By Thomas Carroll, REALTOR®
Now that April has come to a close, we can take a look back at the data see what has happened in this local housing market. When it comes to year over year prices, the median home price for the Baltimore area climbed 8% and settled at an all-time high of $223,000. When it comes to average days on market, this number set a decade low in August of 2021 at 21 days and has been slowly trending upwards. For the month of April, the average days on the market came in at 30 days which is still a very low number
When it comes to inventory, the Baltimore area saw 1432 units listed which is historically a very high number. April of 2019 saw 1514 units listed and that was an all-time high for the decade. So, inventory volume is back to normal levels. It is demand that is truly carrying this market. In April of 2019 when the Baltimore area set a 10-year record for volume, the average days on market was 55. That’s 83% higher that our current average days on market, indicating that demand is still very strong in today’s market.
So, what does this all mean for home buyers and sellers? For buyers, you will have more options to look at, but you still need to move fast and expect to pay top dollar. Know what you are looking for and be aggressive when you see it. For sellers, it means that you can expect your home to sit a little longer on the market. However, home prices have continued to increase in the Baltimore area so you should still expect your home to sell for top dollar. If you want to talk through any of this further or you are ready to buy or sell, please feel free to give me a call!