Like the D.C. region’s housing market, the housing market in Baltimore, Maryland, remains strong. The median price of what sold in the Baltimore metro in March was up 10.4% from a year ago, and what sold went under contract in an average of eight days.
Unlike the D.C. housing market, Baltimore is considerably more affordable.
“The median price of a condo in the District is about $465,000. But a condo in Baltimore will run you about $210,000,” said Lisa Sturtevant, chief economist at listing service Bright MLS.
“Same in the suburbs. For example the median price of a single-family home in Montgomery County right now is over $800,000, however if you go up to Baltimore County, the price of a single-family home is under $400,000.”
In Baltimore City, neighborhoods have a diverse architectural history. Baltimore also has a treasure trove of diamond-in-the-rough homes.
Real estate firm Yardi Matrix estimated 26% of homes listed for sale in Baltimore currently fit the fixer-upper profile, being livable but in need of renovations and updates. Those properties also sell at a big discount to similar move-in ready properties, an average of 43% cheaper. That is one of the biggest fixer-upper discounts among large metros.
“There are a lot of row home properties in particular that are a lot more affordable, but they need a lot more investment. If somebody is willing to take on a fixer-upper, the City of Baltimore is home to a lot of options,” Sturtevant said.
Housing markets in Baltimore and D.C. are alike in many ways, but Baltimore has its own unique character also.
“Baltimore is a city of neighborhoods in a way that D.C. isn’t to the same extent,” Sturtevant said. “Taking the time to learn about the neighborhoods, if you’re new to Baltimore is very important to figuring out what your options are.”
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