April 26, 2018 - Baltimore by the Numbers
March Numbers Jumpstart Spring Selling Season
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).
Although national analysts anticipate the housing market will see a weaker Spring Selling Season in 2018 than years past, Baltimore City's market is flexing early seasonal strength.
In March, Baltimore City enjoyed 627 standard (likely owner-occupied) sales, an 8.3 percent increase compared to March of 2017. Year-over-year, the market is also up 1.8 percent in sales that are not classified as distressed, investor purchases or foreclosures.
"The uptick in residential sales is a good sign for the City," said Annie Milli, Live Baltimore's Executive Director. "Our available inventory is allowing for our market to grow in a healthy way, at a steady pace, while surrounding counties lack options for buyers."
At this point in the year, homes in Baltimore City are selling 23 percent faster than in 2017. A standard home sale closed after 56 days on the market in March of this year compared to 74 days last year.
Neighborhoods of Note
The average price of a home sold in Baltimore City during the month of March was $175,000--great for homebuyers looking to purchase a starter home in a middle-market neighborhood. Take a look at our list of affordably-priced neighborhoods that saw the most sales in March. Neighborhoods included in this group have an average sale price of $169,592.
2018 Top Ten Neighborhoods for First-time Homebuyers
Entry-level Priced Neighborhoods leading Baltimore by number of sales
Hanlon-Longwood: 7 sales
Greektown: 6 sales
Windsor Hills: 4 sales
West Forest Park: 4 sales
Mid-Govans: 3 sales
Rognel Heights: 3 sales
Remington: 3 sales
Cross Country: 3 sales
Glen Oaks: 3 sales
Greenmount West: 3 sales