The Baltimore real estate market continued to generate strong results, building upon positive news from February and delivering a strong March. The strongest March in 9 years.
Sales prices market-wide for Baltimore area homes rose 3.2% in March with a median of $245,000 on closed sales. Just over 3,288 homes were sold across the Baltimore market for the month, an increase of 16.8% and March’s highest number of closed sales in 9 years. That’s for the entire Baltimore region including Baltimore City.
Looking at the Baltimore City market in detail shows that closed sales increased to 752 homes sold, an increase of 17.5% over the prior March. Closed sale prices rose 20.3% to $129,250. The City’s closed sales prices number is insanely low at $129,250, but it is moving up in large % increments.
“These are all good things for Baltimore’s marketplace and their economy in general. This is simply a very attractive housing market due to pricing, and the public is really starting to take advantage,” said Gerard DiRuggiero, Prinicipal Broker of UrbanLand Company. “The number of sales closing in the market is increasing at a high velocity and sales prices are responding, particularly in the core City. It’s going to be a wild ride here!”
Want to learn more about investing in Baltimore while prices are still low? If you’re a renter/first time buyer in DC with flexibility of location and want to save a lot of money on your home purchase, consider Baltimore and one of our DC-based first time Buyer Workshops. We talk about the city for anyone who has an interest, and have already sold several value priced properties to attendees! Here’s the schedule and how to RSVP:
Here’s the kicker! We love Baltimore’s coming growth so much that we’ve invested in a new brokerage office right in the hot Hampden neighborhood. We’ll be opening soon at 831 W. 36th Street on “The Avenue,” a great commercial strip in Hampden right near the Johns Hopkins campus. Stay tuned as we open up!