Baltimore by the Numbers, January 2018
By the Numbers
Year End Shows Strength in Baltimore Market
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 market).
If 2017’s housing statistics are any indicator of what’s to come, the Baltimore market is poised to be robust in 2018. Year end 2017 numbers show that more city homes sold faster in 2017 compared to the year before.
Baltimore City enjoyed 9,213 sales last year, an 11 percent increase compared to the 8,333 sales in 2016. And with the increased number of sales reaching further into more affordable neighborhoods, the average price of a home decreased slightly from $206,115 in 2016 to $205,998 in 2017.
“Baltimore City has something for homebuyers at every price point,” said Annie Milli, Live Baltimore’s Executive Director. “This past year, we saw many more homes selling at the lower end of the market. Citywide this drives the average price down, but within each neighborhood, it’s very positive for values.”
Homes in Baltimore City also sold faster in 2017 when compared to the previous year. Homes that hit the market were snapped up in 29 days compared the 46 days it took in 2016 to sell a listed home. Meanwhile, inventory remains modest with new listings rising just 3.9 percent in December. With such small increases in listings, sales are surely expected to continue to be competitive.
Neighborhoods of Note
While the overall volume of sales increased across the City, the spread of where these sales occurred mirrored 2016’s peak. Sales blanketed the City across 243 neighborhoods, with several neighborhoods seeing drastic increases in the number of home sales compared to the previous year. The Coldspring neighborhood sold just one home in 2016. But in 2017, the neighborhood saw nine sales, an increase of 800 percent— the largest in the City. Franklin Square, Better Waverly and Franklintown also enjoyed robust increases in sales.
2017 Top Ten Neighborhoods With Increasing Sales
Greatest Increase in Sales Volume by No. of Sales, 2016 to 2017
Rosemont Homeowners/Tenants: 550%
Saint Helena: 333%
Franklin Square: 300%
Better Waverly: 257%
Panway/Braddish Avenue: 217%
For more insight into Baltimore City’s housing market, or to set up a time to learn more, call 410-637-3750 or email firstname.lastname@example.org.
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