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).
Median homes prices in Baltimore City increased 23.3 percent in August to $159,000 when compared to August 2017 when median prices were $129,000, according to MRIS numbers released this month. While sales numbers are relatively flat year over year, (up 1.6 percent) the median growth indicates that a healthy number of sales in the middle and upper-end of the market closed in August.
"Although median prices are rising our market is still very affordable for buyers in all stages," said Annie Milli, Live Baltimore's Executive Director. "There are great homes available for move-up buyers and the market is ripe for them to sell their homes to readily available first timers."
The median growth is positive for Baltimore City as 87.1 percent of homes sold in the area are likely owner-occupied homes and not foreclosures or investment properties, this number is up 7.8 percent compared to one year ago.
While some of the neighborhoods with the highest median prices are moving through the year strong, communities priced for first-time buyers enjoyed the most sales in August. Middle-market neighborhoods accounted for more than 25 percent of the month's sales.