Monroe was considered the second-best offensive tackle available in free agency, behind Branden Albert.
"I was pretty confident that it would work out wherever it did, but definitely we had confidence that things could work out here," Monroe said. "And I'm glad they did."
A first-round pick in 2009, Monroe played his first four seasons with the Jacksonville Jaguars before the Ravens traded a fourth- and a fifth-round pick for him in October.
Known for his athleticism and consistency, Monroe was a major upgrade over Bryant McKinnie for the Ravens. After the season, coach John Harbaugh said there was no question that Monroe is the team's long-term answer at left tackle.
"It was obvious [I wanted to stay]," Monroe said. "This is home pretty much, especially for my wife who is from here. And my folks are right up the road. You can't beat that, especially having kids and having been down in Florida the past four years."