Baltimore housing market could entice new residents
The recession has hit many potential homebuyers hard. Real estate experts are lamenting the delay in property buying due to the poor, unstable economy. However, the recent uptick in the housing market is making many potential homebuyers reconsider whether property ownership is right for them.
Home values are slowly increasing, mortgage rates are remaining affordable and the number of distressed properties on the market is decreasing. According to ALTOS Research, the median single-family home price in Baltimore as of August 24, 2012 was $113,855. Broken down to a per square foot value, the median price was $101 for the same time period.
The average property in Baltimore as of August 24, 2012 is on the market for about 174 days before a seller finished the home closing process. The extended period of time that homes spent on the market, as well as the relative affordability of property prices in the greater metro area may entice many people to buy one of the houses for sale in Baltimore in the near future.