Baltimore’s housing market took a pretty big hit in the aftermath of the economic meltdown, but things have been improving steadily in the last few years. Today, home values are higher and sales prices are stronger than they have been in several months.
According to online real estate sources, Baltimore’s home values and sales prices are looking a lot better, but there’s still room for improvement as “Charm City” struggles with other economic hurdles like unemployment and higher foreclosure rates.
The median estimated home value for Baltimore was reported at $100,400 as of August 11 by Zillow. This represents a 2.4% year-over-year increase. The median list price and median sales price also saw gains, with 10.1% and 8.9% jumps, respectively. The number of total home sales also increased to 1,123 (a whopping 97.7% jump from August 2012).
The one thing that Baltimore continues to struggle with is foreclosures. Last year, distressed properties seemed to be kept at bay, but according to RealtyTrac, the numbers aren’t looking as great in 2013. RealtyTrac reports that in July, the number of properties that received a foreclosure filing in Baltimore was 1% higher than the previous month and 148% higher than the same time last year. This could possibly be due to the fact that, in years past, investors cleared out a large chunk of distressed homes. Now that the foreclosure discount is higher and investors aren’t as eager to scoop up distressed inventory, it’s once again up to private buyers to clear out the market. And since this typically doesn’t happen quickly, the built-up shadow inventory from the previous year hits the market en masse.
The other setback to Baltimore’s economic recovery is its unemployment rate. The city’s jobless rate of 9.4% has likely held back more significant improvements in the local housing market as well as the economy as a whole. The good news is this rate seems to be on the decline. At the beginning of this year, the jobless rate in Baltimore was over 10% and it’s been steadily falling each month since.
More good news: Baltimore’s future job growth is estimated at 31.64% by Sperling’s Best Places. With more jobs on the way, hopefully Baltimore can continue moving in the right direction and make even bigger gains in the years to come.
For those looking for an affordable home in Baltimore, there are plenty of great real estate deals to be found. Although prices have increased, they’re remaining fairly low overall, with many a nice home offered at under $100k. Here’s a look at some of Zillow’s most recent listings for less than $100,000:
40 Upmanor Rd
3 bed, 1 bath townhouse in Uplands neighborhood. Updated kitchen, fenced yard and rec room in basement. Great deal for under $100k!
1524 N Ellamont St
3 bed, 1 bath end unit townhome close to Gwynn Park and Coppin State University. Private back patio, spacious bedrooms and plenty of storage in full basement. Rent-to-own option available.
4335 Berger Ave
3 bed, 1 bath brick townhome in desirable Gardenville. Investors take note – property can be purchased individually or as part of a package with five other homes on Berger Ave. This unit boasts open living space, beautiful wood floors and one car garage.
Mortgage rates in Maryland remain near historic lows. This makes now a great time to buy, invest or refinance. Talk to a lending professional today for details and to request a free Baltimore mortgage rate quote.
Maryland Mortgage Options
In the market for a new Maryland home loan? Here are a few banks and mortgage companies currently lending to Maryland borrowers to start your search:
9201 Corporate Blvd
Rockville, MD 20850
20 South Charles Street, Ste 1000
Baltimore, Maryland 21201
7676 Belair Rd
Baltimore, Maryland 21236
Tour of Baltimore
Thinking of calling this beautiful city home? Check out this video tour of the city including the Inner Harbor.