The Baltimore real estate market has certainly shifted over the past few months. With rising interest rates for mortgages, but prices still staying higher than years’ past, the demand for homes has dropped significantly.
Though there are some areas of the Baltimore real estate market where you may still find multiple buyers bidding on homes, the majority of the area has seen things cool off.
Economists see that the Baltimore real estate market should continue transitioning in 2023.
In 2019, 37,829 homes sold in the Baltimore metropolitan area. In 2020, 43,151 homes sold. That number jumped up to 47,848 in 2021, while so far in 2022, 37,977 homes have sold, which is a drop of 20.6%.
Bright MLS economist Lisa Sturtevant projects that in 2023, 35,529 Baltimore area homes will sell, a drop of 6.4% from 2022.
Median home prices in Baltimore, on the other hand, are expected to rise very slightly over 2022. In 2019, Baltimore area the median home sales price was $284,260. That rose to $309,000 in 2020, $335,000 in 2021, a spike up to $351,450 in 2022, and an expected median sales price of $354,000 in 2023.
I thank Bright MLS for these statistics and projections.
Please contact me to help you navigate through this changing Baltimore real estate market. I would be pleased to be of service!