The answer to this question is very dependent upon what time frame you are asking about and the type of home you are talking about. For example the downtown Frederick historic district was seeing appreciation while the residential market was depreciating! Also the price range in which you are interested in may be seeing different increases or declines than other price brackets!!
If you respond back with a few more specifics about the time range and details I will be better able to answer your question. The market here in Frederick appreciated very rapidly from 2003 - 2005 and has, like most of the rest of the country, depreciated since then. The rate of depreciation or appreciation simply depends on the details!
If you will share the details... I promise to get back to you with an answer!