Housing Affordability in Baltimore Compared to the Capital District

When compared to the Washington D.C. real estate market, Baltimore’s housing market remains strong.

In the latest figures revealed, the median price of homes sold in Baltimore increased by 10.4% compared to the previous year, and properties were sold in an average of just eight days, reflecting the high number of buyers currently looking to become homeowners in this Maryland city.

It is also worth noting that, unlike the Capital District area, Baltimore’s real estate market is significantly more affordable.
This statement is made by Lisa Sturtevant, Chief Economist at Bright MLS, who says: “The median price of a condo in D.C. is around $465,000, but in Baltimore, the value is around $210,000.”

Sturtevant also says: “This affordability difference extends to the suburbs as well. For example, the median price of a single-family home in Montgomery County is over $800,000, while in Baltimore County, a single-family home costs less than $400,000.”

Another advantage Baltimore has over the D.C. area in terms of affordability is that many properties in the city are considered “fixer-uppers,” homes that sell at an average discount of 43% compared to move-in-ready properties, offering opportunities and many more options for buyers willing to invest in renovations.

Sturtevant concludes by saying: “While Baltimore and D.C. share some similarities in their real estate markets, Baltimore’s unique character sets it apart, as it is truly a city of neighborhoods, much more so than D.C. Therefore, I recommend that if you are new to Baltimore, it is important to take the time to explore the neighborhoods to better understand each of your options.”

Available Foreclosures:

Baltimore: 1,245 homes available

Washington D.C.: 732 homes available.

By Elías DaSilva | 9 de diciembre de 2024.