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 | Somerset County | Maryland Avg | US Average |
|---|---|---|---|
| Median Home Price | $77,825 | $285,029 | $242,182 |
| Price Trend (Annual %) | 10.6% | 4.8% | 8.2% |
| Median Gross Rent | $938 | $1,661 | $1,342 |
| Rent Trend (Annual %) | 5.1% | 4.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Somerset County is about 73% lower than in Maryland. Rent is about 44% 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 Somerset County, up about 10.6% and 5.1% a year respectively. Home prices are changing faster.
Median rent in Somerset County rose about 33.3% between 2015 and 2023, from $703 to $938. Over the same span, rent in Maryland rose about 35.2%.
Affordability
On average, housing unit costs 1.4 yearly household incomes in Somerset County.
Buying the median-priced home in Somerset County costs roughly 6.9 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Somerset County. The price-to-rent ratio in Maryland is about 14.3.
| Metric | Somerset County | Maryland Avg | US Average |
|---|---|---|---|
| Median Home Price | $77,825 | $285,029 | $242,182 |
| Median Household Income | $53,904 | $101,971 | $78,145 |
| Price-to-Income Ratio | 1.4 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Somerset County fell about 40.1%, while median household income rose about 30.7% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Somerset County | Maryland Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 52.3% | 62.0% | 58.2% |
| Rental Rate | 23.7% | 29.9% | 31.3% |
| Vacancy Rate | 24.0% | 8.1% | 10.6% |
| Median Tenure (years) | 16.0 | 15.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 | 2011 |
Somerset County has a homeownership rate of 52.3%, lower than the Maryland average of 62.0%. Its housing vacancy rate is 24.0%, compared with 8.1% in Maryland.
Housing Stock
| Metric | Somerset County | Maryland Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.37 people | 2.58 people | 2.54 people |
| Median Structure Built Year | 1978 | 1977 | 1978 |
| Median Number of Rooms | 5.7 | 6.2 | 5.5 |
The typical housing unit in Somerset County was built around 1978. On average, 2.4 people live in a home with about 5.7 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Somerset County, Maryland.
What is the median home price in Somerset County, Maryland?
The median home price in Somerset County, Maryland is $77,825, lower than the Maryland average of $285,029.
What is the average home price in Somerset 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 Somerset County, Maryland?
The median gross rent in Somerset County, Maryland is $938 per month, lower than the Maryland average of $1,661.
What was the median gross rent in Somerset County in 2020?
In 2020, the median gross rent in Somerset County, Maryland was $766 per month.
What is the price-to-rent ratio in Somerset County, Maryland?
The price-to-rent ratio in Somerset County, Maryland is about 6.9, meaning it would take roughly 6.9 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Somerset County.
Are home prices or rent rising faster in Somerset County, Maryland?
Both home prices and rent are rising in Somerset County, up about 10.6% and 5.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Somerset County, Maryland?
52.3% of households in Somerset County, Maryland own their home, lower than the Maryland average of 62.0%.
What is the vacancy rate in Somerset County, Maryland?
The housing vacancy rate in Somerset County, Maryland is 24.0%, higher than the Maryland average of 8.1%.