Enter an improving real estate market in Baltimore
Real estate in Baltimore saw significant gains in the past month, which could mean now is a good time to buy. As the market improves, housing prices may increase and result in a decrease in home affordability. Therefore, some experts are encouraging potential buyers to consider the market when prices are low and the state of the economy is on the precipice of improvement.
According to the Department of Numbers, as of July 23, 2012 there were approximately 15,420 houses and condos for sale in Baltimore. This is 4.2 percent less than the previous month and a decrease of 24.1 percent in the past year. As inventory levels decline, homes values typically increase.
The median asking price on that same date was $238,000, claims the Department of Numbers. The 25th percentile asking price was $140,000, far lower than the median and the 75th percentile asking price of $399,900. Affordability remains relatively the same from June 2012. However, there have been a few ups and downs as the weeks progressed. For example, the median asking price on July 9, 2012 was $239,777.
In contrast to the asking prices listed above, ALTOS Research reports that homeowners received a median single-family home price of $114,340 as of July 20, 2012. Potential homebuyers wishing to determine the affordability of a property in comparison to real estate average may want to use a formula figure out the median price paid per square foot in the greater metro area. As of July 20, 2012, that purchase price was about $101 per square foot.
The median asking price for homes for sale in Baltimore peaked in May 2006 at $350,577, according to the Department of Numbers. Since then, homesellers are asking about 31.8 percent less across the region. The lowest median asking prices were seen in January 2011, and since then, the sum has improved by 12.4 percent.
As the market continues to see an upward swing, more potential homebuyers may want to consider shopping around for a property.