Baltimore Home Prices Remain Steady
Prospective homebuyers in Baltimore, Maryland are primed to capitalize on a market that is slowly on the rise. The market over the past couple years has been gradually improving.
Baltimore real estate has not had an impressive jump in the median sales price of homes during the last year. However, the stats could be much worse. Because there has not been a decrease in the median sale price of such homes, it means that the market is still heading in the right direction. Take the period from December 2012 to December 2013 for example; the median sale price of a home in Baltimore went from $239,450 to $240,000 within those 12 months. While this may not be a substantial increase, it is still an indication of improvements in the Baltimore real estate market since the year-over-year change in median sales prices is not in the negative, which it has been in the past.
Another salutary indication of Baltimore’s real estate market is the change in the number of homes that were listed for sale. From December 2012 to December 2013, there was an increase in the number of Baltimore homes for sale - from 12,999 listings in December 2012 to 13,380 listings in December 2013, This three percent increase is not an enormous change, but it is showing that the market is quite stable.
Also, Baltimore's homes sold faster in December 2013 than it did the year before. The number of days that Baltimore's home listings remained on the market in December 2012 was 49 days, while in late 2013, the average home spent a median of 45 days on the market, which was an 8% decrease in the total amount of days. This is a positive sign for home sellers.
According to ZipRealty's latest Housing Trends Report, Baltimore's real estate market has not seen very many changes since 2012. However, the slight changes that it did see were definitely improvements.
If you are determined to buy a new home in the near future, it is always best to know what you are looking for, particularly in terms of the neighborhood in. Baltimore has many great neighborhoods including those with solid schools, ease of transportation, and a whole slew of other benefits for homebuyers. From Woodberry to Northwood, and even Waverly to Upton, Baltimore is part of a vast metropolis touching on some of the best places to live on the east coast. These neighborhoods, among others, have excellent community organizations, historical attractions, and eateries to tempt potential homeowners.
One other thing to consider is Baltimore home prices. With many attractive homes, it can be difficult to stay within a budget, however, the area has many great affordable options, and even some historical properties if you are willing to spend a little more. For instance, according to an article from the Baltimore Sun, the median home price for the metro area in January was $210,000, with an average of $100,000 in the actual city of Baltimore to $335K in Howard County, which shows that the more sought after homes are likely in the suburbs of Baltimore instead of the urban city.