January 10, 2019 - Baltimore by the Numbers
Inventory tightens 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 far away suburbs (nothing like the city market).
Baltimore City average home prices increased by 1.12 percent in December to $163,114 when compared to December 2017 when average prices were $161,305, according to MRIS numbers released this week. Average home prices this year bumped up to $174,841 compared to their three-year average of $165,993.
While Baltimore City home prices may be rising, the city continues to offer enough options at all price points for first-time homebuyers, families, second-time buyers, new residents, move-up buyers and more.
The uptick continues a positive trend for Baltimore City home sale prices. Over the past three years, average prices in popular, top-market neighborhoods seem to have stabilized while sales prices continue to increase in middle-market neighborhoods throughout the city. Though sales volume decreased year-to-date to 592 homes in December compared to 830 homes in December 2017, the three-year average shows Baltimore home sales volume averaged slightly higher this year at 8,649 homes this year compared to 8,541 on average the past three years.
Neighborhoods of Note
Middle-market neighborhoods showed steady home sales this year. Frankford, Waltherson and Hamilton Hills topped the list by sales volume in affordable neighborhoods perfect for first-time homebuyers.
Top Neighborhoods for First-Time Homebuyers in 2018
Hamilton Hills: 115
Howard Park: 111
North Harford Road: 109
Ednor Gardens-Lakeside: 79