2023 Housing Market Overview
Baltimore Real Estate Market 2023
Baltimore Real Estate Market Overview
Metro Population: 3 M
Median Household Income:$83,000
Unemployment Rate:4.8%
Median Home Price*:$369,708
Median Monthly Rent*:$1,785
Baltimore Housing Market Trends
Baltimore Market Trends & Statistics 2023
As the home of the nation’s number-one roll-on/roll-off port and an enormous duty-free zone, Baltimore is a major transportation hub with excellent public transit options and a major international airport close to downtown. In this section, we’ll explore Baltimore’s housing market, population and employment trends. We’ll also examine its affordability, monthly rental income, and equity growth potential. The tabs will give you a more in-depth look at these topics.Data Sources:
- Zillow.com
- https://data.census.gov
- deptofnumbers.com
- RealWealth Property Team Data
Median home values stats and descriptions
Median Monthly rent stats and descriptions
Median home value appreciation rate (compared to last year and last 10 years)
Median monthly rent appreciation rate (compared to last year and last 11 years)
Baltimore is a city with a long and storied history. The city has experienced ups and downs, but it is currently undergoing something of a renaissance.
Baltimore’s population growth has historically been slower than the national average. In fact, since 2014, Baltimore’s population has grown at an average rate of 0.44% per year—a 38.08% lag behind the national growth rate of 0.71% per year during the same time period.
However, Baltimore has a high concentration of wealthy residents. The median household income in Baltimore in 2022 is $83,160 compared to $67,500 nationally.
Between May 2021 and May 2022, Baltimore created 53,900 new jobs. This was a growth rate of 3.98 percent, which was 3.59 percent greater than the national average job growth rate of 3.84 percent. However, Baltimore’s unemployment rate in 2022 is 4.8%, compared to the national average of 3.9%. As of June 2021, Baltimore’s labor force had declined 3.6 percent and there was a 1.6-percent decline in resident employment. So the stats indicate that the local economy is recovering from recessionary trends. The government, education and health services employ 50% of Baltimore City’s workers.
Centrally located between Washington and Philadelphia
The Baltimore Pike is a major highway connecting Philadelphia and Baltimore. The road is named after the city of Baltimore, which lies along its route between Philadelphia and Washington, D.C. It is one of the oldest roads in continuous use in the United States. It was originally constructed to connect many of the most prominent cities along early America’s east coast. Baltimore’s proximity to Washington and Philadelphia helps keep demand for real estate strong in Baltimore. The cost of living in Baltimore is also 11.8% lower than the U.S. averageRecovering economy and revitalization projects
The city of Baltimore had 53,900 new jobs created between May 2021 to May 2022. This was 3.98% greater than the national average job growth rate. And it’s not just about Amazon setting up massive fulfillment centers in the area—the city itself has been making significant strides toward revitalization. Old abandoned industrial buildings are being torn down to open up large construction sites—and tax breaks are available for new construction.High home appreciation rates
In the past year, home prices in Baltimore appreciated by more than 16% YOY. This is due to low housing inventory and a growing population of young professionals. However, in Baltimore, where foundations, plumbing, roofing, and electrical wiring are more likely to be compromised by age-related wear and tear, home sellers have to inform buyers of any defects they know about. These disclosures can be made as part of the purchase contract or by providing buyers with an Addendum.High number of vacant properties
Baltimore has a lot of historic buildings. But as many as 17,000 homes in the city are vacant. The City of Baltimore has a low threshold for foreclosing on properties. In Baltimore City, if you are delinquent on $750 in property taxes (or other municipal liens, including water bills), your house could be placed in a tax sale. This presents opportunities for investors who are interested in buying distressed properties.Home to a number of famed colleges and universities
Baltimore is home to some of the best colleges and universities in the country. In fact, Baltimore has one of the largest student populations in Maryland. In the area, larger universities include the University of Maryland and John Hopkins University with a student population of over 20,000 each. But there are other institutions as well, including Coppin State University (with around 4,000 students), Morgan State University (with 6,000 students), and the University of Baltimore (with around 5,000 students).Strong renter’s market
Baltimore has a strong rental market. 51% of Baltimore households are renter-occupied. Although rents in Baltimore rose by 7% over the past year, the city remains one of the most affordable cities in the country for renters. There are many opportunities here for people who want to invest, or who are looking to expand their rental portfolio.Newsworthy building developments and projects in Atlanta
Port Covington
Port Covington is a 235-acre waterfront redevelopment project in Baltimore City. Today, Port Covington is one of the largest urban revitalization projects underway in the world right now. Phase One is set on 60 acres of the 235-acre Cromwell Street site south of I-95 with plans for up to 14 million square feet of shops, restaurants and office space as well as 40 acres of parks. Port Covington has become a hub for cybersecurity firms; DataTribe, Evergreen Advisers and AllegisCyber all moved to the area in 2021.Madison Park North Redevelopment
The Madison Park North redevelopment project is moving forward with a revised design that will include two mixed-use buildings, a grocery store, office space for nonprofits, and 200 apartment units. The city has also pledged $1 million to improve public streets and sidewalks along North Avenue. In addition to the private redevelopment, Ryan Homes will build a total of 120 townhouses during the first phase, which are expected to sell for around $350,000 each. Phase two will include apartments and commercial space, including a grocery store. Completion of all phases is expected by 2025.Ellicott Mill Redevelopment
Terra Nova Ventures, known for its adaptive re-use of historic properties, has taken on another project to preserve a historic building. The plan is to convert the Ellicott Mill building into 190 apartments, a destination restaurant, some retail and a historic display site.The Baltimore Arena
The Baltimore Arena, formerly known as Royal Farms Arena, is a multi-purpose indoor venue that hosts sports and entertainment events. The stadium is being renovated at a cost of $150 million, to include overhauled concourses, 30 to 40 new suites, upgraded concessions, and exterior glass walls, as well as enough seating to accommodate up to 15,000 guests.Warner Street District
In the future, Baltimore’s Warner Street District will be a focal point for downtown entertainment, thanks to new plans that will transform the area into an energetic and walkable corridor. Developers plan to build a 4,000-seat concert hall called The Paramount and add an outdoor version of Hammerjacks, a storied Baltimore nightclub and concert hall. The project will also include retail space and restaurants.Major Employers in Baltimore
Baltimore Housing Market News
- "Rose Valley lands $70M for acquisition of 314 unit multifamily apartment community in Baltimore - MultihousingNews" -
- "BWI Thurgood Marshall Airport ranked the busiest airport in Maryland - Maryland.gov" -
- "Ranked one of the cities with the most fixer-uppers for sale - USAToday" -
- "Why Baltimore’s regional housing market isn’t overheating - Baltimore Sun" -
- "Home Prices Rise at Fastest Pace in More Than 6 Years" -
- "Baltimore Housing Market Inventory Dips Under Month's Supply After Record-Breaking Year" -
- "BWI Thurgood Marshall Airport ranked the busiest airport in Maryland - Maryland.gov" -
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