The December issue of Baltimore Magazine has great news for real estate owners, investors, and sellers. It’s one hot market in Baltimore. “It’s taken more than five years, but it’s finally back—the health of the metro real-estate market, that is. Whether you’re a seller who sat out the downturn to recoup your investment, or a potential buyer waiting for the right mix of reasonable prices and low interest rates, the time is now.
“In fact, prices are rising so steadily in the most popular neighborhoods that the pendulum may already be swinging back to a sellers’ market not seen since 2006.”
According to the magazine the top three markets, based on their selling price in relation to the asking price, are the 21202 zip code. That’s the eastern side of the downtown business district, near the water, where prices are being driven both by increasing demand for condos and townhouses and by the charms of the upscale Harbor East area. The second hot area is Fulton, the bedroom community of Washington or Baltimore; easy commute, good schools, and lots of green space. The third hot area is the historical charming homes in Ellicott City, also in Howard County.
Another way to measure the heat of the real estate market is DOM, days on market. The median DOM for the whole region went from 53 in 2012 to 36 last year and many areas like Ellicott City are on the market for an average of 15 days.
Finally, Baltimore Magazine points out that the biggest growth no longer comes from people fleeing the cities for the suburbs. No, the nationwide phenomena of people moving back downtown in droves is happening in Baltimore, too. “Census data shows that, between 2000 and 2010, Baltimore’s downtown population grew 395 percent within one-quarter mile of City Hall.”
With interest rates low, and the median price for homes across the area flat to slightly higher, it seems like an awfully good time to be looking for a new home.