Median home values are on the rise – and, in fact, are at their highest levels in 10 years, according to The Daily Record’s real estate blog, Ground Up.
For counties, which depend on property taxes more than any other revenue stream, this is a big deal.
When looking at median sales price increases this July as compared to July 2017, Prince George’s County’s increased by 1.1 percent, the Baltimore metro area’s increased by 2.6 percent, Montgomery’s increased by 6 percent, and Harford County’s increased the most, by 8.1 percent.
Howard’s was the only that fell, by 2.3 percent. Howard still maintains the highest home values in the Baltimore metro area, however.
Anne Arundel saw the greatest surge in sales, which increased by 13.4 percent over the prior year.
The increases in sales activity and purchases prices is potentially attributable to tighter supply and uncertainty as to if and when interest rates will increase.
Curious how counties project property tax revenue increases? Join expert finance officers at the MACo Summer Conference session, Navigating Murky Waters: Predicting Unpredictable Revenue Streams.
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