Searching the residential market in Baltimore as a first-time homebuyer can be daunting whilst trying to find the perfect home that fits in your price range. A good tip to help you get started is to be familiar with the current market trends in the area you are wanting to move to. Know what the current market prices are and comparing them to previous years can help give you a better understanding of when the best time to buy is.
So, to help give some guidance, your local Baltimore mortgage lender, Ken Venick with Equity Mortgage, has listed the most current market update on the Baltimore area.
Median Listing Price
According to Realtor.com, the median listing price in Timonium, Maryland has been consistently increasing over the past three years. In June 2015, the median listing price was $349,000 and rose 5.7% to $369,000 the following year. By June 2017, the median price listed was $379,900 and increased an additional 7.7% to $409,000 twelve months later.
With this consistent increase in listing price every year, it is safe to assume that the prices are going to continue to rise over the next few months. Therefore, if you are looking for a Baltimore mortgage, we highly recommend locking in a rate now before the prices get more expensive.
Median Price Per Square Foot
The median price per square foot has followed similar trends as the listing price. In June 2015, the median square footage price was $191 and increased about 1.6% the following year to $194 per square foot. In June 2017, the median price per square foot was $196 and increased again to $202 by June 2018.
This constant increase in price per square foot suggests that the real estate in Baltimore is becoming more and more valuable over the years.
For more information on the current market update, or to get started on your Baltimore home loan application, please contact Ken Venick with Equity Mortgage at 443-471-4310.