March 27, 2018 - Baltimore by the Numbers
City's Most Affordable Neighborhoods Flex Strength in February
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 buyers are eager to snap up listed homes according to February’s MRIS indicators.
The speed of sales in the City improved compared to February of last year. In 2017, a home sold on average after being listed for 84 days. This February, buyers acted on listings in less than 69 days on average.
“When buyers find the right homes, they’re acting fast,” said Live Baltimore’s Executive Director Annie Milli. “This opens the door for current owners to sell their starter houses and move into their next dream home. It’s also great for first-time buyers who are financed and ready to buy.”
And while the number of homes sold in February decreased from January’s rocking start to the year, February’s numbers still put the market ahead of where it was a year ago. By the end of February 2017, Baltimore City had enjoyed 1,162 home sales. This year, as February closed its books, there were 1,177 home sales total across the City.
Neighborhoods of Note
Baltimore’s most affordable neighborhoods outperformed higher priced areas of the City this month in terms of price increases, speed of sales and number of sales. This is a great indicator of first-time buyers entering the market.
“Sales numbers are driven by availability, amenities and price, which is where our regional affordability shines. These neighborhoods are just warming up,” Mill said.
Top Neighborhoods: Affordably-Priced Neighborhoods by Number of February 2018 Sales
Belair-Edison (16 sales, average price $66,848)
Washington Village /Pigtown (13 sales, average price $134,638)
Sandtown/Winchester (9 sales, average price $30,677)
Allendale (8 sales, average price $45,801)
Waverly (6 sales, average price $106,825)
Morrell Park (6 sales, average price $88,416)
Brooklyn (6 sales, average price $54,522)
Saint Helena (4 sales, $89,002)
Hollins Market (4, average price $80,749)
Better Waverly (4 sales, average price $39,462)
Park Circle (4 sales, average price $31,462)
Four By Four (4, average price $22,937)
*Affordability grouping is based on the 2014 Housing Market Typology.