The sun is starting to shine on the Baltimore City real estate market. A strong March with increasing interest in standard home sales (non-investor/non-rehabber) shows the city is seeing real continued demand from traditional buyers. The statistics look very strong as the housing market has tightened areawide on supply and demand concerns.
Baltimore City prices for homes sold rose to a new median of $129,250, a 20.3% increase over sales prices in March 2015. The 2 year stretch from ’15 – ’17 are years where Baltimore City also saw fairly aggressive social issues coming up often in the media.
Just over 750 city home sales closed in March. The levels of closed sales are up 17.5% from March of 2017. The highlight of the data, the fact the city is most proud of, is that the level of standard home sales to traditional buyers was up by almost 32% in the last 3 years.
“Market statistics are strong for Baltimore City heading into the spring and summer markets,” said Gerard DiRuggiero, Principal Broker of UrbanLand Company. “The fact that traditional buyers are putting up a large percentage of transactions bodes well for the city’s future.”