Maryland, centralized in the heart of the east coast and shadowed by the nation’s capitol, is often overlooked from its impact on the economy. As the center of biotechnologies and health sciences, the state has a number of important institutions that play a large role for the country. Home to the National Institutes of Health, National Institute of Standards and Technologies, Food and Drug Administration, and other various institutions; Maryland has a large influence in what happens in today’s health sector. John Hopkins University (the largest employer in the Baltimore area) and other medical schools also provide abundant research and studies in the field as well as the creation of numerous jobs.

Located in such close proximity to Washington D.C., Maryland has a large job market to service the capitol and its surrounding area. Numerous administrative roles for government offices are created every year. With a labor force that’s 25% white collar jobs, much of the state average income is higher than the rest of the country. The median income for 2008 was $70,545; first in the nation. Higher income has helped maintain the housing market as buyers, generally, have more money to spend on new homes. Read more »

Maryland has another advantage in the housing market as a cheaper alternative to the D.C. housing market. With more affordable houses available by comparison, many are choosing to reside in Maryland over the District of Columbia. Baltimore and its surrounding area has become an attractive place for housing. Numerous jobs available, waterfront property and an exciting sports scene are just some of the many reasons people are finding Baltimore a great place to live.Other cities such as Frederick have grown as well.

Sales Trends
Sales volumes in the Baltimore area have been relatively well for the recent economy. With 5,577 new home sales last year, the city experienced a low decrease from years back. Ryan Homes is the biggest builder in the area with 1011 closings last year and a market share of 18.1%. They have focused on the Baltimore market as more and more people move into the area. Major builders like Ryan Homes have an advantage over competitors by providing a large number of homes at more affordable prices. As a larger company, they have the ability to cut down on costs and keep homes at an ideal price for buyers. Smaller builders must focus on other competitive advantages that they can market to potential buyers coming into the state in order to gain more market share.

Other Key Trends
Many builders have found that buyers are looking for smaller homes in today’s market. Baltimore builders have begun focusing on producing smaller, more space efficient homes. Smaller homes in the area are selling easier than larger homes regardless of the price per square foot. Builders have the advantage of using less land and spending less on materials. This trend will help the Maryland market as space becomes more and more limited. New housing can continue to develop throughout the major metropolitan areas without near as much space constrictions.  « Close »