Appreciating values – In the past year, home values have increased by 5.0% and are foreseen to rise by another 5.4% in the next 12 months. This is enticing many investors from all across the country to acquire property in Maryland.
Proximity to Washington DC – Several parts of Maryland are in a commutable distance to Washington D.C. Also, the state’s median home value is lower than D.C., making it ideal to stay in Maryland and commute to DC. This accessibility has kept property prices more stable, resulting in consistent and steady appreciation.
A Strong Rental Market – Maryland has high property values along with high property taxes, making home buying difficult for many. More than 30% of the state’s population rents accommodation with median rent prices are higher than the national average.
High foreclosure rates – Around 14.6% of Maryland’s homeowners are late on their mortgages; if you are searching for homes below the fair market value, Maryland will be an excellent option. Also displaced homeowners will continue to drive the rental market providing more stability.