Frederick County, MD

Frederick County presents a valuation-versus-cash-flow screening tension: Zillow’s 2026-06 median home value was $509,006, down 0.10% year over year, while FHFA’s 2025 annual repeat-transaction HPI rose 0.89%. These observations use different vintages and methods, so they cannot be combined into one growth rate or settle price direction. Investors able to verify property-level income and flood exposure should investigate; those requiring unambiguous resale momentum should be cautious.

At the county level, measured median asking rent was $2,217 per month and reported gross yield was 5.23% before costs. HUD’s $2,246 FMR is a payment standard, not an asking-rent estimate. The effective property-tax rate was 0.99%, with a $4,584 median annual tax. The rent-to-price indication is useful only as a gross screen: insurance, maintenance, vacancy, financing, and property-specific assessments are not published, preventing a net-yield conclusion.

Realtor.com MLS evidence showed active listings were up 21.65% year over year, a 28-day median marketing time, and a 21.10% price-reduced share. These are visible asking supply and seller-concession signals, not closed-sale pricing or standalone proof of buyer demand. Tax-return migration was positive by 789 households, and inbound movers’ average AGI exceeded outbound movers’ by $11,594. Non-occupant purchases represented 7.46% of 3,836 purchases, a measurable but not dominant buyer segment; county aggregates cannot establish its neighborhood-level rental impact.

Inland flood is the dominant hazard, and modeled climate loss equals 0.07% of building value per year, not an observed dollar loss. Annual QCEW covered employment at county workplaces declined 1.32%; it is neither resident employment nor an unemployment measure. Trade, transportation, and utilities is the largest disclosed private supersector, not the whole economy. Address-level flood history and insurance quotes, unit-level rent and operating statements, and closed-sale comparables are not published here; without them, an underwriter cannot determine net yield, hazard cost, or executable acquisition price.