Commercial PropertyHot Market: Maryland Mountains Heat Up
Out of towners are flocking to Alleghany County, Maryland. Rolling mountain views, a slower country lifestyle and recreational opportunities are making Maryland’s least expensive housing market to suddenly heat up. More than 40 percent of houses purchased in the area are by buyers who live elsewhere, according to the county’s website.
While surrounding regions are watching prices flatten or fall, the residents of Cumberland, Maryland -- which sits by the Potomac River -- has seen price increases throughout the year. The National Association of Realtors reports single-family home prices for the 4th quarter 2007 are up a whopping 19 percent compared to 4th quarter 2006. Month after month, the prices have edged up anywhere from a few percentage points to more than 20 percent on an annual basis.
County leaders have marketed the area’s land affordability and ready and available work force to take advantage of three state enterprise zones designated for the town of Cumberland. They have focused their efforts in developing information technology, biotechnology and advanced manufacturing business parks to draw even more economic growth.
Meanwhile, prices keep moving upward. The average price of a single-family home in 2007 was $118,000, up nearly 10 percent compared to 2006. The median price was $102,000 -- up nearly 15 percent from a year ago.