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 Q4 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (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 15,622, 5,545 total housing units (homes and apartments), and a median house value of $247,639, Elkton real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Elkton, accounting for 45.22% of the town's housing units. Other types of housing that are prevalent in Elkton include row houses and other attached homes ( 22.38%), large apartment complexes or high rise apartments ( 20.83%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 10.88%).

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 47.84% owning and 52.16% 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 ( 26.97%). A lesser amount of the housing stock also hails from between 1940-1969 ( 20.67%). There's also some housing in Elkton built before 1939 ( 9.19%).

Elkton Home Appreciation Rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Elkton, where house values have increased just 9.58%, which is annualized rate of 0.92%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

NeighborhoodScout's data show that during the latest twelve months, Elkton's appreciation rate, at 6.06%, has been at or slightly above the national average. In the latest quarter, Elkton's appreciation rate has been 2.67%, which annualizes to a rate of 11.12%.

Relative to Maryland, our data show that Elkton's latest annual appreciation rate is higher 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 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:
$247,639

Elkton, MD HOME PRICES

> $1,157,000
2.1%
2.1%
$868,001 - $1,157,000
0.0%
0.0%
$579,001 - $868,000
0.3%
0.3%
$463,001 - $579,000
1.9%
1.9%
$347,001 - $463,000
8.5%
8.5%
$231,001 - $347,000
32.5%
32.5%
$116,001 - $231,000
44.6%
44.6%
$58,001 - $116,000
6.9%
6.9%
$0 - $58,000
3.2%
3.2%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Low for MD

Value Relative To Nation

Number Of Homes And Apartments:
5,545

Elkton Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MD*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
68.45% 2.51%
3
5
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,650 / per month

Homeownership Rate

Owners
47.8%
47.8%
Renters
52.2%
52.2%
Vacant
8.7%
8.7%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
27.0%
27.0%
1970 - 1999
43.2%
43.2%
1940 - 1969
20.7%
20.7%
1939 or Older
9.2%
9.2%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
45.2%
45.2%
Townhomes
22.4%
22.4%
Small Apt. Buildings
10.9%
10.9%
Apt. Complexes
20.8%
20.8%
Mobile Homes
0.0%
0.0%
Other
0.7%
0.7%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.2%
2.2%
1 Bedroom
8.3%
8.3%
2 Bedrooms
33.2%
33.2%
3 Bedrooms
38.1%
38.1%
4 Bedrooms
14.7%
14.7%
5 or more bedrooms
3.6%
3.6%
0.0% 100.0%
% OF HOMES