Pictured: Havre De Grace Waterfront in Harford County, MD
Key Takeaways:
• Investment Activity Reaches Decade High
Multifamily investment surged in 2024, with over $135 million in transaction volume—the highest in more than 10 years. Investors remain focused on value-add opportunities, with below-market rents and repositioning potential.
• Overall Development Slows in Harford County; 630-acre Mixed-Use Development Breaks Ground in Cecil County
New multifamily construction has moderated in Harford County after delivering over 1,000 units in the past two years. Cecil County is advancing its largest project in a decade—the Southfields of Elkton—featuring 350 single-family houses, 85 townhouses, and 250 apartment units.
• Diverse Economy Fuels Job and Population Growth
Major employment hubs in defense, healthcare, and logistics continue to drive population growth and apartment demand. Key employers include Aberdeen Proving Ground, Amazon, and the University of Maryland Upper Chesapeake Health System, helping to keep unemployment low across the region.
