How to buy a house in Maryland

Homeownership cannot be understated regardless of your dreams, location, or financial status. However, getting a dream house in Maryland can be daunting for most people.

The real estate market in Maryland has its own rules that you should be aware of if you want to buy a home in the state.

Read on for an overview of what you need to know before buying a home in Maryland.

Where to Buy in Maryland

Maryland is one of the best coastal states for those looking to get into real estate property investment at this time. For example, properties in major cities like Baltimore are registering an estimated 8.9% increase in value.

According to, the median listing prices in “Little America” range between $250,00 to $300,000, with high-end properties starting from $550,000. While price differences might not be significant in some areas, there are places in the state that are budget-friendly, median, and high-end.

Budget-Friendly Areas to Buy a Home in Maryland

  • Prince George’s County. The median prices here range between $290,00 to $300,000, according to the Washington Post. The place boasts of affordable living and a multiracial population.
  • The median price of a home is $306,229, according to
  • Hagerstown. The median price is $148,000.
  • In some parts of Baltimore, prices can range from $148,000 to $500,000, depending on specific locations.
  • Parts of Brunswick and Aberdeen. Here, the median price is $230,000.

Maryland’s Median to High-End Areas to Buy A House

  • Here the median house price is $930,000
  • Ellicott City. The median price here is $550,000, according to
  • Chevy Chase. This is perhaps the most expensive locality in Maryland to buy a house, where the median price is estimated at $1,181,926 by Zillow.

This is by no means an exhaustive list. However, it does show that you can find a house that is within your budget in Maryland.

You should research well to find a home in a locality that is not only convenient for you but also affordable to live and supports your lifestyle.

Can You Afford a Home?

Buying a house can be an expensive and stressful experience if you are not clear about your finances. You should be able to raise at least a third of the house’s listing price, even before you approach a bank for a mortgage.

There are many mortgage lenders in Maryland, including established banks such as the Bank of America. Some lenders are suitable for first-timers, others specialize in refinancing, while others serve the low credit score demographic. Whichever lender you want to approach, do your due diligence and choose a product that you can serve with your income.

Still on money and mortgages, factor other costs such as taxes, renovations, maintenance, service charges, permits, mortgage protection insurance, and other costs in your budget. A house with a very low listing price might end up being expensive in the long term. Baltimore and Howard County have the highest real estate property taxes while Somerset and Montgomery have the lowest average property tax rate.

When Should You Buy?

Seasonal price fluctuations can affect house prices in Maryland by a factor of 10. In fact, it’s estimated that house prices in Baltimore increase in value by an average of 8 to 9% from season to season. Many properties are put on sale in the summer. However, their prices might be higher due to competition. Smart buyers should wait for winter to land great deals and make better negotiations.

Buying a house in Maryland can be tricky. However, when you understand the market and do your research well, you will find an affordable home at a great deal.