Real Estate

Why Baltimore? Marketwide Prices Rise 2.2%; City Prices Up 18.2%

Sales prices market-wide for Baltimore area homes rose 2.2% in February with a median of $230,000 on closed sales. Just over 2,200 homes were sold across the Baltimore market, including the core inner city and surrounding areas. The $230,000 median price is the highest it has been for February in 8 years, and represents 94.3% of the original listing price for the home sold.

2.2% is not a huge increase due to the fact that it is a market-wide statistic that covers a huge area. Baltimore City had prices rise 18.2%. After that rise, the median sales price for the City is just $98,050. That’s a number that makes investors salivate. There’s an extremely low cost of entry into Baltimore City, values are rising and you can create high cash on cash returns. If you’re a first time buyer, think like an investor! 

“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. “Homes selling at such high levels near their original listing price bodes well for homeowners and is real proof that this market features very reasonably and realistically priced product for buyers.”

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!

#FollowDevelopment on Twitter! Thanks to the Baltimore BizJournals on the alert & data!

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