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 | Talbot County | Maryland Avg | US Average |
|---|---|---|---|
| Median Home Price | $423,437 | $285,029 | $242,182 |
| Price Trend (Annual %) | 6.3% | 4.8% | 8.2% |
| Median Gross Rent | $1,247 | $1,661 | $1,342 |
| Rent Trend (Annual %) | 2.8% | 4.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Talbot County is about 49% higher than in Maryland. Rent is about 25% 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 Talbot County, up about 6.3% and 2.8% a year respectively. Home prices are changing faster.
Median rent in Talbot County rose about 20.1% between 2015 and 2023, from $1,038 to $1,247. Over the same span, rent in Maryland rose about 35.2%.
Affordability
On average, housing unit costs 5.0 yearly household incomes in Talbot County.
Buying the median-priced home in Talbot County costs roughly 28.3 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 Talbot County. The price-to-rent ratio in Maryland is about 14.3.
| Metric | Talbot County | Maryland Avg | US Average |
|---|---|---|---|
| Median Home Price | $423,437 | $285,029 | $242,182 |
| Median Household Income | $84,789 | $101,971 | $78,145 |
| Price-to-Income Ratio | 5.0 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Talbot County fell about 11.8%, while median household income rose about 36.3% 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 | Talbot County | Maryland Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 59.9% | 62.0% | 58.2% |
| Rental Rate | 22.5% | 29.9% | 31.3% |
| Vacancy Rate | 17.6% | 8.1% | 10.6% |
| Median Tenure (years) | 16.0 | 15.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 | 2011 |
Talbot County has a homeownership rate of 59.9%, lower than the Maryland average of 62.0%. Its housing vacancy rate is 17.6%, compared with 8.1% in Maryland.
Housing Stock
| Metric | Talbot County | Maryland Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.30 people | 2.58 people | 2.54 people |
| Median Structure Built Year | 1978 | 1977 | 1978 |
| Median Number of Rooms | 6.3 | 6.2 | 5.5 |
The typical housing unit in Talbot County was built around 1978. On average, 2.3 people live in a home with about 6.3 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Talbot County, Maryland.
What is the median home price in Talbot County, Maryland?
The median home price in Talbot County, Maryland is $423,437, higher than the Maryland average of $285,029.
What is the average home price in Talbot 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 Talbot County, Maryland?
The median gross rent in Talbot County, Maryland is $1,247 per month, lower than the Maryland average of $1,661.
What was the median gross rent in Talbot County in 2020?
In 2020, the median gross rent in Talbot County, Maryland was $1,122 per month.
What is the price-to-rent ratio in Talbot County, Maryland?
The price-to-rent ratio in Talbot County, Maryland is about 28.3, meaning it would take roughly 28.3 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 Talbot County.
Are home prices or rent rising faster in Talbot County, Maryland?
Both home prices and rent are rising in Talbot County, up about 6.3% and 2.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Talbot County, Maryland?
59.9% of households in Talbot County, Maryland own their home, lower than the Maryland average of 62.0%.
What is the vacancy rate in Talbot County, Maryland?
The housing vacancy rate in Talbot County, Maryland is 17.6%, higher than the Maryland average of 8.1%.