MARKETS & TRENDS
MARYLAND SPOTLIGHT
YEAR-END MEDIAN HOME SALES FOR MARYLAND
MEDIAN HOME PRICE
ANNUAL HOME PRICE APPRECIATION
10.0%
$300,000
9.1%
8.0%
$250,000
6.0%
6.0%
5.9%
4.4%
4.0%
4.2%
$200,000
2.6%
2.0%
1.3%
$279,000
0.4%
0.4%
0.0%
$150,000
$278,000
$261,000
$256,300
$254,753
$250,000
-2.0%
$230,000
$235,000
$231,000 $234,000 $240,000
$220,000
$217,000
$100,000
$205,000
-4.0%
-6.4%
-6.0%
$50,000
-6.8%
-8.1%
-8.0%
-8.3%
-10.0%
$ 2005 2006 2007 2008 2009 2010 2011
2012 2013 2014 2015 2016 2017 2018
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Maryland: An Attractive Place to Invest REAL ESTATE INVESTING OPPORTUNITIES AROUND THE BALTIMORE AREA.
by Joel Cone
aryland's proximity to the nation's capitol is a definite upside when it comes to real estate invest- ment, and the state offers more positives than geography to attract investors. For one, population numbers spiked in Maryland at the end of the Great Recession and remain positive, at a slow and steady year-over-year pace for the past three years, according to Dr. Daraius Irani, Vice President, Strategic Partnerships and Applied Research at Towson Univer- sity who also serves as chief economist for the school’s Regional Economic Studies Institute. “The largest contributor to migration into Maryland from a domestic source is the District of Columbia,” Irani ex- plained. “In 2017, more than twice as many people migrated from DC to Maryland as migrated in the other direction.” With an unemployment rate of 3.9 percent for Decem- ber 2018, the future of job growth in Maryland overall is relatively stable, another good sign for investors looking for positive cash flow from their investment properties. M
“Regardless of future job growth in Maryland as a whole, the job market around DC should remain relatively healthy. This is good news for parts of Maryland consid- ering that Maryland is currently the number one choice of residence for people who work in DC,” Irani said. When it comes to jobs statewide, while Irani’s 2018 Economic Outlook Forum presentation showed that as of September 2018 the government sector led the state in total number of jobs, he is also projecting the number of jobs will go negative starting in 2020 with the largest loss in the government sector. Although the job mix might be changing somewhat over the next few years, the demand for housing will continue. For year-end 2018, ATTOM Data Solutions reported median home sales prices increased 4.4 percent from the year before to $261,000, up 13.5 percent over the previous five-year period but still 6 percent below its 2007 peak. One in every 80 properties in Baltimore City had a foreclosure filing in 2018, while one in every 112 prop-
56 | think realty housing news report :: april / may 2019
thinkrealty . com / hnr | 57
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