The pace of home sales in Baltimore continued to increase as more and more homebuyers and investors take advantage of (relatively) low housing prices. Sales of homes in the Baltimore market in October alone reached a 10 year high statistically for the month. If you own a home already in Baltimore – you should be happy! The median sales prices for successfully settled homes increased 7.7% in October to $253,000, it’s highest level in 9 years.
“Our agents have already taken a few first time home buyers from DC/suburban Maryland up to the city and successfully moved them into homes. The city has a lot of vitality and character that the millennial market segment is attracted to,” said Gerard DiRuggiero, Principal Broker of UrbanLand Company. “The city has been on our Focus list of hot market zones for over a year now. You’ll be seeing more coverage of Baltimore real estate from us continuously.”
Baltimore is a very large market that includes the core city and surrounding suburbs. October’s comparison data that was analyzed covers Baltimore City, Anne Arundel, Baltimore, Carroll, Harford and Howard counties. Inside the data, Baltimore City remains the most affordable market zone, with a median home sales price of just $124,000. That low number is an increase of 18.1% over last year.
“There’s your reason for this blog post right there,” commented DiRuggiero. “The Baltimore City market is the most affordable even after an 18.1% price increase over October 2015 levels. This city will ’emerge’ as a high priced housing zone in the near future. At these prices, this is still the ground floor for even beginning investors.”
Want to learn about how easy it is to buy in Baltimore (or anywhere else!). Check out our popular free Home Buyer Workshops available at our NW DC office. “We love taking people up to Baltimore, Prince George’s County and pockets of value neighborhoods that still exist in DC. Come on in, hear what we have to say, and our agents are happy to help you get started,” said Gerard.
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