Everything You Need to Know About Annapolis Real Estate Market

Annapolis, Maryland, is a vibrant, modern city where centuries-old architecture blends with 21st-century living. With its convenient location, lovely urban vibe, and maritime heritage, it is no surprise that Coastal Living named Annapolis one of the 20 finest locations to live on the coast. If you are considering moving to Annapolis, MD, here is what you should know.

Annapolis Real Estate Market

Like many other parts of the United States, the Annapolis MD real estate market is competitive despite low inventory. The housing stock combines old, turn-of-the-century homes and recent construction. Common home types include condos, single-family homes, townhomes, and some cozy waterfront properties.

Home prices have been continually rising, with the value of local homes increasing by 10.8% over the last year, whereas the median price reached $542,000. Besides, homes are selling faster, with an average of 21 days on the market, according to Annapolis MD real estate agent Darrel Reel, which is down from 34 days last year.

Aside from the possibility that your home can quickly appreciate, Annapolis is a fantastic place to invest in real estate because it is the state capital and home to the Naval Academy. Government positions are often recession-proof, ensuring a year-round, consistent presence of working individuals looking for housing.

Moreover, Annapolis homes are still far more affordable than in the nearby Washington DC, where the median home value is now surpassing $700,000.

How is the Cost of Living in Annapolis?

Given its amenities and location, the cost of living in Annapolis is higher than most towns in the region, but still at par with most major Maryland cities. The cost of living here is 30% above the national average, compared to that of DC, and Baltimore, which stands at 56% and 11%, respectively.

The average yearly income for households in this area is roughly $85,600, significantly greater than the US annual median income of approximately $65,700. A one-bedroom apartment in Annapolis averages $1,784 monthly.

Things to Do in Annapolis

With numerous opportunities for exploring and sightseeing, Annapolis is a great place to live and spend your free time. The city is rich in history, with numerous buildings dating back to the 18th century.

You can spend weekends walking through the cobblestone streets and observing the iconic architecture. There are even guided tours to learn about the city’s unique history.

If you love outdoor activities, you can also enjoy several biking and hiking trails, beautiful beaches, and even boating, as there are several docks and boat launches across the town. Also, interact with locals at the numerous events hosted in downtown Annapolis all year round.

What are the Top Neighborhoods to Live in Annapolis?

Annapolis has some of the most scenic and historic communities in the country. Thanks to their proximity to the action of the Baltimore/DC area, these neighborhoods offer character and diversity.

Some of the best neighborhoods to explore homes for sale in Annapolis MD, include Admiral Heights, Cape St. Claire, Hillsmere, Sherwood Forest, Eastport, and Forest Villa.

Buy Your Dream Annapolis Home with Darrel Reel

Annapolis may often not receive the attention that neighboring cities Washington and Baltimore do, and for many locals, this is part of its allure. It is one of Maryland’s best suburbs, and also one of the best Eastern coastal cities. If you want to move to Annapolis, contact local real estate agent Darrel Reel for help finding the best homes for sale. Darrel will help you pick a home that suits your preferences and guide you through the home buying process for a smooth and exciting experience.


June 2024