Maryland Home Values are on the Upswing
Buying a home in any market is an exciting experience that comes with many questions. Will my new home retain its value? Will the location I’m looking at be as desirable in a few years? All these issues and more can raise potential red flags to new home buyers in any market. But, in the Annapolis area, Anne Arundel County, and even statewide, homes are steadily increasing in property value. This is a great time to seize the opportunity this market can offer you. In 2018 the entire state of Maryland saw a 9.1 percent increase in property values, with counties like Anne Arundel and Prince Georges also seeing spikes in home values (7.8 percent and 16.8 percent respectively). These trends have been improving for the last several years and continue to prove the value many parts of Maryland can offer.
How Does This Empower You, the Potential Homeowner?
This increase in value means a multitude of things. This shows that not just the square footage and location are increasing in value but, individuals are also improving their own homes which can increase their worth. Also, under the Homestead Act, in Anne Arundel County if your property value increases over 2 percent, your property taxes are capped there. You are then eligible for a tax credit on any increase after that amount. This is an effort by the local government to make moving into the area more accessible. This means those who have a lower income, are young, or elderly, can afford to live in the area they desire. This shows that whether you are moving into Annapolis, Anne Arundel County, or anywhere else in Maryland, the opportunity to find a great home that will increase in value is everywhere. This also is good news for current homeowners who were not aware of the steady climb property values have been experiencing.
The Stats on The Annapolis Area Market
Finally, to be prepared to live anywhere you should know the data behind the market. In Annapolis the median sale price for a home is $430,000. Using this information as a starting point, home-seekers can then delve into the various areas and price ranges that they are interested in. The diversity in the types of homes and properties available to you are incredible. A traditional home may not suit everyone’s needs and a townhome or a different option might be best suited for you. The exceptional aspects of the Annapolis market, and many other areas of Maryland, offers the variety and quality to those who are looking to become a part of it.
Check out our featured listings to see what properties we have for you. If you see a property you are interested in you can set up an open house to experience the home or property for yourself. You can search by area and price range to better inform yourself and see how we can help you.