Growth and Development

Population

With a 2020 population of 166,617, Charles County has been one of the fastest growing counties in Maryland. According to Maryland Department of Planning data, the population has increased by 12.3% over the last decade and is expected to reach 215,980 by 2045. The trend for population diversity in the County continues with the County now at 50.1% African American, making Charles County the nation’s wealthiest majority African American county. The rest of the population is 41.6% white alone, 3.4% Asian, 0.8% American Indian and Alaska Native, 0.7% other, and 4.0% are two or more races. The Hispanic/Latino population (of any race) is 6.3%. The County by gender is 51.8% female and 48.2% male. (U.S. Census Bureau, 2021 Population Estimates)

The unincorporated community, Waldorf, has a population of 81,410 which includes the planned community of St. Charles. It is also the County’s central business district with the highest concentration of retail businesses, financial institutions, and professional services. (U.S. Census Bureau, 2020 Census)

Real Estate Markets

Affordable real estate contributes to Charles County’s lower cost of doing business and lower cost of living, with real estate prices typically 20% – 30% lower than those in the rest of the DC metro area.

Commercial Real Estate

In calendar year 2021, according to CoStar database, a reported 763 thousand in square feet of commercial property was sold in Charles County, yielding over $183.7 million in sales volume. The average sale price was $1.5 million at an average of $159 per square foot. As of 2022 Q2, the County’s commercial property inventory was 15.7 million square feet.

A recent Economic Development analysis revealed that Charles County continues to maintain lower vacancy rates than the rest of the Washington D.C. Metro region. Commercial vacancy rates in 2022 Q2 for Charles County were 7.5% compared to 9.8% for the D.C. Metro region. Office vacancy rates for Charles County were 6.5% while the D.C. Metro region rates were 15.2%. (CoStar Group, 2022).

Housing

The County has a total of 61,226 housing units and a vacancy rate of 6.7%. The median home value is $326,800 with 76.9% of these being owner-occupied. Charles County has a total of 57,388 occupied household units. The average household size is 2.81 people for owneroccupied homes and 2.67 for renter-occupied. (Source: U.S. Census Bureau, 2016-2020 American Community Survey 5-Year Estimates)

The Maryland Realtors Association reports that in 2021, 3,873 housing units were sold in Charles County at a median price of $388,000.