Realtors in MD and The North Star Team discuss the future of the Baltimore Real Estate Market.
There is no doubt that the Baltimore Real Estate market had its highs and lows, particularly in the last ten years. This includes the City, County, and even the surrounding areas. The pandemic has contributed to the growth of Baltimore’s real estate industry as many working people are looking for affordable housing.
Let’s take a look at what’s been happening in Baltimore and how it will affect the real estate market in 2022.
Important Trends of Baltimore Real Estate Market
We’re all aware the Baltimore Real Estate market is constantly changing. The year 2022 has been a big one for the industry. But what does this mean for buyers, sellers and investors? There are three significant trends to look at:
1. All-Time High House Values
A lack of affordable housing is one of Baltimore’s most pressing real estate challenges. An increase in unemployment has left many people struggling financially, which has increased the demand for low-income housing. Due to increased demand, property prices have skyrocketed, impacting the Baltimore real estate business. Home values are estimated to have increased by 36% over the last couple of years.
2. There’s Still a Serious Seller’s Market in Baltimore
This trend is expected to continue through 2022 as more people are looking to buy homes than there are available on the market. This means that if you find a listing that meets your needs, you may need to act quickly. Unfortunately, this can also mean paying slightly more than the asking price to win a bidding war. Sellers can take it as an opportunity and profit from this trend.
3. Sell Your Home for More in 2022
As of 2022, homes in Baltimore are selling for 98–99% of the list price on average. That means if your home is priced correctly, it’s likely to sell at or near the list price in a matter of days. This is great news for sellers as it means less time on the market, fewer hassles working with buyers’ agents, and ultimately more money in your pocket!
4. Increase in Rental Rates
Baltimore is a hub for students and the working class, contributing to the increased rate of renters among the city’s population. The increased demand for rental properties is driving a gradual increase in the rental rate. Rental property owners can make use of this opportunity to increase their profits at a quicker pace.
Final Thoughts
The Baltimore real estate market has always been strong, with a steady stream of buyers, sellers, and renters. However, this past year has seen unprecedented growth in the housing market. Housing prices are at an all-time high, with many properties increasing in value by thousands of dollars every month. In addition to the low-interest rates on mortgages, these factors have led to a surge in home purchases in the city.
Finding the right property and setting the right price can be a herculean task without a trustworthy source of information. If you wish to buy or sell properties in Baltimore, The North Star Team of Keller Williams Legacy can help you out!
