Real Estate in Harford County
Harford County Market Report
The Five Factors to Look for in a Healthy Real Estate Market
#1 Population Growth
If an area is between a quarter-million and one million in population, ideally, there should be around 20% in population growth between the years 2000 and 2020.
Harford County’s population in 2000 was 219,792 and in 2020 the population was 257,680
This means that between the years 2000 and 2020 the population increased by 39,772, which is an increase of approximately 18%
Harford County’s population is growing at a healthy rate, which as a result has helped strengthen the real estate market.
#2 Median Household Income
The median household income in an area should increase by 30% between the years 2000 and 2020. This applies to areas of all sizes.
Median Household Income in 2000: $55,421
Median Household Income in 2020: $91,492
Harford County’s household income between the years 2000 and 2020 increased by $36,071, which is a 65% increase!
#3 Median Household Price
The median household price in an area should increase by 40% between the years 2000 and 2020. This applies to areas of all sizes.
Median Household Price in 2000: $145,500
Median Household Price in 2020: $297,000
Harford County’s median household price between the years 2000 and 2020 increased by $151,500, which is a 104% increase!
#4 Employment
Job growth is very beneficial for the real estate market! When there is an increase in employment in any given area, people typically move into that area, which as a result improves the area’s real estate market.
The job market is in a much better state now than it was last year, with the unemployment rate currently at 4.8% compared to 5.8%. Not only is Harford County’s job market returning to where it was before COVID-19, but it’s expected to grow more, but by how much?
Harford County’s employment is expected to grow by over 22,231 jobs between 2020 and 2030, which represents a 15.1% increase in jobs over the next decade!
#5 Supply (Months of Inventory)
Months of Inventory is a measure of how fast all the existing homes on the market would last assuming a) no more listings are added, and b) the rate at which homes sell is a constant figure based on the average of the last 12 months of sales.
The benchmark for a healthy real estate market is 6 months of inventory. If there are less than 6 months of inventory typically there is high demand and low supply, which pushes housing prices upwards. If there are more than 6 months of inventory typically there is low demand and high supply, which pushes housing prices downwards.
Take a look at the market report at the top of this page to see what the months of inventory is in Harford County.