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 | Worcester County | Maryland Avg | US Average |
|---|---|---|---|
| Median Home Price | $362,328 | $285,029 | $242,182 |
| Price Trend (Annual %) | 5.3% | 4.8% | 8.2% |
| Median Gross Rent | $1,179 | $1,661 | $1,342 |
| Rent Trend (Annual %) | 3.4% | 4.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Worcester County is about 27% higher than in Maryland. Rent is about 29% 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 Worcester County, up about 5.3% and 3.4% a year respectively. Home prices are changing faster.
Median rent in Worcester County rose about 22.6% between 2015 and 2023, from $962 to $1,179. Over the same span, rent in Maryland rose about 35.2%.
Affordability
On average, housing unit costs 4.4 yearly household incomes in Worcester County.
Buying the median-priced home in Worcester County costs roughly 25.6 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 Worcester County. The price-to-rent ratio in Maryland is about 14.3.
| Metric | Worcester County | Maryland Avg | US Average |
|---|---|---|---|
| Median Home Price | $362,328 | $285,029 | $242,182 |
| Median Household Income | $82,792 | $101,971 | $78,145 |
| Price-to-Income Ratio | 4.4 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Worcester County rose about 83.9%, while median household income rose about 56.6% 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 | Worcester County | Maryland Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 32.3% | 62.0% | 58.2% |
| Rental Rate | 9.8% | 29.9% | 31.3% |
| Vacancy Rate | 57.9% | 8.1% | 10.6% |
| Median Tenure (years) | 16.0 | 15.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 | 2011 |
Worcester County has a homeownership rate of 32.3%, lower than the Maryland average of 62.0%. Its housing vacancy rate is 57.9%, compared with 8.1% in Maryland.
Housing Stock
| Metric | Worcester County | Maryland Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.21 people | 2.58 people | 2.54 people |
| Median Structure Built Year | 1988 | 1977 | 1978 |
| Median Number of Rooms | 4.7 | 6.2 | 5.5 |
The typical housing unit in Worcester County was built around 1988. On average, 2.2 people live in a home with about 4.7 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Worcester County, Maryland.
What is the median home price in Worcester County, Maryland?
The median home price in Worcester County, Maryland is $362,328, higher than the Maryland average of $285,029.
What is the average home price in Worcester 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 Worcester County, Maryland?
The median gross rent in Worcester County, Maryland is $1,179 per month, lower than the Maryland average of $1,661.
What was the median gross rent in Worcester County in 2020?
In 2020, the median gross rent in Worcester County, Maryland was $1,020 per month.
What is the price-to-rent ratio in Worcester County, Maryland?
The price-to-rent ratio in Worcester County, Maryland is about 25.6, meaning it would take roughly 25.6 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 Worcester County.
Are home prices or rent rising faster in Worcester County, Maryland?
Both home prices and rent are rising in Worcester County, up about 5.3% and 3.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Worcester County, Maryland?
32.3% of households in Worcester County, Maryland own their home, lower than the Maryland average of 62.0%.
What is the vacancy rate in Worcester County, Maryland?
The housing vacancy rate in Worcester County, Maryland is 57.9%, higher than the Maryland average of 8.1%.