How to Buy a House in Maryland
Updated 2026-03-02 | Data from Zillow, HUD, Tax Foundation
Avg Home Price
$451,121
Closing Costs
$21,063
4.67% of price
Property Tax Rate
0.9%
$3,633/yr median
Days on Market
30
Median
FHA Loan Limit
$472,030
Attorney Required
Yes
Foreclosure Type
Non-Judicial
Transfer Tax
0.5%
0.25% - 0.50%
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Key Facts About Buying in Maryland
- ✓Attorney customarily involved in closing
- ✓Fast-moving market near DC metro
- ✓No general homestead exemption
- ✓Transfer tax varies by county (0.25% - 0.50%)
The Home Buying Process in Maryland
Buying a home in Maryland follows a 10-step process. As an attorney state, you'll need legal representation at closing.
1
Check Your Credit Score & Finances
2
Get Pre-Approved for a Mortgage
3
Find a Real Estate Agent
4
Search for Homes & Make an Offer
5
Get a Home Inspection
6
Secure Your Financing
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First-Time Buyer Programs in Maryland
Maryland Mortgage Program
Below-market rates with down payment assistance
Up to $5,000 in assistanceIncome: Varies by county
Cost of Buying a Home in Maryland
| Down Payment (3.5% FHA) | $15,789 |
| Down Payment (20% Conventional) | $90,224 |
| Average Closing Costs | $21,063 |
| Transfer Tax | $2,256 |
| Annual Property Tax (est.) | $4,060/yr |
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Legal & Regulatory Details in Maryland
Homestead Exemption
Not Available
Licensing Authority
Maryland Real Estate Commission
Maryland Real Estate Law Overview
| Conveyance Document | Special-warranty deed |
| Security Instrument | Deed of trust; mortgages sometimes used |
| Foreclosure Process | Non-Judicial |
| Attorney Required at Closing | Yes |
| Deficiency Judgment | Yes |
| Redemption After Sale | Yes |
| Reinstatement Available | Yes |
| Seller Disclosures | Sellers may either complete a disclosure or issue an "as is" disclaimer, but even when selling as-is, they must reveal latent defects (hidden hazards not obvious to a careful buyer). |
