Owings Mills appreciation rates and housing market information

Owings Mills housing market information

With 20,212 people, 9,437 houses or apartments, and a median cost of homes of $321,710, real estate costs in Owings Mills are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive Maryland communities.

large apartment complexes or high rise apartments are the single most common housing type in Owings Mills, accounting for 53.45% of the town's housing units. Other types of housing that are prevalent in Owings Mills include single-family detached homes (26.56%), row houses and other attached homes (18.58%), and a few duplexes, homes converted to apartments, or other small apartment buildings (1.42%). Towns that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of towns are often walkable and compact, and often have a lively downtown.

People in Owings Mills primarily live in small (one, two, or no bedroom) units, chiefly found in large apartment complexes or high rise apartments. Owings Mills has a mixture of owner-occupied and renter-occupied housing.

There is a lot of housing in Owings Mills built from 1970-1994, 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 Owings Mills built from 1995 and later (33.21%). A lesser amount of the housing stock also hails from 1940-1969 (18.75%), and some were built from 1939 and earlier (18.75%).

Owings Mills home appreciation rates

In the last 10 years, Owings Mills has experienced some of the highest home appreciation rates of any community in the nation. Owings Mills real estate appreciated 142.30% over the last ten years, which is an average annual home appreciation rate of 14.23%, putting Owings Mills in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Owings Mills definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Over the last year, Owings Mills appreciation rates have trailed the rest of the nation. In the last twelve months, Owings Mills's appreciation rate has been -3.61%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Owings Mills were at -0.74%, which equates to an annual appreciation rate of -2.96%.

Notably, Owings Mills's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Maryland, our data show that Owings Mills's latest annual appreciation rate is higher than 89% 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 Owings Mills differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Owings Mills - 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 1990, to assist you in making the best Owings Mills real estate investment or home purchase decisions.