College Park, MD Housing Market Trends
With a population of 34,187, 9,183 total housing units (homes and apartments), and a median house value of $526,035, College Park real estate prices are well above average cost compared to national prices.
Large apartment complexes or high rise apartments are the single most common housing type in College Park, accounting for 51.17% of the city's housing units. Other types of housing that are prevalent in College Park include single-family detached homes ( 43.80%), duplexes, homes converted to apartments or other small apartment buildings ( 2.67%), and a few row houses and other attached homes ( 2.37%). This particular housing mix is relatively uncommon and characteristic of cities that are compact and walkable, and which often have a lively downtown.
College Park is dominated by renter-occupied one, two, or no bedrooms apartments. 73.13% of College Park's dwellings are rentals.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. College Park's housing was primarily built during this period, from the '40s through the '60s. A full 36.99% of the city's housing hails from this era. Other housing ages represented in College Park include homes built between 2000 and later ( 36.19%) and housing constructed between 1970-1999 ( 20.50%). There's also some housing in College Park built before 1939 ( 6.32%).
Vacant housing appears to be an issue in College Park. Fully 11.31% of the housing stock is classified as vacant. Left unchecked, vacant College Park homes and apartments can be a drag on the real estate market, holding College Park real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
College Park Home Appreciation Rates
College Park's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in College Park during the period has been just 5.69%, which is lower than 70% of US communities.
NeighborhoodScout's data show that during the latest twelve months, College Park's appreciation rate, at 7.23%, has been at or slightly above the national average. In the latest quarter, College Park's appreciation rate has been 0.48%, which annualizes to a rate of 1.92%.
Relative to Maryland, our data show that College Park's latest annual appreciation rate is higher than 70% 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 College Park differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in College Park - 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 College Park real estate investment or home purchase decisions.
Median Home Value
$526,035
Average
for Maryland
Very High
for nation
Number of Homes And Apartments:
9,183
MD
America
2024 Q3 - 2024 Q4
2023 Q4 - 2024 Q4
2022 Q4 - 2024 Q4
2019 Q4 - 2024 Q4
2014 Q4 - 2024 Q4
2000 Q1 - 2024 Q4
Average Market Rent:
$2,633 / per month