Baltimore Real Estate Market Shows Promising Growth Trend – Mar 2024

Baltimore’s real estate market showcases significant growth with increasing property values and sale prices, indicating robust demand and investor confidence.

authorWritten by Manuel MartinezMar 12, 2024

Overview of Baltimore’s Real Estate Market Trends

The Baltimore real estate market is demonstrating notable growth with a discernible increase in property values. Within the span from March 2023 to February 2024, there has been an encouraging upward trajectory. The climactic point of this rise was in October 2023, where the average property value reached approximately $253,617, whereas the lowest point recorded in March 2023 had an average value of around $233,858. These figures showcase Baltimore’s market expansion and its potential appeal to investors and residential buyers alike.

Market Report Baltimore MD Mar 2024 House Prices
Market Report Baltimore MD Mar 2024 House Prices

In terms of sale prices, a similar progressive trend is observed. The zenith was once again in October 2023, with the sale price per square foot soaring to about $194. Such consistent growth indicates robust demand and increasing market confidence. Additionally, with a six-month average sale price at $213,651, which slightly surpasses the twelve-month average of $212,708, the forward momentum remains persistent.

Property listings in Baltimore currently have an average value of $249,900, consolidating the gains seen in the market. The going rate per square foot averages at about $188, which, while higher than the sale price per square foot of recent sales at $182, speaks volumes of the robust nature of the market and investor optimism.

Nevertheless, not all facets of the market are experiencing uniform growth. Foreclosures and distressed properties bring forth lower average values, as is typical. Foreclosures average around $212,735, with pre-foreclosures slightly higher at $240,103, auctions at about $211,966, and bank-owned properties at approximately $194,529. These figures highlight opportunities for interested buyers looking for below-market investments.

Analysis of Neighboring Areas

Let’s take a look at nearby cities and how they have performed lately:

  • Gwynn Oak presents a promising picture with a steady rise in values, peaking at $250,000 in December 2023. This ascent signals a flourishing market within the locale and could be alluring for those looking for growing communities.
  • Halethorpe experiences a more volatile landscape. Despite reaching a high in November 2023 of around $284,950, an abrupt turnover occurred with values plunging to $100,000 in February 2024 and even dipping to $82,000 in January 2024. Such fluctuations suggest that Halethorpe may be subject to market pressures or a possible correction phase after a period of growth.
  • Brooklyn, however, stands as an enigma with scant data barring a standalone sale in April 2023. Its average value stayed constant at $269,500 over the review period. This stagnation reveals little about the market’s dynamics but could indicate a period of stability or simply a lack of inventory turnover.
  • Rosedale’s market appeared more favorable, observing a healthy rise in value from $259,500 in August 2023 to $350,000 by February 2024. This increase reflects a robust demand in the area that could persist or even escalate going forward.
  • Parkville demonstrates a more leveled scenario with slight fluctuations, suggesting a stable environment. Unlike the sharp ebbs and flows seen in Halethorpe, Parkville’s steadiness might appeal to buyers seeking less tumultuous grounds.

Foreclosure and Distressed Property Market

Foreclosure properties typically enter the market at reduced prices due to various factors—foreclosure circumstances, the condition of the property, or the need for financial institutions to liquidate assets promptly. The average values attest to these conditions, with Baltimore foreclosures at roughly $212,735 and bank-owned properties close behind at $194,529.

Interestingly, pre-foreclosures in Baltimore buck the trend slightly with a higher average value of $240,103. This could be indicative of the nature of the properties entering pre-foreclosure—possibly well-maintained or in more desirable neighborhoods—and the potential equity remaining despite financial distress.

Auctions find their spot near the base of the scale, displaying an average value of about $211,966. Auctions often reflect a mix of buyer speculation and the competitive bidding process, which can drive prices in either direction, depending on the property and participants involved.

While these categories represent opportunities for bargain purchases, they also come with the caveat of additional risk. The reduced prices may be attractive, but potential buyers must weigh the cost of any necessary renovations or legal hurdles involved in purchasing distressed properties.

In conclusion, the Baltimore real estate scene is burgeoning, with rising average values heralding a strong market. Despite some volatility in certain pockets, there’s a general sense of confidence, particularly in primary markets. As with any real estate investment, it remains crucial for prospective buyers and sellers to remain informed and vigilant, particularly in the more turbulent segments of the market, such as foreclosures and distressed sales.

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