Like the D.C. area’s housing market, Baltimore’s housing market stays robust. But information exhibits Charm City is significantly more affordable.
Like the D.C. area’s housing market, the housing market in Baltimore, Maryland, stays robust. The median value of what bought within the Baltimore metro in March was up 10.4% from a 12 months in the past, and what bought went below contract in a median of eight days.
Unlike the D.C. housing market, Baltimore is significantly more affordable.
“The median value of a condominium within the District is about $465,000. But a condominium in Baltimore will run you about $210,000,” mentioned Lisa Sturtevant, chief economist at itemizing service Bright MLS.
“Same within the suburbs. For instance the median value of a single-family dwelling in Montgomery County proper now is over $800,000, nonetheless if you happen to go as much as Baltimore County, the value of a single-family dwelling is below $400,000.”
In Baltimore City, neighborhoods have a various architectural historical past. Baltimore additionally has a treasure trove of diamond-in-the-rough properties.
Real property agency Yardi Matrix estimated 26% of properties listed on the market in Baltimore at the moment match the fixer-upper profile, being livable however in want of renovations and updates. Those properties additionally promote at a giant low cost to comparable move-in prepared properties, a median of 43% cheaper. That is one of many largest fixer-upper reductions amongst massive metros.
“There are quite a lot of row dwelling properties specifically which can be loads more affordable, however they want loads more funding. If anyone is keen to tackle a fixer-upper, the City of Baltimore is dwelling to quite a lot of choices,” Sturtevant mentioned.
Housing markets in Baltimore and D.C. are alike in some ways, however Baltimore has its personal distinctive character additionally.
“Baltimore is a metropolis of neighborhoods in a approach that D.C. isn’t to the identical extent,” Sturtevant mentioned. “Taking the time to study concerning the neighborhoods, if you happen to’re new to Baltimore is crucial to determining what your choices are.”
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