Singles are Buying in Baltimore

By
Real Estate Broker/Owner with HomeRome Realty 410-530-2400 311291

Jody Landers knows the Baltimore market better than anyone. As Executive Vice President of the Greater Baltimore Board of Realtors, he has the stats and the lowdown on what's happening in Central Maryland real estate.

GBBRWe talked the other day when we both were guests of Terry Stafford on the radio show, All About Real Estate. The GBBR works with the National Association of Realtors® on surveys of buyers and sellers, and Baltimore stood out on several counts.

First, we learned that overall the Baltimore market is doing very well, and even though sales volume has gone down since last year, prices are holding up. In 2006, the average price of a home in Central Maryland was $316,000, and in 2007 it is $312,000 – a drop of only 1%. That's great news for sellers, even though houses are staying longer on the market.

Reservoir Hill Row House BaltimoreFor buyers, the affordability of houses is very good compared to our nearby neighbors in the Washington, DC metropolitan and Northern Virginia area. The average home in DC is selling at $528,000, and in Northern Virginia it's even higher at $549,000. Compare those to two properties I have listed right now that are in walking distance to the Light Rail, and are priced in the $200,000 range.

Lauraville Home Baltimore Jody had some interesting news about who is buying in our area. We learned that young, single people – especially young women – are seeing the benefits of living in Baltimore, and are buying homes at twice the national average. Last year, 40% of Baltimore homes were sold to single females and 16% to single males. Overall, we are seeing many people under 35 buying homes in Baltimore City where they can find an affordable price and the lifestyle they enjoy. In 2006, 55% of buyers in Baltimore City were single people of all ages.

Charles Village Homes Baltimore City living can mean finding an older home that needs some work. Jody told us about Healthy Neighborhoods (http://www.healthyneighborhoods.org/) that focuses on older areas with special financing available for both buying and rehabbing homes in those neighborhoods. Some of these areas have marvelous large homes that need work, like the ones pictured here, but as he pointed out, that's how a buyer can build equity and long-term value.

What's ahead for the Baltimore market? We don't know yet the full effect of the BRAC (Base Realignment and Closure) changes, but clearly it will bring new jobs and new demand for housing to the Baltimore area, from Ft. Meade to Aberdeen. In the meantime, the sellers in Baltimore are seeing their prices hold up, and buyers have many options throughout the metro area.

Active Rome

 

Comments (19)

Bob Carney
Taylor-Made Deep Creek Vacations & Sales - Mc Henry, MD
Licensed MD/PA Real Estate Agent
All of this and still the buyers are reluctant to buy.  I feel the BRAC will affect us out here in Frederick as did the housing boom in Montgomery County a few years back.  We already have homeowners making that commute to the Greater Baltimore Area.
Jun 22, 2007 06:49 AM
Suzanne Stephens
Stephens Design - Battle Ground, WA
Real Estate Website Design

Thanks for the photos of lovely old Baltimore homes, Margaret! They are beautiful. I've renovated historic homes in Charlotte, NC and love to see them being preserved and appreciated.

I hope you will find that BRAC is very helpful. It has certainly been good for my design client Linda Jefferson of GoArmyHomes.com. Her agents have been very successful at converting rental inquiries by military families redeploying to Ft. Sill into buyers. One of her agents recently sold a house sight-unseen to a family stationed in Germany by emailing lots of detailed photos. Those buyers have since referred at least five more families to Linda's office.

Suzanne

Suzanne Hathcock Stephens
Point2Agent Design Partner
http://www.SuzStephens.com

 

 

Jun 22, 2007 07:23 AM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Bob, It is up to us to share these positive statistics and good news about the market.  Please bring your buyers over to Baltimore. Would love to work with you!

Suzanne, Thanks for sharing Linda's site with us. She is able to give a needed service to our Military families.

Jun 22, 2007 12:26 PM
Sharon Simms
Coastal Properties Group International - Christie's International - Saint Petersburg, FL
St. Petersburg FL - CRS CIPS CLHMS RSPS
Great analysis, Margaret. Any idea why single women like living in Baltimore enough to dominate the market in your area?
Jun 22, 2007 03:42 PM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome
Not sure why, Sharon, but I do think this is the time to contact single buyers and make them aware of the  inventory. It would be interesting to see what the single breakdown is in other areas.
Jun 23, 2007 02:53 AM
Suzanne Sands
Pavao Real Estate - Somerset, MA
Somerset MA Real Estate

Margaret,

Thats exciting news for your area! Great job putting these piece together. Thanks for sharing! :)

Jun 23, 2007 03:14 AM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Suzanne, This is good news and glad that I know few single people.

 

Jun 23, 2007 04:21 AM
Dena Stevens Coriz
Rocky Mountain Realty - Canon City, CO
Putting The Real Into Realtor Since 2004
Simple answer:  girls are smarter than boys! Great pictures Margaret, thanks for sharing.
Jun 23, 2007 07:29 AM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Dena, Thanks for that cute answer.

 I see you have just written a post about singles in your area. Houses, Single Men and Location

Jun 23, 2007 03:42 PM
Dena Stevens Coriz
Rocky Mountain Realty - Canon City, CO
Putting The Real Into Realtor Since 2004

You are very inspiring Margaret!

Jun 23, 2007 04:03 PM
Lori Hakeem Oxley
Charles Rutenberg Realty, Inc. - Tampa, FL

That's great!!!  I'm glad you linked Dena's post because I was wondering where the single MEN were!!!  They sure aren't in Tampa!!!  :)

 

Jun 26, 2007 03:32 AM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Lori, thanks for stopping by and making me smile.

 

Jun 26, 2007 08:26 AM
Kelly Turbeville
Keller Williams - Lake Forest, CA
Turning Real Estate Dreams into Reality

Margaret - great data.  I created a group The Singe Home Buyer and Seller as this area is such a huge opportunity. Would love you to post to it!

 

Jun 26, 2007 11:02 AM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome
Kelly, I just posted to your group. Good idea and thank you!
Jun 26, 2007 01:13 PM
Kelly Turbeville
Keller Williams - Lake Forest, CA
Turning Real Estate Dreams into Reality
Thanks Margaret I was feeling lonely over here and it is nice to see some other post on the page!
Jun 26, 2007 04:00 PM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome
Definitely don't want you to be lonely. You need to encourage others who work with single buyers/sellers to post on you group.
Jun 26, 2007 11:42 PM
Gregory Maley
Sold Buy the Sea Realty & R.E.N.T. - Wilmington, NC
REALTOR, GRI, CBR, SHS, e-PRO, ABR
Interesting information.  I'm sure you know about www.LiveBaltimore.com.  I always found it to be very helpful.
Jul 15, 2007 12:29 PM
Pat Hommel
Annapolis Plaza CB Residential and Commercial - Annapolis, MD
Annapolis, AA Co., Md. Real Estate Sales
Margaret,  Good article about the market in Baltimore.  The properties you feature here are all unique and appealing and great examples of why the young buyers are going there to find those unique properties.  Great photography!
Sep 10, 2007 02:29 AM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Gregory, Thanks for stopping by...sorry this comment is so late.

Pat, Hope we have more buyers young,old,single or otherwise!!

Sep 10, 2007 08:09 AM