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Coastal Maryland homes have lost millions in appreciation due to flooding

Coastal properties in Maryland lost $555.7 million in relative appreciation between 2005 and 2017 due to flooding from rising sea levels, according to a new study released Wednesday.

Researchers from First Street Foundation and Columbia University found homes in the state were hit harder compared to those in neighboring Delaware and Pennsylvania.

On a nationwide ranking of the states with the greatest loss in relative home values due to tidal flooding, Maryland was No. 7.

The study found that Crisfield in Somerset County was the city most impacted by increased tidal flooding over the 12-year period. The combined property value loss was about $38 million.

Ocean City was the next most affected with a loss of about $28.9 million, followed by West Ocean City at $20.3 million. Edgemere in Baltimore County saw a combined loss of about $18.9 million and Smith Island followed with $16.9 million.

Maryland’s most impacted home was a property on Saint Louis Avenue in Ocean City, which…

Read the full story from the Washington Business Journal.