The Baltimore Washington Real Estate Journal takes a look at Hampden, 1 of Baltimore City’s hot commercial and residential neighborhoods. The zone, split in half by The Avenue, a commercial district with a pulse of its own, is a constant member of the shortlist of city neighborhoods with the most appeal.
One thing the neighborhood offers is a busy real estate market. Over 200 homes were sold in 2017 totalling over $48,000,000. The year was a 12.75% increase in overall volume over 2016 levels and a 5 year improving price trend where the average rowhome sale is for $225,929. The neighborhood runs at a premium over Baltimore City’s overall downtown housing prices – it’s not as expensive as Canton, Federal Hill or Fells Point, but the averages are well over the city’s ‘normal’ exciting average sale prices in the $160,000’s.
Average prices in 2018 have been strong. Prices per square foot were around $168 during January, with forecasts calling for a move to around $185/sq. ft. by summer. Fully renovated properties in Hampden can see premiums up to $200/sq. ft. Zillow’s Home Value Index puts the neighborhood at $234,340, a 9.7% increase in the last 12 months and are forecasting a 5.1% increase in the pending 12 months. Median prices for current listings is $262,450 with a median price of homes sold right around $192,000.
Besides great real estate statistics and The Avenue’s commercial strip, what else makes Hampden a charmer within Charm City? This is basically rowhome-central with 43% of the homes falling into the “attached” classification. Walkability is high here, with Hampden falling into the top 5% of US neighborhoods. For those whose ideal location are streets full of rowhomes with walkable businesses nearby, Hampden more than fulfills. You can why it is no shock that over 69% of the neighborhood’s residents are in managerial, professional and other stable job types.
Realtors are taking notice. Privately owned UrbanLand Company, a DC-based real estate brokerage celebrating its 15th anniversary, chose Hampden and secured a commercial/residential building to use as a base of Baltimore operations. The new office will be opening in May at 831 W. 36th Street in Hampden, right on The Avenue. The brokerage offers free education and full service representation to home buyers, property owners and real estate investor/developers.
“We love the flavor of The Avenue and its large volume of foot traffic, we love the neighboring businesses, and we love being right near Johns Hopkins and other exciting Baltimore landmarks,” said Gerard DiRuggiero, Principal Broker of UrbanLand Company. “We’re opening our office in May after a careful full gut job and renovation managed in-house using our new condo development expertise. We’ll be advising and representing a whole incoming group of Baltimore purchasers looking to grab rowhomes before prices rise much more. We’re thrilled we chose to expand from DC into the Baltimore market through this Hampden location.”