MARYLAND (WDVM) — The Maryland State Department of Assessments and Taxation says the most recently appraised group of homes saw an average value increase of 7.3 percent since 2017.
Frederick County Association of Realtors president Amanda Addington explains how homeowners should interpret that number.
“For a specific property owner, they just have to be cautious that they don’t take the number and of the increase for the state in its entirety and apply that to their own property,” she said.
On a county level, Montgomery County saw a 4.8 percent increase, while Frederick County saw a 9.8 percent increase. Addington says there’s a lot of factors that play into increases and decreases of property values in different counties.
“People will prefer a certain school district and transportation plays into that,” she explained.
It’s good news for those looking to buy or sell a home.
“We’re getting to a point where property owners are realizing some profit on their sale. So it is a good time to sell. Interest rates are very very low, it’s a great time to buy. There are programs out there who offer assistance to buyers,” said Addington.
Some locals say despite increasing property values and housing costs, they’ll make an effort to stay in the area.
Concepcion Gutierrez is a teacher from Silver Spring, when asked if housing costs would drive her out of Montgomery County she said, “I love it here, I love it here, I love the people here, I grew up here. So, I don’t see myself leaving, actually.”