Welcome to Baltimore by the Numbers, Live Baltimore’s monthly update. The feature offers insight into the Baltimore City housing market, giving a hyperlocal take on what’s happening and paring down regional reports that include faraway suburbs (nothing like the city market).
It’s another month and another strong showing for home sales in Baltimore City. Our approach is to take real estate industry data a step further by excluding foreclosures, short sales, and REO properties, leaving us to examine “standard transactions,” which better reflect individual homebuyers in the city.
For April, we arrive at 516 “standard” sales, an increase of 19.7 percent over April 2015. Comparatively, total transactions saw a 4.5% increase—a nice number as well, but one that doesn’t fully capture the true enthusiasm for the city market in April.
The number of neighborhoods with a sale in April was up more than 8 percent year over year, demonstrating for another month that increased market activity can be found across the city and income levels.
Neighborhoods of Note:
The city’s Northeast corridor showed again in April why it’s prized for its spacious feel and city convenience. The neighborhoods of Frankford, Loch Raven, Cedmont, Perring Loch, Hamilton Hills and Westfield are all experiencing steady positive growth in both sales volume and price so far in 2016.
Hamilton Hills, specifically, had a huge April, with more than 30 closings (compared to 13 in April 2015) and a 6 percent increase in the median sales price. Residents call it “Northeast Baltimore’s best-kept secret,” although word is getting out. (In early 2015 we took 125 visitors on a neighborhood tour.) Downsizing empty nesters are making way for growing families seeking both space and bang for their buck.
Turning our attention south, we see that the Milton-Montford neighborhood is experiencing great gains, concurrent with the rehabilitation of units in the 1000 block of McDonogh Street in the adjacent Middle East neighborhood. Closings jumped to nine in April compared to only four in April 2015, while prices rose significantly.
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