2020 Housing Market in Review

Best year for housing in a decade is a positive starting point for 2021

More than 1,000 additional properties purchased in 2020 than 2019

Baltimore, MD—Home sales in 2020 surpassed the number of homes purchased in Baltimore City in any other year this decade. With 9,476 home purchases, sales in the city smashed the previous best year’s 9,213 home purchases back in 2017.

While demand for housing improved, so did the City’s median purchase price—rising to $174,000 from $154,000 last year. Homes were snapped up more quickly as well, selling a full week faster, on average, than in 2019. More of these transactions were financed by mortgage than in any other year this decade, suggesting more owner-occupant buyers moving in.

 

 

“This is an incredibly positive starting point for the new year,” Live Baltimore Executive Director Annie Milli said. “We’re pleased to see sales in 246 of our diverse neighborhoods. Baltimore City continues to be an affordable place for homebuyers, and we’re looking forward to continuing to attract buyers with a strong market in 2021.”

Neighborhoods of Note:
Within the top 10 most-selling neighborhoods, Southeast, Northeast, North, Southwest, and South are each represented. The neighborhood with the highest average sale price for the year was North Roland Park/Poplar Hill ($741,578), followed by Guilford ($609,062) and the Inner Harbor ($553,067). Among middle market communities, Dickeyville achieved the highest priced December sale ($385,000). At the lower end of the market, the top selling December home was in Towanda-Grantley ($187,500).

 

 

 

Quick Facts

• 934 sales in December, +28% from Dec. 2019; All of 2020: 9,476 sales, +12% from 8,440 in 2019
• Sales volume was the highest in December since 2010. Volume was more than double that of 2010 and 2011, and double that of 2012. This is the first time in a decade that December has broken 900 sales.
• 2020 was the best year for housing this decade, with more homes selling faster and at higher prices.
• December’s average price of $211,508 and median price of $185,000 were the highest for December since 2010. Average price was up 29% over last December.
• While remaining the most affordable county in the metro region, 2020 average ($200,234) and median ($174,000) sale prices are the highest since 2010.
• Homes sold in an average of only 41 days this December, beating last year’s average by 16 days. For the calendar year, sale speed improved by 12% over 2019.
• 246 different neighborhoods had multiple-listed sales transactions in 2020. This is three fewer neighborhoods than in 2019 (the record-holder for most neighborhoods ever with sales).
• Volume and price improved in all sub-markets for the year. Sale speed improved in all but the most distressed segment of the market. More transactions were also financed in every sub-market.
• Both middle market categories improved by every market measure in 2020.
• The most improved sub-market by volume (for 2020) was the most distressed segment of the market, followed by the most regionally competitive.
• The distressed end of the market also saw the highest increase in prices for the year.
• Sale speed was most improved in the middle segments of the market in 2020.

 

See our full 2020 Baltimore City Market Report here.