Essex, MD
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Essex Neighborhoods Since 2000




Essex, MD Real Estate Data


Essex Housing Market Information

With 40,330 people, 14,704 houses or apartments, and a median cost of homes of $194,959, Essex real estate values are some of the lowest in Maryland, although compared to real estate around the nation, Essex homes are still considered rather expensive.

Single-family detached homes are the single most common housing type in Essex, accounting for 41.97% of the town's housing units. Other types of housing that are prevalent in Essex include row houses and other attached homes ( 30.11%), large apartment complexes or high rise apartments ( 22.39%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.35%).

People in Essex primarily live in small (one, two or no bedroom) single-family detached homes. Essex has a mixture of owner-occupied and renter-occupied housing.

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. Essex's housing was primarily built during this period, from the '40s through the '60s. A full 50.46% of the town's housing hails from this era. Other housing ages represented in Essex include homes built between 1970-1999 ( 33.54%) and housing constructed between 2000 and later ( 8.07%). There's also some housing in Essex built before 1939 ( 7.93%).

Essex Home Appreciation Rates

Essex's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Essex during the period has been just -1.84%, which is lower than 80% of US communities.

Over the last year, Essex appreciation rates have trailed the rest of the nation. In the last twelve months, Essex's appreciation rate has been 3.80%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Essex were at 1.10%, which equates to an annual appreciation rate of 4.48%.

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

Average Home Values

 

Median Home Value:
$194,959

Essex, MD HOME PRICES

Value Range
> $1,062,000 0.6
$796,001 - $1,062,000 2.4
$531,001 - $796,000 2.6
$425,001 - $531,000 2.8
$319,001 - $425,000 7.8
$212,001 - $319,000 19.7
$106,001 - $212,000 54.5
$53,001 - $106,000 6.5
$0 - $53,000 3.1

Very Low for MD
High for Nation

Value Relative to Nation Value Relative to State
34.3854306962581 80.6083650190114

Number Of Homes And Apartments:
14,704

Rent & Ownership

 

Average Market Rent:
$1,069 / per month

Homeownership Rate

Homeownership
Owners 55.54
Renters 44.46
Vacant 9.14

Housing Market Details

 

Age of Homes

AGE OF Essex HOMES
2000 or Newer 8.1
1970 - 1999 33.5
1940 - 1969 50.5
1939 or Older 7.9

Types of Homes

TYPE OF Essex HOMES
Single-Family 42.0
Townhomes 30.1
Small Apt. Buildings 5.4
Apt. Complexes 22.4
Mobile Homes 0.2
Other 0.0

Home Size

SIZE OF Essex HOMES
No Bedroom 2.63
1 Bedroom 14.54
2 Bedrooms 32.75
3 Bedrooms 35.58
4 Bedrooms 11.86
5 or more bedrooms 2.65

Essex Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MD*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
52.39% 2.51% 3 6
* 10 is highest