Baltimore is recovering from the housing market crash at a pretty steady rate. Right now, sellers have an advantage and should seriously consider putting their real estate on the market in time to benefit from the current trends. With increased property values and a decrease in the number of days on the market, it’s safe to say that it’s definitely a sellers’ market in Baltimore.
More Homes on the Market
Right now, Baltimore’s total inventory of homes for sale is 3,888. That number has increased over the past month from 3,667, which is an impressive 6 percent difference. A year ago, there were only 3,633 homes on the market, which is a 7 percent difference from today. This trend shows that sellers are slowly putting their properties on the market in hopes of a quick sale and a reasonable closing check.
Homes Are Worth More
The median list price for homes in Baltimore is $139,900, which is 4 percent higher than it was a month ago at $124,900, and 22 percent higher than a year ago at 114,900. Increased home values is a definite sign of recovery in the market, and homeowners can expect this trend to remain steady over the next few months. While this is good news for sellers, buyers may need to secure the additional financing to cover the increase in home values.
Homes Are Selling Faster in Baltimore
It currently takes an average of 65 days to sell a property in Baltimore, which is 23 percent lower than a month ago at 84 days, and much lower than a year ago when houses took 98 days to sell. There’s a 34 percent difference between last year and today. This momentum shows that buyers are coping with the increased home prices, and are more eager to obtain the good properties before values increase even more. Sellers can take advantage of this and list now before there’s a shortage of buyers that will be able to afford the higher priced homes. If property owners are in the position to wait it out, they could see a drastic increase in their home values within the next year.
The median price per square foot is $130, which is up 4 percent from $125 last month, and 5 percent from $124 last year. The increase in price per square foot along with the increased median list price is a strong indicator that many of the homes on the market are larger and more expensive. If this trend continues, first time home buyers may experience difficulties with financing real estate in the city. One way to offset this would be to put down a larger down payment on the home.
Low Rates for Baltimore, MD Buyers
Maryland’s current mortgage rate is 3.37 percent, down from 3.45 percent last month. Just 12 months ago, the mortgage rates were at 3.71 percent, which is nearly 5 points higher than today. Buyers should quickly take advantage of the decrease in rates before they rise again. Getting a loan with the current rates or waiting until the rates increase could mean the difference of thousands of dollars in interest payments on the loan.
Baltimore’s real estate market is on the comeback. Sellers have an advantage, but buyers can also benefit from the low interest rates and the number of different properties on the market. There’s more for buyers to choose from, and that trend will more than likely increase over time.
