The Baltimore Region’s Housing Market is Still Rising
- Oct 31, 2014
By Adrian Maties, Associate Editor
The Baltimore residential real estate market had a great month in September, according to the latest Market Minute reports from Long & Foster, one of the largest real estate companies in the Mid-Atlantic region. During this period, the number of homes sold increased in most of the area.
Long & Foster reports that the largest improvement occurred in Baltimore City. Compared to September 2013, the city saw an increase of 18 percent in the number of homes sold. The counties of Howard and Harford followed in second place, each with a five percent increase, while Baltimore County experienced only an increase of three percent.
Anne Arundel was the group’s only negative performer. The county registered a five percent decrease in the number of homes sold compared to September 2013. However, it also saw the largest jump in median sales prices, by six percent. Prices also increased in Harford County, by five percent. Baltimore County experienced no change at all, while Howard County and Baltimore City both saw decreases of two percent and eight percent, respectively.
The Baltimore region’s entire inventory increased in September, compared to the same period last year. Baltimore City saw a four percent increase, followed by Baltimore County with 10 percent. In the remaining areas, the inventory grew from 13 to 17 percent.
It takes about two months to sell a home in the Baltimore region. Howard County has the lowest days on market average, 41 days. The largest is in Baltimore City, 70 days.
“September brought good news to many areas of the Mid-Atlantic real estate market, including in the Baltimore region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies, in a press statement. “More homes are being sold and median sale prices have risen in a number of areas as well. Growing inventory means homebuyers have more options to choose from, and we anticipate more improvements in the months ahead.”
Photo credit: Long & Foster