By Thomas Carroll, REALTOR®
The national headlines will tell you that the housing market is beginning to soften with demand decreasing and supply beginning to build. There is very little evidence of that in the May housing data for the Baltimore metro area. The median home price in May was $235,000 representing an all-time high and a 6.8% increase year over year. The number of listed units fell by 6% compared to this same time last year. Furthermore, the average days on market fell drastically to just 22 days from 29 days last month and 25 days in May of 2021. For historic reference, the current, decade low for average days on market is 21 days set in July of 2021.
Despite the drastic rise in interest rates that we have seen over the past few months, the housing market in Baltimore remains tight and the demand for housing remains strong. Baltimore continues to be a seller’s market. So, if you are a buyer, how do you navigate this? The answer is reliable financing and speed. The biggest steps you can take to set yourself up for success are locking in your interest rate while you are still shopping, getting fully underwritten before making an offer, and using a knowledgeable agent that can help you act fast. If you want to discuss any of this information further or have any questions, please feel free to reach out!