Essex, Maryland Housing Market Prices
Essex Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 20% above the Maryland median$320,493
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Median rent 23% below the Maryland median$1,318
Housing Market Overview
| Metric | Essex | Maryland Avg | US Average |
|---|---|---|---|
| Median Home Price | $320,493 | $267,101 | $248,835 |
| Price Trend (Annual %) | 9.6% | 3.4% | 7.5% |
| Median Gross Rent | $1,318 | $1,704 | $1,407 |
| Rent Trend (Annual %) | 4.0% | 3.8% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Essex is about 20% higher than in Maryland. Rent is about 23% lower than the Maryland average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Essex, up about 9.6% and 4.0% a year respectively. Home prices are changing faster.
Median rent in Essex rose about 44.0% between 2015 and 2024, from $915 to $1,318. Over the same span, rent in Maryland rose about 38.7%.
Affordability
On average, housing unit costs 4.7 yearly household incomes in Essex.
Buying the median-priced home in Essex costs roughly 20.3 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 Essex. The price-to-rent ratio in Maryland is about 13.1.
| Metric | Essex | Maryland Avg | US Average |
|---|---|---|---|
| Median Home Price | $320,493 | $267,101 | $248,835 |
| Median Household Income | $67,625 | $103,916 | $80,455 |
| Price-to-Income Ratio | 4.7 | 2.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Essex rose about 109.2%, while median household income rose about 32.7% between 2009 and 2025 — 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 | Essex | Maryland Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 56.9% | 62.4% | 58.5% |
| Rental Rate | 36.7% | 29.9% | 31.2% |
| Vacancy Rate | 6.4% | 7.7% | 10.2% |
| Median Tenure (years) | 14.0 | 15.0 | 15.0 |
| Median Year Moved In | 2012 | 2011 | 2011 |
Essex has a homeownership rate of 56.9%, lower than the Maryland average of 62.4%. Its housing vacancy rate is 6.4%, compared with 7.7% in Maryland.
Housing Stock
| Metric | Essex | Maryland Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.51 people | 2.57 people | 2.53 people |
| Median Structure Built Year | 1970 | 1977 | 1978 |
| Median Number of Rooms | 5.7 | 6.2 | 5.5 |
The typical housing unit in Essex was built around 1970. On average, 2.5 people live in a home with about 5.7 rooms, staying for about 14.0 years on average.
Essex, MD Housing Compared With Nearby Cities
How Essex, MD compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Essex, MD | 39,226 | $320,493 #1/2 | $1,318 #2/2 | 60.8% #2/2 |
| Dundalk, MD | 63,263 | $177,834 | $1,497 | 65.7% |
Frequently Asked Questions
Common questions about the housing market in Essex, Maryland.
What is the median home price in Essex, Maryland?
The median home price in Essex, Maryland is $320,493, higher than the Maryland average of $267,101.
What is the average home price in Essex, Maryland?
The typical home price in Essex, Maryland, reported as the median sale price, is $320,493. 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 Essex, Maryland?
The median gross rent in Essex, Maryland is $1,318 per month, lower than the Maryland average of $1,704.
What was the median gross rent in Essex in 2020?
In 2020, the median gross rent in Essex, Maryland was $1,103 per month.
What is the price-to-rent ratio in Essex, Maryland?
The price-to-rent ratio in Essex, Maryland is about 20.3, meaning it would take roughly 20.3 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 Essex.
Are home prices or rent rising faster in Essex, Maryland?
Both home prices and rent are rising in Essex, up about 9.6% and 4.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Essex, Maryland?
56.9% of households in Essex, Maryland own their home, lower than the Maryland average of 62.4%.
What is the vacancy rate in Essex, Maryland?
The housing vacancy rate in Essex, Maryland is 6.4%, lower than the Maryland average of 7.7%.
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