Baltimore Real Estate Sees Largest Price Jump Since 2022

In February, the Baltimore metro area’s real estate market experienced a substantial 9.4% increase in the median sold price, marking the largest year-over-year gain since May 2022. The median sold price reached $360,000, indicating ongoing price pressure and a swift market pace, with half of all homes selling in 16 days or less.

Despite an overall 9.9% increase in inventory across the Baltimore region, Anne Arundel, Carroll, and Howard counties reported fewer active listings compared to the previous year. While home sales and new pending sales continue to lag behind last year’s levels, rising mortgage rates in February contributed to lower sales activity compared to the same period last year.

In the mid-Atlantic region, active real estate listings saw their first increase since May 2023, surpassing year-ago levels by 6.3%. The region also experienced a 10.2% increase in new listings compared to last year, although supply remains only 44% of what it was in February 2019. Despite mortgage rates approaching 7% again last month, buyer activity remained relatively stable, with new pending sales dropping just 0.2%.

Looking ahead, the market is expected to see increased activity as additional new listings become available. However, the direction of mortgage rates will play a significant role in determining the level of activity in the upcoming spring market. In the Washington market, inventory in the metro area increased for the first time since March 2023, with a 5.5% jump. Nonetheless, detached single-family home inventory continues to decline, contributing to a tight market with only 1.29 months of supply.

While the region’s suburbs are more supply-constrained than the District of Columbia proper, which has seen a 20.4% increase in active listings compared to a year ago. Despite the market’s tightness, median sold prices rose by 4.7% in February, with single-family homes experiencing the strongest price growth at 10.7% due to their limited supply.