Essex, 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 Q2 2021. 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

Essex, MD Housing Market Trends

With a population of 40,330, 14,951 total housing units (homes and apartments), and a median house value of $228,155, 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 40.85% of the town's housing units. Other types of housing that are prevalent in Essex include row houses and other attached homes ( 30.32%), large apartment complexes or high rise apartments ( 24.66%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.52%).

The most prevalent building size and type in Essex are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 54.44% owning and 45.56% renting.

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 51.06% of the town's housing hails from this era. Other housing ages represented in Essex include homes built between 1970-1999 ( 32.70%) and housing constructed between 2000 and later ( 8.55%). There's also some housing in Essex built before 1939 ( 7.69%).

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 2.47%, which is lower than 70% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Essex's appreciation rate, at 9.29%, has been at or slightly above the national average. In the latest quarter, Essex's appreciation rate has been 2.65%, which annualizes to a rate of 11.01%.

Relative to Maryland, our data show that Essex'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 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:
$228,155

Essex, MD HOME PRICES

> $1,225,000
0.4%
0.4%
$919,001 - $1,225,000
0.3%
0.3%
$613,001 - $919,000
2.4%
2.4%
$490,001 - $613,000
2.4%
2.4%
$368,001 - $490,000
9.5%
9.5%
$245,001 - $368,000
21.0%
21.0%
$123,001 - $245,000
52.6%
52.6%
$61,001 - $123,000
6.7%
6.7%
$0 - $61,000
4.6%
4.6%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Very Low for MD

Value Relative To Nation

Number Of Homes And Apartments:
14,951

Essex Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MD*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
86.28% 2.94%
4
6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,583 / per month

Homeownership Rate

Owners
54.4%
54.4%
Renters
45.6%
45.6%
Vacant
9.4%
9.4%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
8.5%
8.5%
1970 - 1999
32.7%
32.7%
1940 - 1969
51.1%
51.1%
1939 or Older
7.7%
7.7%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
40.8%
40.8%
Townhomes
30.3%
30.3%
Small Apt. Buildings
3.5%
3.5%
Apt. Complexes
24.7%
24.7%
Mobile Homes
0.6%
0.6%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
3.1%
3.1%
1 Bedroom
12.2%
12.2%
2 Bedrooms
32.8%
32.8%
3 Bedrooms
37.2%
37.2%
4 Bedrooms
12.8%
12.8%
5 or more bedrooms
1.8%
1.8%
0.0% 100.0%
% OF HOMES