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 | Wicomico County | Maryland Avg | US Average |
|---|---|---|---|
| Median Home Price | $150,893 | $285,029 | $242,182 |
| Price Trend (Annual %) | 2.8% | 4.8% | 8.2% |
| Median Gross Rent | $1,237 | $1,661 | $1,342 |
| Rent Trend (Annual %) | 2.9% | 4.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Wicomico County is about 47% lower than in Maryland. Rent is about 26% 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 Wicomico County, up about 2.8% and 2.9% a year respectively. Rent is changing faster.
Median rent in Wicomico County rose about 24.5% between 2015 and 2023, from $993 to $1,237. Over the same span, rent in Maryland rose about 35.2%.
Affordability
On average, housing unit costs 2.1 yearly household incomes in Wicomico County.
Buying the median-priced home in Wicomico County costs roughly 10.2 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 Wicomico County. The price-to-rent ratio in Maryland is about 14.3.
| Metric | Wicomico County | Maryland Avg | US Average |
|---|---|---|---|
| Median Home Price | $150,893 | $285,029 | $242,182 |
| Median Household Income | $72,835 | $101,971 | $78,145 |
| Price-to-Income Ratio | 2.1 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Wicomico County rose about 15.3%, while median household income rose about 41.0% 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 | Wicomico County | Maryland Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 55.3% | 62.0% | 58.2% |
| Rental Rate | 35.8% | 29.9% | 31.3% |
| Vacancy Rate | 8.9% | 8.1% | 10.6% |
| Median Tenure (years) | 14.0 | 15.0 | 15.0 |
| Median Year Moved In | 2012 | 2011 | 2011 |
Wicomico County has a homeownership rate of 55.3%, lower than the Maryland average of 62.0%. Its housing vacancy rate is 8.9%, compared with 8.1% in Maryland.
Housing Stock
| Metric | Wicomico County | Maryland Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.50 people | 2.58 people | 2.54 people |
| Median Structure Built Year | 1985 | 1977 | 1978 |
| Median Number of Rooms | 5.9 | 6.2 | 5.5 |
The typical housing unit in Wicomico County was built around 1985. On average, 2.5 people live in a home with about 5.9 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Wicomico County, Maryland.
What is the median home price in Wicomico County, Maryland?
The median home price in Wicomico County, Maryland is $150,893, lower than the Maryland average of $285,029.
What is the average home price in Wicomico 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 Wicomico County, Maryland?
The median gross rent in Wicomico County, Maryland is $1,237 per month, lower than the Maryland average of $1,661.
What was the median gross rent in Wicomico County in 2020?
In 2020, the median gross rent in Wicomico County, Maryland was $1,059 per month.
What is the price-to-rent ratio in Wicomico County, Maryland?
The price-to-rent ratio in Wicomico County, Maryland is about 10.2, meaning it would take roughly 10.2 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 Wicomico County.
Are home prices or rent rising faster in Wicomico County, Maryland?
Both home prices and rent are rising in Wicomico County, up about 2.8% and 2.9% a year respectively. Rent is changing faster.
What is the homeownership rate in Wicomico County, Maryland?
55.3% of households in Wicomico County, Maryland own their home, lower than the Maryland average of 62.0%.
What is the vacancy rate in Wicomico County, Maryland?
The housing vacancy rate in Wicomico County, Maryland is 8.9%, higher than the Maryland average of 8.1%.