Helpful Guide to Understand the Baltimore Real Estate Market
Baltimore is a beautiful city in Maryland with a population of over 600,000, spanning nine geographical regions. Despite its large size, housing is known to be relatively affordable.
In recent years, a lot has changed in Baltimore’s real estate market, with increased rent prices and population growth causing a shift in people’s buying and selling behaviors. If you have been considering purchasing a property or selling one in this coastal city, the following information may be worth considering.
The State of the Baltimore Real Estate Market
Before any homeowner looks at buying, selling, investing, or building, it’s crucial to gain insight into the very market you plan on being a part of. Your decisions should be based on market behavior to ensure you’re doing what’s in your best interests.
From June to August 2021, the median sales price in Baltimore decreased by 1.6%. This drop may indicate softening demand for properties. However, properties were still selling in an average of six days in Baltimore County and nine days in Baltimore City.
The total number of houses for sale was down from the year before, but supply had increased month on month from the middle of 2021.
The Median Sales Price in Baltimore
When the time comes to start looking at your sales options, it’s worth considering the median sales price. Being realistic can mean you’re able to price your property more accurately and sell it quicker.
Those homeowners considering a fast sale may like to make contact with professional home buyers in Baltimore. Their goal is to buy homes for cash fast and refurbish them for the buyer’s market. There’s no need to worry about open homes, repairs, real estate fees, and sales falling through, unlike traditional sales options.
In late 2021, the median sales price in Baltimore County was $305,000, a 10.9% increase from the previous year. Baltimore City’s median sales price was $225,000, a 10.8% increase in one year. However, record highs were reached in April 2021.
A Buyer’s or Seller’s Market
Before you sell your home, it’s worth considering whether you are doing so in a buyer’s or seller’s market. In a seller’s market, homes sell quickly, and prices increase.
However, as demand softens, which has been seen in the later part of 2021, there can be a shift toward a buyer’s market. This means listings are plentiful, prices drop to accommodate competition, and sellers must get creative to shift their homes.
Due to the high real estate fees of an average of over 5.6%, homeowners may not only lose out with the cooling of the market but with the costs of having someone advertise their home. Trying to sell a $200,000 property with a real estate agent may net the buyer less than $188,000.
Foreclosure rates have been decreasing in recent months, possibly because of the ban imposed on them due to the financial difficulties of COVID-19. However, homeowners on the brink of having the bank foreclose do have other options.
Before the bank is called in to take over ownership, they can contact professional home buyers in Baltimore and opt for a quick sale. That way, in just days, they can solve their homeownership woes and restart their life.
Being a part of the real estate market in Baltimore requires some basic knowledge of it. Before your next construction project, sale, or new home purchase, make sure you’re aware of what’s happening in the very market you’re hoping to benefit from.
Featured Image by Unsplash