More signs of recovery showed last month in the Baltimore area home market, as sales hit their highest March mark since 2007 and new contracts rose for a tenth straight month, a real estate analyst reported Friday.
Real estate analysts predicted a strong spring market as the job outlook improves, interest rates remain low and lenders begin easing some restrictions on credit.
Couple the improvement with some of the most favorable prices for housing of major cities in the US. “Few cities with more than 500,000 people offer the sorts of prices that prompt real estate analysts to place the area on their most-affordable lists, but Baltimore does.”
RealEstate Business Intelligence (RBI) ranked the Baltimore area favorably in annual surveys of affordability, and more recently RBI released a list of 20 Baltimore-area neighborhoods offering prices likely to attract first-time buyers.
The new list includes neighborhoods in the city, as well as Baltimore, Anne Arundel and Harford counties, with median selling prices ranging from $69,900 in West Baltimore’s Edmondson/Beechfield area to $260,000 in Anne Arundel County’s Linthicum Heights neighborhood. Roughly in the middle range is the city neighborhood of Hampden and three areas in Baltimore County — Parkville, Rosedale and Halethorpe — all with median prices in the mid- to high-$170,000s.
The national median, RBI reported, is $199,600.
The list was put out to show first time homebuyers, who made up the smallest portion of buyers in 30 years, some great neighborhoods that maybe they didn’t know about.
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