Baltimore continues to be the value option for home buyers, even when their overall Metro area real estate market hits its highest levels in 8 years. In July, the average price paid for homes sold was $270,000 across suburban Baltimore and downtown. When the ULC Blog says suburban Baltimore, we mean Baltimore County, Anne Arundel, Carroll, Harford and Howard Counties.
Here’s a comparison. The average price paid in Washington, DC in July was $439,900. The total $ sales volume in July for the Baltimore market was $1.1 billion while Washington, DC saw $2.8 billion in real estate transactions occur.
“These broad market statistics are fun to look at but are relatively meaningless to the everyday home buyer or home owner,” said Gerard DiRuggiero, Principal Broker of UrbanLand Company. “One thing you can take from the data – if you’re looking to buy real estate, especially if you’re buying with an investment goal, you can not beat Baltimore’s low cost of entry. It’s a talk we’re having often this Summer with several clients relocating in from out of town. They initially ‘want’ DC because it is the logical flashy choice — after a few tours up in Baltimore and value comparisons, their perspective changes quickly.”
Here’s the best way to put Baltimore in perspective. If you work from home or don’t mind the commute, it is really hard to argue with your bank account. You can negotiate with your spouse or partner, you can convince yourself where you think you want to live, but you have to listen to your wallet! The $270,000 average for July covers the entire suburban market – when you look to core Baltimore City for urban rowhomes, you find far lower prices.
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 and select Maryland libraries. “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. Just let us know when you RSVP that you want to talk Baltimore!
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