Annapolis
Frederick
Gaithersburg
Rockville
Closing Conducted by: | Title Companies, Attorneys |
Conveyance: | Grant Deed |
Primary Foreclosure Method: | Judicial |
Process Period: | 2 - 3 months |
Notice of Sale: | Court |
Redemption Period: | Court Determined |
Income Tax: | 2% - 5.5% |
Corporate Tax: | 8.25% |
Sales Tax: | 6.00% |
Estate Tax: | 16% - 40% |
Inheritance Tax: | 10% |
Median Property Tax: | 0.87% |
Property Taxes by County: | http://www.tax-rates.org/maryland/property-tax#Counties |
Closing Cost: | $2,404.00 |
Transfer Fee: | Transfer tax 0.5%;(or 0.25% for 1st- time buyers) |
Origination Fee: | $1,836.00 |
Median Home Value: $292,300
1-Year Appreciation Rate: +1.8%
Median Home Value (1-Year Forecast): +1.3%
Median Rent Price: $1,700
Price-To-Rent Ratio: 14.32
Average Days On Market: 78
Unemployment Rate: 3.8% (latest estimate by the Bureau Of Labor Statistics)
Population: 6,042,718 (latest estimate by the U.S. Census Bureau)
Median Household Income: $78,916 (latest estimate by the U.S. Census Bureau)
Percentage Of Vacant Homes: 9.93%
Foreclosure Rate: 1 in every 1,218 (8.2%)
Months Of Inventory: 2.6
Baltimore City (1 in every 601)
Prince George's County (1 in every 785)
Wicomico (1 in every 1,003)
Allegany (1 in every 1,224)
Charles (1 in every 1,436)
Tax Lien or Deed: Tax Lien State
Interest Rate: 6% to 24% Varies by county
Redemption Period: 6 Months to 2 Years; Varies by county
Baltimore County, MD - May/June
Charles County, MD - May/June
Harford County, MD - May/June
Investors will remain optimistic: There are simply too many reasons for anyone involved in the real estate sector to be optimistic about 2020. Not only has the market come a long way in a relatively short period of time, but underlying fundamentals suggest the Maryland real estate market will prosper for at least the foreseeable future. Thanks, in large part, to an improved local economy, the housing market is expected to balance out and spark activity. More people will be able to participate in the market, which is great news for everyone.
Prices will continue to rise: It is important to note that optimism appears to remain intact despite eight consecutive years of appreciation. While prices have risen to historical highs, Maryland residents are still inclined to buy, which will serve as the foundation for increased activity moving forward. That said, prices will continue to rise as long as inventory remains tight.
Inventory will remain tight: Through 2019, the Maryland real estate market has been limited by a lack of available inventory. With 2.6 months of available inventory as recently as November, the Maryland housing market is about 3.4 months shy of a balanced market. As a result, prices have increased and facilities competition on a higher level. While more inventory will be introduced over the course of 2020, it’s safe to assume inventory will remain tight or the foreseeable future.