Baltimore by the Numbers, July 2018

By the Numbers

June’s housing numbers point toward stabilization

Welcome to our Baltimore by the Numbers monthly update. This feature offers unique insight into the Baltimore City housing market— giving a hyperlocal take on what’s happening and paring down regional reports that include faraway suburbs nothing like the city.

After years of recession recovery, June’s housing numbers point toward a year of stabilizing the Baltimore City housing market. Year over year owner-occupied closings, also known as traditional standard sales, are up slightly by .06 percent, according to MRIS market data.

“It’s crucial to watch standard sales because they are reflective of our true buyers and sellers market in the City,” said Annie Milli, Live Baltimore’s Executive Director. “It’s taken years for the early 2000’s foreclosure crisis to move through our market. We find ourselves now at a new benchmark that will impact prices and other indicators for years to come.”

In June 2018, 85.8 percent of the total housing sales in Baltimore City were categorized as “standard” while one year ago, in June 2017, just over 81 percent of sales were closed on as owner-occupied homes. These numbers have increased compared to 2016 when standard sales accounted for just over 76 percent of the total housing sales in the City and in 2015 when it was at 70.5 percent.

“Interest in city living has always been steady but we currently have many buyers taking the step toward owning a home,” Milli said.

Neighborhoods of Note

As more and more homebuyers begin the process toward homeownership, inventory remains relatively low creating a more competitive market. Homes across the City sold at a rate of 15.6 percent faster than this time last year. Take a look at which neighborhoods had the fastest sales in June.

Top Ten Fastest-Selling Neighborhoods

Neighborhoods (with over five home sales in the month of June) sorted by average number of days homes sold

Ednor Gardens-Lakeside: 9 days

Highlandtown: 22 days

Bolton Hill: 24 days

Inner Harbor: 24 days

Brewers Hill: 24 days

Waverly: 26 days

Mount Washington: 29 days

Hampden: 30 days

Berea: 32 days

Waltherson: 33 days

For more insight into Baltimore City’s housing market, or to set up a time to learn more, call 410-637-3750 or email info@livebaltimore.com.