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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Elkton, MD Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q3 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2021 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Elkton, MD Housing Market Trends

With a population of 15,913, 5,849 total housing units (homes and apartments), and a median house value of $300,919, Elkton real estate values are some of the lowest in Maryland, although compared to real estate around the nation, Elkton homes are still considered rather expensive.

Single-family detached homes are the single most common housing type in Elkton, accounting for 45.44% of the town's housing units. Other types of housing that are prevalent in Elkton include row houses and other attached homes ( 24.04%), large apartment complexes or high rise apartments ( 21.37%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 9.15%).

The most prevalent building size and type in Elkton are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 47.67% owning and 52.33% renting.

There is a lot of housing in Elkton built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Elkton built between 2000 and later ( 32.00%). A lesser amount of the housing stock also hails from between 1940-1969 ( 18.09%). There's also some housing in Elkton built before 1939 ( 7.89%).

Elkton Home Appreciation Rates

Elkton's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Elkton during the period has been just 4.75%, which is lower than 80% of US communities.

Appreciation rates are so strong in Elkton that despite a nationwide downturn in the housing market, Elkton real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Elkton appreciation rates continue to be some of the highest in America, at 6.21%, which is higher than appreciation rates in 74.62% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Elkton. Elkton appreciation rates in the latest quarter were at 2.80%, which equates to an annual appreciation rate of 11.66%.

Relative to Maryland, our data show that Elkton's latest annual appreciation rate is higher than 50% of the other cities and towns in Maryland.

One very important thing to keep in mind is that these are average appreciation rates for the town. Individual neighborhoods within Elkton differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Elkton - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Elkton real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$300,919

Elkton, MD Home Prices
> $1,341,000
$1,006,001 - $1,341,000
$670,001 - $1,006,000
$536,001 - $670,000
$402,001 - $536,000
$268,001 - $402,000
$134,001 - $268,000
$67,001 - $134,000
$0 - $67,000
2.7%
2.7%
0.0%
0.0%
0.4%
0.4%
1.2%
1.2%
7.9%
7.9%
44.4%
44.4%
34.2%
34.2%
4.2%
4.2%
5.1%
5.1%
0% 100.0%
% of Homes
Very Low

for Maryland

High

for nation

Number of Homes And Apartments:

5,849

Elkton Appreciation Rates

Rent & Ownership

Average Market Rent:

$2,093 / per month

Homeownership Rate

Owners
Renters
Vacant
47.7%
47.7%
52.3%
52.3%
5.6%
5.6%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
32.0%
32.0%
42.0%
42.0%
18.1%
18.1%
7.9%
7.9%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
45.4%
45.4%
24.0%
24.0%
9.1%
9.1%
21.4%
21.4%
0.0%
0.0%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.3%
0.3%
8.7%
8.7%
34.8%
34.8%
35.1%
35.1%
16.4%
16.4%
4.6%
4.6%
0% 100.0%
% of Homes