Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Caroline County | Maryland Avg | US Average |
|---|---|---|---|
| Median Home Price | $222,828 | $285,029 | $242,182 |
| Price Trend (Annual %) | 7.1% | 4.8% | 8.2% |
| Median Gross Rent | $1,070 | $1,661 | $1,342 |
| Rent Trend (Annual %) | 2.4% | 4.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Caroline County is about 22% lower than in Maryland. Rent is about 36% lower than the Maryland average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Caroline County, up about 7.1% and 2.4% a year respectively. Home prices are changing faster.
Median rent in Caroline County rose about 19.3% between 2015 and 2023, from $896 to $1,070. Over the same span, rent in Maryland rose about 35.2%.
Affordability
On average, housing unit costs 3.3 yearly household incomes in Caroline County.
Buying the median-priced home in Caroline County costs roughly 17.4 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Caroline County. The price-to-rent ratio in Maryland is about 14.3.
| Metric | Caroline County | Maryland Avg | US Average |
|---|---|---|---|
| Median Home Price | $222,828 | $285,029 | $242,182 |
| Median Household Income | $66,799 | $101,971 | $78,145 |
| Price-to-Income Ratio | 3.3 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Caroline County rose about 34.8%, while median household income rose about 20.0% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Caroline County | Maryland Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 64.8% | 62.0% | 58.2% |
| Rental Rate | 25.4% | 29.9% | 31.3% |
| Vacancy Rate | 9.9% | 8.1% | 10.6% |
| Median Tenure (years) | 17.0 | 15.0 | 15.0 |
| Median Year Moved In | 2009 | 2011 | 2011 |
Caroline County has a homeownership rate of 64.8%, higher than the Maryland average of 62.0%. Its housing vacancy rate is 9.9%, compared with 8.1% in Maryland.
Housing Stock
| Metric | Caroline County | Maryland Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.70 people | 2.58 people | 2.54 people |
| Median Structure Built Year | 1984 | 1977 | 1978 |
| Median Number of Rooms | 6.1 | 6.2 | 5.5 |
The typical housing unit in Caroline County was built around 1984. On average, 2.7 people live in a home with about 6.1 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Caroline County, Maryland.
What is the median home price in Caroline County, Maryland?
The median home price in Caroline County, Maryland is $222,828, lower than the Maryland average of $285,029.
What is the average home price in Caroline County, Maryland?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Caroline County, Maryland?
The median gross rent in Caroline County, Maryland is $1,070 per month, lower than the Maryland average of $1,661.
What was the median gross rent in Caroline County in 2020?
In 2020, the median gross rent in Caroline County, Maryland was $1,003 per month.
What is the price-to-rent ratio in Caroline County, Maryland?
The price-to-rent ratio in Caroline County, Maryland is about 17.4, meaning it would take roughly 17.4 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Caroline County.
Are home prices or rent rising faster in Caroline County, Maryland?
Both home prices and rent are rising in Caroline County, up about 7.1% and 2.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Caroline County, Maryland?
64.8% of households in Caroline County, Maryland own their home, higher than the Maryland average of 62.0%.
What is the vacancy rate in Caroline County, Maryland?
The housing vacancy rate in Caroline County, Maryland is 9.9%, higher than the Maryland average of 8.1%.