Essex, MD
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Essex Neighborhoods Since 2000




Essex, MD Real Estate Data

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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Essex Housing Market Information

With a population of 40,330, 14,710 total housing units (homes and apartments), and a median house value of $180,277, 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 42.97% of the town's housing units. Other types of housing that are prevalent in Essex include row houses and other attached homes ( 30.06%), large apartment complexes or high rise apartments ( 21.74%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.01%).

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 48.57% of the town's housing hails from this era. Other housing ages represented in Essex include homes built between 1970-1999 ( 34.50%) and housing constructed before 1939 ( 8.99%). There's also some housing in Essex built between 2000 and later ( 7.94%).

Essex Home Appreciation Rates

Homes have actually lost value in Essex over the last then years, as home values have seen a decline of 21.87% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Essex home appreciation rates at -0.51%, which equates to an annual appreciation rate of -2.03%.

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 1.05%, 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 -0.51%, which equates to an annual appreciation rate of -2.03%.

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:
$180,277

Essex, MD HOME PRICES

Value Range
> $1,045,000 0.9
$784,001 - $1,045,000 2.4
$522,001 - $784,000 2.8
$418,001 - $522,000 2.7
$314,001 - $418,000 7.4
$209,001 - $314,000 19.0
$104,001 - $209,000 54.4
$52,001 - $104,000 6.8
$0 - $52,000 3.5

Very Low for MD
High for Nation

Value Relative to Nation Value Relative to State
38.0522676667057 80.5343511450382

Number Of Homes And Apartments:
14,710

Essex Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MD*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
48.05% 2.30% 3 6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,183 / per month

Homeownership Rate

Homeownership
Owners 55.90
Renters 44.10
Vacant 9.80

Housing Market Details

 

Age of Homes

AGE OF Essex HOMES
2000 or Newer 7.9
1970 - 1999 34.5
1940 - 1969 48.6
1939 or Older 9.0

Types of Homes

TYPE OF Essex HOMES
Single-Family 43.0
Townhomes 30.1
Small Apt. Buildings 5.0
Apt. Complexes 21.7
Mobile Homes 0.2
Other 0.0

Home Size

SIZE OF Essex HOMES
No Bedroom 2.79
1 Bedroom 13.51
2 Bedrooms 33.71
3 Bedrooms 35.25
4 Bedrooms 11.84
5 or more bedrooms 2.89