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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.



Hagerstown, 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 Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

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

Hagerstown, MD Housing Market Trends

With 43,701 people, 18,159 houses or apartments, and a median cost of homes of $241,163, house prices in Hagerstown are solidly below the national average.

Row houses and other attached homes are the single most common housing type in Hagerstown, accounting for 31.79% of the city's housing units. Other types of housing that are prevalent in Hagerstown include single-family detached homes ( 30.46%), large apartment complexes or high rise apartments ( 22.84%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 14.72%). Cities with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact cities that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.

The most prevalent building size and type in Hagerstown are three and four bedroom dwellings, chiefly found in row houses and other attached homes. The city has a mixture of owners and renters, with 39.22% owning and 60.78% renting.

The housing in Hagerstown was primarily built before 1939 ( 32.59%), making the housing stock in Hagerstown some of the oldest overall in America, although there is a range of ages of homes in Hagerstown. The next most important housing age is between 1970-1999 ( 26.80%), followed by between 1940-1969 ( 24.62%). There's also some housing in Hagerstown built between 2000 and later ( 15.98%).

Hagerstown Home Appreciation Rates

Hagerstown's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Hagerstown during the period has been just 4.69%, which is lower than 80% of US communities.

Over the last year, Hagerstown appreciation rates have trailed the rest of the nation. In the last twelve months, Hagerstown's appreciation rate has been 4.37%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Hagerstown were at 1.12%, which equates to an annual appreciation rate of 4.56%.

Relative to Maryland, our data show that Hagerstown's latest annual appreciation rate is lower than 90% 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 city. Individual neighborhoods within Hagerstown differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Hagerstown - 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 Hagerstown real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$241,163

Hagerstown, MD Home Prices
> $1,202,000
$902,001 - $1,202,000
$601,001 - $902,000
$481,001 - $601,000
$360,001 - $481,000
$241,001 - $360,000
$120,001 - $241,000
$60,001 - $120,000
$0 - $60,000
1.0%
1.0%
0.4%
0.4%
2.1%
2.1%
3.3%
3.3%
7.2%
7.2%
30.0%
30.0%
41.3%
41.3%
12.0%
12.0%
2.7%
2.7%
0% 100.0%
% of Homes
Very Low

for Maryland

Average

for nation

Number of Homes And Apartments:

18,159

Hagerstown Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,646 / per month

Homeownership Rate

Owners
Renters
39.2%
39.2%
60.8%
60.8%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
8.9%
8.9%
91.1%
91.1%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
16.0%
16.0%
26.8%
26.8%
24.6%
24.6%
32.6%
32.6%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
30.5%
30.5%
31.8%
31.8%
14.7%
14.7%
22.8%
22.8%
0.2%
0.2%
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
3.1%
3.1%
16.4%
16.4%
29.3%
29.3%
40.1%
40.1%
8.9%
8.9%
2.2%
2.2%
0% 100.0%
% of Homes