Ground Up

The Daily Record's real estate blog

Baltimore metro home prices flat, sales volume down

A home for sale on Portland Street in Baltimore, where officials hope a new tax credit will keep homeowners in the city. (The Daily Record/Maximilian Franz)

A home for sale on Portland Street in Baltimore. (The Daily Record/Maximilian Franz)

The median sale price for homes in the Baltimore area remained essentially flat in October year over year, while sales volume noticeably declined from 2017.

In the region, median sales price dipped slightly from $260,000 in 2017 to $259,900 last month, according to MarketStats by ShowingTime data based on Bright MLS listing activity.

Sales volume in the metro area topped $840 million last month, a 7.8 percent decrease from October 2017.

After struggling with supply constraints in recent years, the market saw inventory increase year over year for the first time since September 2015. The 10,669 active listings at the end of October represented a .5 percent increase from last year.

Homes in the region largely sold at the price owners were seeking. The average percentage of original list price was the highest for October in the past 10 years.

Sellers last month received an average percentage of 95.7 percent of original list price compared to 95.4 percent in 2017.

Only Baltimore and Baltimore County median home prices increased year over year.

Median home prices in the county jumped nearly 7 percent from $226,500 last year to $242,000 last month. In the city prices increased nearly 4 percent from $130,000 in 2017 to $135,000 last October.

Howard County experienced the steepest declline of the eight Maryland jurisdictions tallied in the report. The suburban jurisdiction’s median home price fell 7.4 percent from $404,990 last year to $375,000 in October.

Anne Arundel, Carroll and Harford counties also experienced year-over-year decreases. The drops in median price ranged from 1.2 percent to 2 percent.

Median home prices in the two Maryland counties in the Washington metro market stats moved in opposite directions.

Montgomery County’s median home price increased nearly 7 percent in October compared to the year before. Median sale price in the county reached $425,000 last month after hitting $398,000 in 2017.

In Prince George’s County the median home price dropped from $285,000 last year to $280,000 last month, a nearly 2 percent decrease.

The number of homes sold last month in Prince George’s County increased by .5 percent from the same month a year ago. While sales volume dropped by 11.4 percent in Montgomery County.

New listings in both counties were up by sizable margins.

There were 1,407 new listings in Montgomery County, a 9.3 percent bump from October of last year. In Prince George’s County new listings were up 7.3 percent, with 1,328 properties coming on the market.

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