Buying or selling a home is an important decision in life. It has a significant impact on your financial situation and reinvents the future you have designed for yourself. While these moves can be incredibly exciting, they can also seem slightly intimidating, especially as the real estate market is constantly changing, especially in the wake of the COVID-19 pandemic.
In such a transformative landscape, it can be difficult to keep up with changing trends and how they will affect your buy or sell. If you are planning to buy or sell in Baltimore, try not to stress. We’ve got you covered with this handy guide to understanding the Baltimore real estate market.
According to this article, the median selling price of a home in Baltimore in July 2021 was around $ 225,000. This means that half of the homes sold for more than $ 225,000 while the other half sold for less. The total number of homes sold during that month was 1,152 (up from 1,097 in July 2020). The median number of days in the market was 20 (a massive decline of 52.4% year over year).
Home prices in Baltimore surged in April 2021, with the median price hitting $ 330,000. Specifically, median sales in Baltimore, Baltimore County, and Anne Arundel County hit record highs of $ 218,000, $ 285,000 and $ 415,000, respectively.
As reported by Forbes, the Baltimore real estate market has grown steadily in recent years, with the median home selling price increasing 10% year-on-year.
Overall, the Baltimore real estate market is viewed as slightly competitive. On average, homes sell for 2% above asking price; however, some homes in high demand (also known as “warm homes”) may sell for around 4% above the asking price.
In 2018, Baltimore was among the worst cities in the United States for foreclosures. That year, the foreclosure rate in Maryland was 0.86%, double the national average. It was the third highest ranking, behind New Jersey and Delaware.
However, foreclosure rates in Baltimore declined in subsequent years, likely due to the ban on such actions following financial hardship caused by the coronavirus (COVID-19). The moratorium was originally scheduled to end in May 2021, but was eventually extended to July 31, 2021. Although some entities, namely the Consumer Financial Protection Bureau, have suggested extending the ban until 2022, we don’t have not yet seen such an extension.
Despite the lack of an extension, analysts say a peak in foreclosure rates is unlikely.
Tips for Buying or Selling a Home in Baltimore
Now let’s take a look at some important tips that you should keep in mind when buying or selling a home in Baltimore.
Advice to sellers:
- Reasonably appraise your home (based on size, location and market value)
- Show the potential
- Consider home staging to help buyers visualize themselves in space
- Consider making some upgrades and / or repairs to increase the list price
- Eliminate clutter to make the home as welcoming as possible
Advice to buyers:
- Do your research on the market value of houses in different areas
- Walk around various neighborhoods to get a feel for their quality of life, safety, etc.
- Consider recruiting a real estate agent to support you
The Baltimore real estate market is constantly changing and evolving, which is why it is so important to stay on top of the latest trends whether you are buying or selling. With this information, you will hopefully have a better understanding of the Baltimore real estate market and feel more confident to navigate it.