The Baltimore metro market is still experiencing reduced inventory, and a high demand for housing. As such, prices are still rising, however we are noticing a bit of a cooling in the market.
We are noticing that more and more home prices are being reduced. This is only because some sellers were pricing above and beyond where the market was, resulting in them needing to adjust their price in order to sell.
If you are a buyer and wish to enter this market, prepare to be motivated but flexible, patient but willing to move quickly.
Prices in Baltimore’s housing market are still escalating, and multiple offers are very likely, the only difference now is, there may be 2-3 offers as opposed to 15+. So what about new construction? Many are going up but builders are typically 6 months to 1 year out of selling completed homes.
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Baltimore Metro Real Estate Market
Is it a Good Time To Sell Your House In the Baltimore metro area?
Due to the seasonal changes we experience here in Baltimore, this does affect the market. . Spring is certainly the most popular time to buy and sell a house in Baltimore.
We see the highest number of real estate listings taken in the Months of April through August and then they taper off. During the winter months we see the least amount of listings and while buyers tend to be few in the market, the ones that are shopping are usually serious buyers. Also homes look stunning during the holidays in Baltimore.
That being said, in winter, we do see a close price to list price ratio drop by 2-3% which suggest that sellers tend to dropping prices towards the end of the year.
Right now though It’s a seller’s market and sellers are seeing top dollar while buyers are benefiting from the extremely low-interest rates. Both buyers and sellers are being rewarded in the current market.
What is the Average Cost For a House In the Baltimore metro MD?
Makeda Phillander REALTOR® reports that a single-family house located in Baltimore County on average has a sales price of $318,000. This is not including Condo sales, Townhome sales, or sales in nearby areas such as Baltimore city and Anne Arundel County.
Is the Baltimore metro Real Estate Market Going To Crash in 2022?
We expect to see a continuation of limited inventory with the influx of new buyers to the market as the interest rates continue to be at an all time low.
In Which Month in Baltimore Does a House Sell The Fastest?
The spring months are generally fast-moving months.
Is it a Buyers or Sellers Market in the Baltimore metro area?
It’s a seller’s market with extremely limited inventory. Buyers should be ready to take action quickly with their very best offer when buying Baltimore Real estate in 2021.
Who Can I Call to Sell My House in the Baltimore Metro area?
Call Makeda Phillander at 443-929-0703 to buy or sell a house in Baltimore. Makeda is one of the top Real Estate agents in Baltimore and has been helping sellers and buyer since 2013.
What are the Baltimore Metro Housing Predictions?
2021 should see a continued increase in home prices, limited inventory, and fast-selling homes. According to a new report from MoxiWorks, a real estate tech firm, home sales should still be robust during the next few months. Company CEO York Baur told Inman news that ultimately he attributed the strong fall sales predictions to several factors including low interest rates and that because the government mortgage forbearance programs are ending, this may “introduce more inventory into the market.” He also explained that unlike in the Great Recession, many homeowners today have significant equity in their homes, so they are more likely to sell their home than to default.