The next time you’re shopping in Maryland, take a moment to take stock of what’s happening around you.
The state is struggling with a housing shortage, and it’s been making some headway on that front with its real estate listing boom.
Real estate listings surged 20 percent in the first quarter, while prices have dropped to historic lows.
That’s thanks in part to new laws passed in the spring and summer that will give residents a chance to buy homes before they’re sold.
There are still many buyers waiting in the wings to take advantage of the move, and the latest figures suggest the housing market is heading in the right direction.
In May, the Maryland Association of Realtors reported that the state’s vacancy rate dropped to 4.6 percent, from 4.9 percent in April.
Maryland’s unemployment rate dropped from 5.6 to 5.2 percent in May, which has helped to reduce the number of people seeking help.
Meanwhile, the number a Maryland resident wants to sell has also dropped, from 3.8 million in April to 2.8, according to Realtor.com.
The average sale price has been about $1.4 million, according the company.
The median sale price in Maryland is now about $400,000, according Realtornews.com, and some homes in the region are listed for as much as $2.5 million.
With the market still in a lull, you can be forgiven for wondering if there’s any reason to be excited about Maryland’s new boom.
While it might not be as dramatic as it looks on the outside, the state has a long history of home-buying.
The most famous example is the Maryland Beach house that was purchased by the actor and writer Harry Belafonte in 1882 for $2,000.
Other recent Maryland successes include the home of actor John Candy and real estate mogul George Soros’ family home in Baltimore.
According to RealestateNews.com , the median price for a single-family home in Maryland has jumped more than 60 percent since January 2016.
This was despite the fact that the median salary for a Marylander has remained at $70,000 for the past 10 years.
There’s still plenty of work to be done, however.
According with Realtore.com in July, Maryland’s home price growth rate has dropped to just 4.2 per cent from the previous year, which is well below the national average.
The vacancy rate has also remained flat at 3.7 percent, while the median sale prices have been falling, too.
That means Maryland is on pace to have an additional 1.7 million people unemployed by the end of the year, according with the Bureau of Labor Statistics.
In addition to those statistics, there’s a host of other things to consider when it comes to buying a home in the state.
Maryland has some of the strictest home-buyer protections in the country.
It’s the only state that prohibits new construction in the same neighborhoods where houses have been built.
It also bans people from buying a new home in an area where there’s been a major fire or major accident, unless there’s already a home that’s been built there.
Additionally, homeowners are required to put down a down payment of 30 percent or less on their homes, and all new home construction must be done by 2022.
If you don’t get a mortgage, you’ll have to pay the entire price of the home plus interest.
That could mean that you could be looking at a downpayment of over $50,000 to build a home.
And for the uninitiated, Maryland has a property tax rate of 5.1 percent.
That might not seem like much, but it adds up to about $2 million to your mortgage payment.
As for the other key factors that could make or break your decision on where to move to in Maryland?
Home values have risen in the past decade, which isn’t great news for a state that already has the highest property taxes in the nation.
But with the state set to take in about $4 billion in new taxes in 2018, you might be able to get away with paying a little more if you’re a first-time home buyer.
Additionally if you plan to rent a home, Maryland ranks No. 4 in the U.S. for the average annual rent.
That would put you in the top 10 percent of the nation when it come to the amount of money you’d be expected to pay if you lived there for the rest of your life.
A second factor to consider is whether you can afford to live in Maryland.
According a report by Realtor.com and the National Association of Home Builders, Maryland residents earn $28,000 less per year than the national median income of $50.34, which means that a household earning $200,000 a year would need to pay nearly $18,000 more to live