Most home buyers prioritize affordability when searching for the right home. While it may seem difficult, you can find the affordable areas in Maryland. Don’t know what places to consider? Read our article to find out the most affordable areas in the Old Line State.
It doesn’t matter if you’re moving to the state or looking for a better neighborhood, affordability plays a huge role in finding the right home. You may think finding the most affordable places is next to impossible. However, you can find the best home that fits your budget with a little effort and great real estate.
Don’t know where to start house hunting in Maryland? Here are the five most budget-friendly places to buy a house in the Old Line State.
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1. Cumberland
Cumberland is a business and commercial center that serves West Virginia. This place is known as “Where the South Begins” since the United States Census Bureau places it below the Mason-Dixon Line.
According to Zillow, the median sale price for homes in this area is $79,500, while the median listing price is $99,900. Properties in Cumberland appreciated 3.5% in 2018 while experts forecast a 1.6% home value appreciation rate within the next year.
This market is leaning toward the buyer’s side, helping buyers secure hefty bargains. The affordability and stable home value appreciation rates make it a great place to put down your roots when moving to Maryland.
2. Hagerstown
This area is home to several historic Civil War sites such as the South Mountain State Battlefield. The Hagerstown community is a cultural hotspot for galleries and museums.
The median sale price for Hagerstown home is $120,100 while $149,900 is the median listing price. During 2018, homes in this housing market appreciated 3.1%, while experts expect a 1.6% rise in home value within the next year.
Currently, Hagerstown is a seller’s market which can make it difficult to secure great deals. However, this place is a great option for home buyers looking for an affordable cultural hotspot in the Old Line State.
3. Greenbelt
Greenbelt is an affordable suburb less than 15 miles away from Washington, D.C. Its convenient access to all major highways makes it easy for their residents to travel to all surrounding major metro areas.
Greenbelt’s median home sale price is $219,200, while $188,900 is the median home value. Home values have appreciated 6.6% in 2018, while experts forecast a 5.1% appreciation within the next year.
This housing market is leaning toward the seller’s side. While you may not be able to secure a hefty discount, Greenbelt’s stable home value appreciation rates and accessibility make it a great option for home buyers looking to protect their investment.
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4. Frederick
The area of Frederick is home to a mix of art, culture, historic, and shopping amenities. The Museum of Civil War Medicine and Monocacy National Battlefield are some historic sites in the area.
Frederick’s median sale price is $285,100, while the median listing price is $341,000. Homes in this market appreciated 3.7% in 2018, while experts expect a 1.4% appreciation rate within the next year.
Currently, it’s a seller’s market in Frederick. While market conditions may prevent you from finding a bargain, this area is a great option for home buyers looking for an affordable place that offers a diverse mix of amenities.
5. Hampstead
While Hampstead isn’t the most affordable place in our list, it’s a great suburb for young professionals and families. Its low crime rate and great schools are some of the top features cited by its residents.
The median sale price in Hampstead is $253,600 while the median listing price is $340,000. Home values in this area appreciated 3.2% in 2018, while in 2019, experts expect a fall in home values of 0.7%. The housing market is leaning toward the seller’s side.
While the potential fall in home value and market conditions might make you think twice about buying a home in this area, you should consider putting down your roots in this place for its family-friendly features.
Learning about the most affordable places in Maryland is the first step to find your dream home at the best price. However, you should consider consulting a top local real estate agent.
Our realtors can guide you every step of the way in your home buying process and even help you save after closing through Clever Cash Back. Consider contacting Clever to get connected to the best Maryland buyer’s agent to buy your home while boosting your home buying cost savings.