 122,470 67,142
5 Ellicott City 617,200 72.0 149,534 73,589
6 Olney 615,700 89.1 166,541 35,522
7 Severna Park 613,500 91.0 164,288 40,452
8 Silver Spring 606,100 37.7 95,213 81,808
9 Aspen Hill 495,800 63.7 104,582 54,262
10 Annapolis 473,100 59.8 97,219 40,719
11 Gaithersburg 472,800 51.0 104,544 69,016
12 Eldersburg 460,100 89.0 143,148 30,357
13 Columbia 458,700 64.3 124,537 106,600
14 Wheaton 454,600 63.8 101,229 52,775
15 Severn 439,400 73.1 125,330 56,438
16 Bowie 419,200 86.1 138,797 57,922
17 Towson 408,100 57.5 98,425 57,617
18 Bel Air North 408,000 91.1 133,613 31,308
19 College Park 404,700 40.9 76,973 34,416
20 Pikesville 397,400 68.2 94,408 34,101
21 Germantown 393,700 65.9 109,268 90,210
22 Odenton 387,600 64.7 120,280 45,026
23 Pasadena 382,100 80.9 113,944 32,161
24 Catonsville 381,000 70.7 103,448 42,767
25 Clinton 379,400 90.8 122,266 40,224
26 Chillum 369,400 41.5 74,479 35,908
27 Bel Air South 362,300 82.9 113,739 57,109
28 Waldorf 360,300 72.1 111,454 81,077
29 Montgomery Village 354,800 66.9 91,703 34,748
30 Frederick 343,800 58.5 89,981 78,390
31 Owings Mills 318,200 47.7 92,322 34,999
32 Glen Burnie 312,200 63.8 86,283 71,427
33 Randallstown 286,400 74.1 89,484 36,223
34 Milford Mill 254,100 44.6 71,846 31,513
35 Woodlawn (Baltimore County) 251,800 63.9 74,618 42,239
36 Parkville 242,600 64.2 79,661 30,520
37 Middle River 239,500 62.5 72,970 31,155
38 Essex 235,600 58.0 67,580 40,842
39 Baltimore 202,900 47.8 58,349 584,548
40 Salisbury 199,300 25.8 53,309 32,960
41 Hagerstown 192,500 40.2 48,481 43,374
42 Dundalk 184,700 63.2 61,217 66,321

 

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