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 | Carroll County | Maryland Avg | US Average |
|---|---|---|---|
| Median Home Price | $330,586 | $285,029 | $242,182 |
| Price Trend (Annual %) | 8.7% | 4.8% | 8.2% |
| Median Gross Rent | $1,369 | $1,661 | $1,342 |
| Rent Trend (Annual %) | 3.5% | 4.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Carroll County is about 16% higher than in Maryland. Rent is about 18% 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 Carroll County, up about 8.7% and 3.5% a year respectively. Home prices are changing faster.
Median rent in Carroll County rose about 26.9% between 2015 and 2023, from $1,079 to $1,369. Over the same span, rent in Maryland rose about 35.2%.
Affordability
On average, housing unit costs 2.8 yearly household incomes in Carroll County.
Buying the median-priced home in Carroll County costs roughly 20.1 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Carroll County. The price-to-rent ratio in Maryland is about 14.3.
| Metric | Carroll County | Maryland Avg | US Average |
|---|---|---|---|
| Median Home Price | $330,586 | $285,029 | $242,182 |
| Median Household Income | $116,219 | $101,971 | $78,145 |
| Price-to-Income Ratio | 2.8 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Carroll County rose about 57.6%, while median household income rose about 42.5% 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 | Carroll County | Maryland Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 80.5% | 62.0% | 58.2% |
| Rental Rate | 15.5% | 29.9% | 31.3% |
| Vacancy Rate | 4.1% | 8.1% | 10.6% |
| Median Tenure (years) | 18.0 | 15.0 | 15.0 |
| Median Year Moved In | 2008 | 2011 | 2011 |
Carroll County has a homeownership rate of 80.5%, higher than the Maryland average of 62.0%. Its housing vacancy rate is 4.1%, compared with 8.1% in Maryland.
Housing Stock
| Metric | Carroll County | Maryland Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.68 people | 2.58 people | 2.54 people |
| Median Structure Built Year | 1983 | 1977 | 1978 |
| Median Number of Rooms | 7.2 | 6.2 | 5.5 |
The typical housing unit in Carroll County was built around 1983. On average, 2.7 people live in a home with about 7.2 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Carroll County, Maryland.
What is the median home price in Carroll County, Maryland?
The median home price in Carroll County, Maryland is $330,586, higher than the Maryland average of $285,029.
What is the average home price in Carroll 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 Carroll County, Maryland?
The median gross rent in Carroll County, Maryland is $1,369 per month, lower than the Maryland average of $1,661.
What was the median gross rent in Carroll County in 2020?
In 2020, the median gross rent in Carroll County, Maryland was $1,120 per month.
What is the price-to-rent ratio in Carroll County, Maryland?
The price-to-rent ratio in Carroll County, Maryland is about 20.1, meaning it would take roughly 20.1 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Carroll County.
Are home prices or rent rising faster in Carroll County, Maryland?
Both home prices and rent are rising in Carroll County, up about 8.7% and 3.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Carroll County, Maryland?
80.5% of households in Carroll County, Maryland own their home, higher than the Maryland average of 62.0%.
What is the vacancy rate in Carroll County, Maryland?
The housing vacancy rate in Carroll County, Maryland is 4.1%, lower than the Maryland average of 8.1%.