May 15, 2017 - Baltimore by the Numbers
Housing Hot Streak; Widespread Sales; Growing Neighborhoods
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).
Baltimore City’s housing market hot streak continued in April, posting increases in sales and median price, and adding to an already impressive start to 2017.
April’s 611 standard sales are an 18.4% increase over April 2016 and a 5.5% increase over this March. This makes April the year’s top performing month to date—a common but promising occurrence in spring as homebuyers head out to explore what Baltimore has to offer.
There have been 2,042 standard sales year to date. That’s a 19.9% increase over the same period in 2016. Median prices for standard sales come in at $179,000, a 2.9% increase over last April.
Neighborhoods of Note:
In the midst of this healthy housing market, we took particular note of the increase in how many neighborhoods have seen sales. 168 Baltimore neighborhoods had sales in April—a 7% increase over April 2016.
Of these 168 neighborhoods, 123 (73%) also had sales in April 2016. This year-over-year consistency is even more impactful when considering this: 75% of neighborhoods with sales in 2016 and 2017 have had as many or more in 2017. See the pie chart below to help illustrate this performance:
While some popular waterfront neighborhoods topped sales lists for the month, we identified a few unexpected areas experiencing promising improvements.
Greektown is surging for such a small neighborhood, giving buyers a range of options both historic and newly constructed. Its 11 standard sales in April and 33 total in 2017 puts it in the top ten for neighborhood sales year to date. This performance illustrates the strength of the southeast Baltimore housing market, with prosperity spreading beyond the consistently high-performing Canton neighborhood.
Downtown, an area commonly thought of for rentals, showed eight sales in April (compared with one in April 2016). That brings Downtown to 15 total sales in 2017. At this time last year, Downtown had just four. Residents are seeing value this area and putting down roots, enjoying its range of entertainment options and sense of community thanks to the new City Center Residents Association.
For more insight into Baltimore City’s housing market, or to set up a time to learn more, call 410-637-3750 or email email@example.com.
About Live Baltimore
Live Baltimore is a nationally recognized, independent nonprofit organization committed to promoting the benefits of Baltimore City living. Each year, Live Baltimore provides thousands of individuals with information on the city’s 250+ neighborhoods, rental living options, homebuying incentive programs, historic tax credits, and more. For more information, visit LiveBaltimore.com.