Relocate: Maryland

FACTS Real Estate’s Role in the Maryland Economy 10 The industry supported In 2006, Maryland’s real estate industry, including real estate, ﬁnance, insurance services and construction activities, accounted for over 23% of total gross state product. 1 2 6 From the perspective of transfer taxes, Maryland is among the most expensive states in which to purchase a home. It ranks sixth in the nation (after Delaware, District of Columbia, Washington, New Hampshire and New York). Although the real estate industry is responsible for almost one-quarter of economic activity in the state, in ﬁscal years 2007 and 2008, it generated 45% of total County/City local government revenues in the form of real estate taxes— 4 502,000 jobs in 2006, approximately 20% of the state’s totals. 5 more than $5 billion annually. Real estate industry jobs were associated 3 8 Maryland ranked 13th nationwide in terms of total real estate tax levels, with median real estate tax burdens of $2,159 compared to the national median of $1,614. $24 billion in wage/ salary income, with almost approximately $47,000 per job, in 2006. In 2007, there were 63,381 residential units sold with an average price of $362,247. 7 The value of total residential and commercial real property sales handled by the real estate industry in Maryland in 2006 exceeded $60 billion. When indirect and induced sales supported by the industry are included, a total of $98 billion in business sales. The most current assessment for the ﬁscal year beginning July 2008 estimates the total value of Maryland real estate at almost $700 billion. 8 RELOCATE MARYLAND 9 Over the past ﬁve years, the value of the total assessable base of real property in Maryland has risen over 90%. Source: The Role of Real Estate in the Maryland Economy, prepared by Sage Policy Group, Inc. for the Maryland Association of REALTORS®. 2008 10 For every ﬁve jobs in the real estate industry, another four jobs are added to Maryland’s economy.

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Relocate: Maryland Contents Maryland Map Welcome! Real Estate: Its Contribution to the MD Economy Why Use a REALTOR® What does BRAC Mean to Maryland? Allegany Anne Arundel/Annapolis Resources Baltimore County Baltimore City Calvert Caroline Carroll Cecil Charles Dorchester Frederick Garrett Harford Howard Kent Montgomery Prince George’s Queen Anne’s Somerset St. Mary’s Talbot Washington Wicomico Worcester/Ocean City

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