Baltimore by the Numbers, May 2018

By the Numbers

Year Over Year Strength Flexed in Sale Speed

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 far away suburbs (nothing like the city market).

Demand for Baltimore City homes remained strong through April. On average, homes are selling in less than 58 days this year, according to MRIS data released earlier this month. Last year, homes sat on the market for 59 days on average before closing on a sale.

“Although it seems like a small margin of improvement, the speed of sale is extremely important,” said Annie Milli, Live Baltimore’s Executive Director. “How fast homes are able to sell indicates that the housing market has demand but also shows homes are being priced correctly for the area.”

In April, Baltimore City enjoyed 634 standard (likely owner-occupied) sales, a 3.8 percent increase compared to April of 2017.

“Limited availability of homes in Baltimore County and others nearby may bring stronger numbers to the City,” Mill said. “So we are looking forward to watching the numbers roll in from Spring Selling Season.”

Neighborhoods of Note

Many of the usually popular neighborhoods, including the Inner Harbor and Roland Park, are experiencing growth as they have over the last few years. We took a deep dive into a neighborhood that is accessible for entry-level, first-time homebuyers to see how Baltimore’s market strength is impacting values.

Medfield has already more than doubled the number of sales it closed last year in just the month of April. Last year the neighborhood had five sales in April. This year it closed on 13 homes in just one month. Some of this growth is attributed to new homes being constructed in the community, including Redfern Row, where homebuyers are able to get newly constructed property for the first time in decades. Five of the April 2018 sales in the Medfield community were part of the Redfern Row development.

Additionally, anticipation of a brand-new school building at Medfield Elementary is also contributing to the market’s growth.

Take a look at what else is happening year over year in the Medfield community.

Growth in Medfield

Volume

• Jan through April 2017, Medfield had 12 sales. Jan through April 2018, Medfield had 27 sales.

Price

• April 2017 average price was $210,100; April 2018 average price is $271,823.
• April 2017 median price was $211,500; April 2018 median price is $269,500
• From January through April 2017, the community’s median price was $178,000 compared to the same months this year, where the median price is $218,500.

Speed

• Average days on market for a home in April 2017 was 83 days. This year, in April 2018, homes spent just 73 days on average on the market.

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.