Overview of the Residential and Commercial
Real Estate Market in Maryland
Maryland has a deep respect for intelligence and knowledge that goes back to its earliest years. The King Williams School was the first school in the U.S. and opened in 1696 and the first dental school was at the University of Maryland. The United States Naval Academy was founded at Annapolis in 1845. Annapolis is also known as the sailing capital of the world. Maryland has more than 4,431 miles of tidal shoreline and 16 of its 23 counties border the shore. More than 5,928,814 people call Maryland home, according to the U.S. Census. The largest city by far is Baltimore, which is home to 622,104 Marylanders. The median home value is $157,900. That is $134,800 less than the $292,700 median home value for the state. The median household income for Baltimore is $41,385, compared with $73,538 for the state. With a population just over 100,000, Columbia is the second largest city in the state and has a median home value of $367,500. More than 62 percent of its residents have a Bachelor's degree or higher and the median household income is $99,887.
Demand for multifamily residential units, retail space, and office space remains strong in Maryland cities like Columbia. About 50 percent of the downtown Columbia office market is controlled by the Howard Hughes Corporation. The 10-60 Columbia Corporate Center is 700,000 square feet and about 90 percent leased. Maryland households are currently the wealthiest in the United States and the state's poverty rate of 9.8 percent is one of the lowest. With a highly educated population and numerous government agencies and centers throughout the state, the unemployment rate is always one of the lowest. Marketing insight company Phoenix Marketing International reported that Maryland has more millionaires per capita than any other state. With 7.7 percent of the households having investable assets of $1 million or more, the retail market is strong throughout the state, and there is always a need for apartments for the young couples that are just starting out.
Office Rental and Executive Suites in Baltimore, MD
How to Become a Realtor in Maryland
From its headquarters in Baltimore, the Maryland Real Estate Commission oversees the licensing and conduct of all real estate salespeople, associate brokers, and brokers. Applicants must be at least 18 and have a reputation for good character and fair dealings with people. Prior to taking the state exams, applicants must successfully complete 60 classroom hours of commission-approved real estate courses. These hours must include a 3-hour course on real estate ethics. After passing the state exam, the applicant needs to submit their application and a written commitment from a Maryland real estate broker that the applicant will work with them. Currently, Maryland has reciprocity agreements with Pennsylvania and Oklahoma. For Delaware and all other states, persons must apply for an Out of State License Recognition Waiver.