Caroline County, Maryland: commercial real estate data.
Caroline County, Maryland had an estimated 34,248 residents on July 1, 2024, up 2.9 percent since the 2020 census base of 33,298, across 319 square miles. County output reached $1.59 bn in 2024, 634 establishments operate here, and the SBA record carries 26 7(a) approvals worth $5.7 m since FY2020.
Underlined figures are computed by MMCG Analytics, not published by the agency.
Caroline County
How many people live in Caroline County
- Population, American Community Survey 2020-202433,669
- Households12,495
- Average household size2.69
- Median household income$68,457
- Median age39.9
- Median gross rent$1,105 per month
- Median owner-occupied home value$290,100
- Home value to household income4.2 times
- Annual rent as a share of median income19.4 percent
- Adults 25 and over with a bachelor degree or higher16.2 percent
- Adults 25 and over with a graduate degree6.7 percent
- Adults 25 and over23,007
- Population under 188,056
- Share under 1823.9 percent
- Population 65 and over5,831
- Share 65 and over17.3 percent
- Working age population, 18 to 6419,782
- Civilian labor force16,921
- Unemployment rate5.7 percent
- Labor force participation, adults 18 and over66.1 percent
- Rank by population among Maryland counties20th of 24
- Rank by population among US county-equivalents, Puerto Rico included1376th of 3,222
Caroline County is the 20th largest of 24 Maryland counties by population. A median home costs 4.2 times median household income, which is seriously unaffordable by national standards. Residents under 18 outnumber those 65 and over, at 23.9 percent against 17.3 percent, a household formation profile rather than a retirement one.
US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Caroline County
Is Caroline County's population growing?
- Population, July 1, 202434,248
- Census 2020 base population33,298
- Population change since the 2020 census base2.85 percent
- Population change, 2023 to 2024410
- Births, 2024486
- Deaths, 2024365
- Natural change, 2024121
- Net domestic migration, 2024130
- Net international migration, 2024163
- Total net migration, 2024293
- Cumulative net domestic migration, 2021 to 2024256
- Rank by growth among US county-equivalents911th of 3,144
The county has grown 2.85 percent since the 2020 census base. The population grew in 2024 from both sources: births exceeded deaths and more people moved in than left.
US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
Caroline County
Where are people moving to Caroline County from?
- Tax returns filed by households arriving846
- People arriving, from those returns1,587
- Tax returns filed by households leaving826
- Net household movement20
- Adjusted gross income arriving$46.9 m
- Net adjusted gross income movement$2.4 m
- Average income of an arriving household$55,423
- Average income of a leaving household$53,857
- Largest single originTalbot County (134 households)
- Largest single destinationDorchester County (109 households)
| Origin | Households | People | Adjusted gross income |
|---|---|---|---|
| Talbot County | 134 | 252 | $6.0 m |
| Queen Anne's County | 130 | 254 | $7.6 m |
| Anne Arundel County | 103 | 199 | $7.9 m |
| Dorchester County | 95 | 191 | $5.5 m |
| Kent County | 50 | 79 | $2.0 m |
| Sussex County | 50 | 84 | $1.4 m |
| Prince George's County | 24 | 42 | $1.6 m |
| Baltimore County | 21 | 41 | $1.2 m |
Households arriving report $1,566 more average income than households leaving, so the migration is raising local spending power rather than just moving it around. The largest single source of arrivals is Talbot County, which is the catchment a retail or multifamily study should look at first.
US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Caroline County
What is the Caroline County economy?
- County GDP, 2024$1.59 bn
- County GDP, 2023$1.49 bn
- GDP change, 2023 to 20246.7 percent
- GDP change over five years40.9 percent
- Rank by GDP among the Maryland areas BEA publishes22nd of 24
- Rank by GDP among the US county areas BEA publishes1461st of 3,127
- GDP per resident$47,216
Output grew 6.7 percent in the latest year and 40.9 percent over five, which is the trend line a lender will read behind any single year figure.
US Bureau of Economic Analysis, Regional, table CAGDP2, CAGDP2, through 2024.
Caroline County
Employment by industry in Caroline County
- Covered employment, annual average9,246
- Establishments reporting732
- Average annual pay$53,786
- Average weekly wage$1,034
- Retail trade, employment1,351
- Retail trade, average annual pay$38,748
- Construction, employment1,064
- Construction, average annual pay$68,343
- Manufacturing, employment893
- Manufacturing, average annual pay$62,474
- Transportation and warehousing, employment674
- Transportation and warehousing, average annual pay$64,731
- Accommodation and food services, employment541
- Agriculture, forestry, fishing and hunting, employment388
| Sector | Employment | Establishments | Average annual pay |
|---|---|---|---|
| Retail trade | 1,351 | 98 | $38,748 |
| Construction | 1,064 | 126 | $68,343 |
| Manufacturing | 893 | 28 | $62,474 |
| Transportation and warehousing | 674 | 35 | $64,731 |
| Accommodation and food services | 541 | 37 | $21,807 |
| Agriculture, forestry, fishing and hunting | 388 | 33 | $44,564 |
| Other services, except public administration | 288 | 70 | $55,814 |
| Finance and insurance | 128 | 26 | $66,185 |
Retail trade is the largest private sector at 1,351 jobs, 14.6 percent of covered employment.
US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
Caroline County
How many businesses are in Caroline County?
- Establishments, all industries634
- Employment at those establishments6,996
- Annual payroll$364.4 m
- Establishments per 1,000 residents18.8
These are counts of establishments physically operating in the county, not listings, so they are the supply side a feasibility study measures demand against. County Business Patterns counts private establishments with paid employees in March 2023, while the Quarterly Census of Employment and Wages above counts every unemployment-insured employer, public ones included, as a 2024 annual average, so the two establishment and employment counts differ.
US Census Bureau, County Business Patterns, 2023.
Caroline County
Building permits in Caroline County
- Housing units authorized by permit, 202455
- Declared construction value permitted$13.1 m
- Single family units authorized55
- Multifamily units authorized0
- Multifamily share of units0.0 percent
- Average declared value per unit$237,774
- Units authorized per 1,000 households4.4
Single-family homes are 100.0 percent of units authorized, so the pipeline is predominantly single-family.
US Census Bureau, Building Permits Survey, 2024 annual.
Caroline County
SBA loans in Caroline County (7(a) and 504)
- 7(a) approvals recorded26
- 7(a) gross approval dollars$5.7 m
- Average 7(a) approval$218,519
- Median 7(a) approval$47,500
- 10th percentile approval$13,000
- 90th percentile approval$540,000
- Largest single approval$1,576,400
- Jobs reported supported, 7(a)149
- Jobs per approval5.7
- Distinct 7(a) lenders active7
- Distinct industries receiving approvals15
- Median 7(a) term120 months
- Share of loans on real estate terms, 240 months or longer7.7 percent
- Loans on real estate terms2
- Loans on working capital terms, 120 months or shorter24
- Franchise loans2
- Franchise share of approvals7.7 percent
- Leading industry by approval countLandscaping Services (4)
- Most active lenderManufacturers and Traders Trust Company (17)
- 504 approvals recorded3
- 504 gross approval dollars$1.2 m
- Average 504 approval$408,667
- Median 504 approval$383,000
- Distinct CDCs active1
- 504 jobs per approval11.3
- 504 jobs per million dollars approved27.7
- Most active CDCBusiness Finance Group, Inc. (3)
- Combined SBA approval dollars, 7(a) FY2020 to FY2026 and 504 FY2010 to FY2026$6.9 m
The average approval of $218,519 sits well above the median of $47,500, pulled up by a few larger deals, so the median is the better guide to what a typical borrower here gets. Only 7.7 percent of approvals run on real estate terms, so SBA credit here is mostly working capital and equipment rather than property acquisition.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30. US Small Business Administration, 504 FOIA release, FY2010 to FY2026 year to date, as of 2026-06-30.
Caroline County
SBA loan default and charge-off rates in Caroline County
Do SBA loans in Caroline County get paid back?
- Loans with a final outcome recorded4
- Paid in full4
- Charged off0
- Status: Paid in full4
- Status: Exempt from disclosure16
- Status: Cancelled3
- Status: Committed, not yet disbursed3
Only 4 loans have reached a final outcome, fewer than the 30 a charge-off rate needs, so no rate is published.
Compare against the national and state SBA charge-off rates, computed the same way over resolved loans only.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Caroline County
SBA lending by place in Caroline County
- Borrower cities with recorded lending6
- Denton, approvals11
- Greensboro, approvals6
- Ridgely, approvals4
- Federalsburg, approvals2
- Preston, approvals2
- Marydel, approvals1
| Borrower city | Approvals | Gross approval dollars |
|---|---|---|
| Denton | 11 | $867,200 |
| Greensboro | 6 | $2,306,900 |
| Ridgely | 4 | $2,241,400 |
| Federalsburg | 2 | $121,000 |
| Preston | 2 | $115,000 |
| Marydel | 1 | $30,000 |
Denton accounts for 11 approvals against 6 in Greensboro. County level figures average over that gap, which is why a site decision is made at the submarket rather than the county.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Caroline County
How large is Caroline County?
- Land area319 sq mi
- Rank by land area among Maryland counties19th of 24
- Width, east to west16.6 mi
- Height, north to south35.1 mi
- Geographies sharing a boundary5
- Residents per square mile of land106
- Establishments per square mile1.99
US Census Bureau county boundary geometry, TIGER, adjacency computed from shared boundary vertices, TIGER county boundaries. US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year. US Census Bureau, County Business Patterns, 2023.
Caroline County
Flood risk in Caroline County
- Participation of the county's own NFIP community Caroline County, unincorporated areasParticipating, community 240130
- Community Rating System class of the county's own communityClass 7
- Communities in the county in the NFIP Community Status Book8
- Of those, participating in the NFIP8
- NFIP participation rate100.0 percent
- Best Community Rating System class in the county A lower CRS class is a larger flood insurance premium discount.Class 7
- Communities carrying a CRS class1
- Radon levels in Caroline County, EPA zone predicted average indoor radon screening level less than 2 pCi/LZone 3
The county's own community in the status book, unincorporated Caroline County (community 240130), participates in the National Flood Insurance Program and carries Community Rating System class 7, a flood insurance premium discount for policies written there. The EPA places Caroline County in radon zone 3, a predicted average indoor radon screening level less than 2 pCi/L. The zone is a screening prediction for the county and does not substitute for a test at an address. The best Community Rating System class among the county's communities is 7, which carries a flood insurance premium discount for policies written in that community. 100.0 percent of the county's listed communities participate in the National Flood Insurance Program, per Federal Emergency Management Agency, NFIP Community Status Book (OpenFEMA), as of 2026-09-26.
Federal Emergency Management Agency, NFIP Community Status Book (OpenFEMA), as of 2026-09-26. US EPA, Map of Radon Zones, county spreadsheet, 2024-05 publication, EPA 402/A-16/001.
Coverage
What this page does not hold.
Traffic counts, zoning and the flood zone at an address are not on this page; they resolve at the address in the platform. How this page was built →
Feasibility studies
When a Caroline County site needs a document a lender will accept.
The same data layer behind this page is the one the studies are written from. A study for a Caroline County site starts with the figures you are reading, carrying the same source and period into the credit file.
- Population, American Community Survey 2020-202433,669
- Households12,495
- Average household size2.69
- Median household income$68,457
- Median age39.9
Common questions
Caroline County questions, answered from the record.
How many people live in Caroline County, Maryland?
The Census Bureau estimates 34,248 residents on July 1, 2024 (US Census Bureau, Population Estimates Program, Vintage 2024). The American Community Survey 2020-2024 five-year estimate is 33,669, in 12,495 households, ranking 20th of 24 Maryland counties. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Is Caroline County's population growing?
The population has grown 2.85 percent since the 2020 census base of 33,298, to 34,248 on July 1, 2024. In 2024 there were 486 births against 365 deaths, with net migration of 293. Source: US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
What is the median household income in Caroline County?
$68,457. The median owner-occupied home is valued at $290,100, which is 4.2 times income, and median gross rent is $1,105 per month. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
How many businesses are in Caroline County?
634 establishments, employing 6,996 people with an annual payroll of $364.4 m. These are establishments physically operating in the county, not listings. Source: US Census Bureau, County Business Patterns, 2023.
What is employment by industry in Caroline County?
Retail trade is the largest private sector at 1,351 jobs, 14.6 percent of covered employment. Covered employment averages 9,246 jobs at an average annual pay of $53,786, or $1,034 a week. Source: US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
How much SBA lending happens in Caroline County?
26 7(a) approvals totaling $5.7 m since FY2020, across 7 lenders, with a median approval of $47,500, plus 3 504 approvals worth $1.2 m since FY2010. These are approvals recorded in the release, not loans disbursed.
How many building permits were issued in Caroline County?
55 housing units were authorized by permit in 2024, with a declared construction value of $13.1 m. Multifamily was 0.0 percent of units. Source: US Census Bureau, Building Permits Survey, 2024 annual.
What is the radon zone for Caroline County?
Zone 3, a predicted average indoor radon screening level less than 2 pCi/L. Source: US EPA, Map of Radon Zones, county spreadsheet, 2024-05 publication, EPA 402/A-16/001.
Where do people moving to Caroline County come from?
The largest single origin is Talbot County, with 134 households. Arriving households report an average income of $55,423 against $53,857 for those leaving. Source: US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Are traffic counts available for Caroline County on this page?
No. Annual average daily traffic resolves in the platform rather than in this dataset, so no AADT figure is printed here. It is a gap we know about rather than a figure we estimated.
Is zoning published for Caroline County?
No. Nothing on this page presents parcel level zoning, and where a statutory framework applies it is marked as the statewide frame, to be confirmed locally.
Caroline County
Cities and places in Caroline.
13 Census places lie wholly or partly in Caroline County. All 13 carry enough published place level data for a page of their own and are linked.
| Place | Type | Population | SBA 7(a) approvals, projects in this county | Lies in |
|---|---|---|---|---|
| Denton | town | 4,936 | 11 | Wholly in this county |
| Federalsburg | town | 2,837 | 2 | Wholly in this county |
| Greensboro | town | 2,634 | 6 | Wholly in this county |
| Ridgely | town | 1,772 | 4 | Wholly in this county |
| Preston | town | 852 | 2 | Wholly in this county |
| Williston | CDP | 391 | None recorded | Wholly in this county |
| Goldsboro | town | 248 | None recorded | Wholly in this county |
| Choptank | CDP | 186 | None recorded | Wholly in this county |
| Marydel | town | 149 | 1 | Wholly in this county |
| Henderson | town | 132 | None recorded | Wholly in this county |
| Hillsboro | town | 127 | None recorded | Wholly in this county |
| Templeville | town | 63 | None recorded | 59.7 percent here, 40.3 percent Queen Anne's County |
| West Denton | CDP | 48 | None recorded | Wholly in this county |
Nearby