Maryland Home Prices Continue To Rise

BALTIMORE (WJZ) -- For the third year in a row, home prices across the state are on the upswing. It's good news for sellers and buyers.

Gigi Barnett explains all the right factors are in place for more appreciation.

Selling a home? Maybe you're buying one?

Statewide evaluations just released this week show home values around the state are improving to the tune of about three percent every year. It's a clear sign of a turnaround in the economy since at least 2012.

Sage Policy Group economist Anirban Basu says it's a modest gain his firm has seen for the past three consecutive years---but a slow improvement may be better than a sharp upturn in value.

"A modest increase is not a bad thing at all because modest increases in home values are likely sustainable and would not lend themselves to another housing bubble," he said.

Baltimore, Howard and Anne Arundel counties saw strong increases; that means more tax dollars into the coffers of local governments.

Basu says it's a silver lining for the state and homeowners.

"Interest rates are low, the economy is getting better and so home owners can expect further appreciation in home values for the next year or two at least," said Basu.

He says if you're looking to get into the market soon, it's a great time. With the gradual prices, many neighborhoods haven't rebounded to the pre-recession home price peak---which means there's a lot of good value to find.

Homeowners in Harford County and Baltimore City saw the slowest growth in home values over the last three years. Prince George's County had the highest boost, with values up nearly 30%.