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 | Garrett County | Maryland Avg | US Average |
|---|---|---|---|
| Median Home Price | $303,279 | $285,029 | $242,182 |
| Price Trend (Annual %) | 10.8% | 4.8% | 8.2% |
| Median Gross Rent | $710 | $1,661 | $1,342 |
| Rent Trend (Annual %) | 1.8% | 4.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Garrett County is about 6% higher than in Maryland. Rent is about 57% 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 Garrett County, up about 10.8% and 1.8% a year respectively. Home prices are changing faster.
Median rent in Garrett County rose about 8.0% between 2015 and 2023, from $657 to $710. Over the same span, rent in Maryland rose about 35.2%.
Affordability
On average, housing unit costs 4.5 yearly household incomes in Garrett County.
Buying the median-priced home in Garrett County costs roughly 35.6 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 Garrett County. The price-to-rent ratio in Maryland is about 14.3.
| Metric | Garrett County | Maryland Avg | US Average |
|---|---|---|---|
| Median Home Price | $303,279 | $285,029 | $242,182 |
| Median Household Income | $68,002 | $101,971 | $78,145 |
| Price-to-Income Ratio | 4.5 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Garrett County rose about 80.1%, while median household income rose about 55.7% 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 | Garrett County | Maryland Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 54.8% | 62.0% | 58.2% |
| Rental Rate | 12.8% | 29.9% | 31.3% |
| Vacancy Rate | 32.3% | 8.1% | 10.6% |
| Median Tenure (years) | 19.0 | 15.0 | 15.0 |
| Median Year Moved In | 2007 | 2011 | 2011 |
Garrett County has a homeownership rate of 54.8%, lower than the Maryland average of 62.0%. Its housing vacancy rate is 32.3%, compared with 8.1% in Maryland.
Housing Stock
| Metric | Garrett County | Maryland Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.23 people | 2.58 people | 2.54 people |
| Median Structure Built Year | 1975 | 1977 | 1978 |
| Median Number of Rooms | 6.0 | 6.2 | 5.5 |
The typical housing unit in Garrett County was built around 1975. On average, 2.2 people live in a home with about 6.0 rooms, staying for about 19.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Garrett County, Maryland.
What is the median home price in Garrett County, Maryland?
The median home price in Garrett County, Maryland is $303,279, higher than the Maryland average of $285,029.
What is the average home price in Garrett 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 Garrett County, Maryland?
The median gross rent in Garrett County, Maryland is $710 per month, lower than the Maryland average of $1,661.
What was the median gross rent in Garrett County in 2020?
In 2020, the median gross rent in Garrett County, Maryland was $628 per month.
What is the price-to-rent ratio in Garrett County, Maryland?
The price-to-rent ratio in Garrett County, Maryland is about 35.6, meaning it would take roughly 35.6 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 Garrett County.
Are home prices or rent rising faster in Garrett County, Maryland?
Both home prices and rent are rising in Garrett County, up about 10.8% and 1.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Garrett County, Maryland?
54.8% of households in Garrett County, Maryland own their home, lower than the Maryland average of 62.0%.
What is the vacancy rate in Garrett County, Maryland?
The housing vacancy rate in Garrett County, Maryland is 32.3%, higher than the Maryland average of 8.1%.