The State of Baltimore’s Housing Market: Is it Good or Bad?

Baltimore, a city in Maryland, is showing some progress in regards to the state of its overall housing market. There are a greater number of buyers demanding properties in this city, which means more work for people who work in real estate. There are also more people bidding on houses in auctions. In fact, the buyer traffic has reached its highest point since August 2012.

This surprised many people who did not think this would happen for the city. Sales have been increasing as well as well as home listings. According to recent findings, homes are selling at a pretty good rate as well; it takes an average of 65 days to sell a house in Baltimore. Interest rates are also looking pretty good.

Overall, the state of Maryland’s average mortgage rate was calculated at 3.37 percent in April 2013, which was a decrease from the previous month. Sellers will love this because it attracts more buyers. There are many signs that indicate Baltimore could show even more growth within its housing market.

However, for all of Baltimore’s improvements, not all is always favorable to certain people in the housing market. Housing prices have definitely increased from before and they may be too expensive for those who cannot afford to put a large down payment on a house. The median price per foot is $130, which is a 4 percent increase from March.

This shows that homes are definitely, on average, larger than they used to be and are more expensive. Recently, there have also been complaints about not enough houses on the market for the high amount of demand. However, this has slowly improved because more and more people are selling their houses on the market. Development loans are also short in supply like house inventory.

Baltimore’s housing market is definitely better than it was before, which was a sorry state of affairs. Buyers and sellers can both benefit from the improvement. Sellers can profit from the increase in buyer traffic while buyers can enjoy low interest rates.