Baltimore, MD Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Baltimore, MD Housing Market Trends

With a population of 593,490, 239,116 total housing units (homes and apartments), and a median house value of $181,532, Baltimore real estate values are some of the lowest in Maryland, although compared to real estate around the nation, Baltimore homes are still considered rather expensive.

Row houses and other attached homes are the single most common housing type in Baltimore, accounting for 51.90% of the city's housing units. Other types of housing that are prevalent in Baltimore include large apartment complexes or high rise apartments ( 22.75%), single-family detached homes ( 14.11%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 11.09%). Cities with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact cities that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.

The most prevalent building size and type in Baltimore are three and four bedroom dwellings, chiefly found in row houses and other attached homes. The city has a mixture of owners and renters, with 45.66% owning and 54.34% renting.

The housing in Baltimore was primarily built before 1939 ( 45.53%), making the housing stock in Baltimore some of the oldest overall in America, although there is a range of ages of homes in Baltimore. The next most important housing age is between 1940-1969 ( 35.39%), followed by between 1970-1999 ( 13.47%). There's also some housing in Baltimore built between 2000 and later ( 5.62%).

Vacant housing appears to be an issue in Baltimore. Fully 18.75% of the housing stock is classified as vacant. Left unchecked, vacant Baltimore homes and apartments can be a drag on the real estate market, holding Baltimore real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Baltimore Home Appreciation Rates

Real estate appreciation rates in Baltimore's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 2.48% during the period.

NeighborhoodScout's data show that during the latest twelve months, Baltimore's appreciation rate, at 6.00%, has been at or slightly above the national average. In the latest quarter, Baltimore's appreciation rate has been 1.63%, which annualizes to a rate of 6.70%.

Relative to Maryland, our data show that Baltimore's latest annual appreciation rate is higher than 50% of the other cities and towns in Maryland.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Baltimore differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Baltimore - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Baltimore real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$181,532

Baltimore, MD HOME PRICES

> $1,186,000
1.0%
1.0%
$890,001 - $1,186,000
1.0%
1.0%
$593,001 - $890,000
3.1%
3.1%
$475,001 - $593,000
3.4%
3.4%
$356,001 - $475,000
7.3%
7.3%
$237,001 - $356,000
17.1%
17.1%
$118,001 - $237,000
36.7%
36.7%
$59,001 - $118,000
21.8%
21.8%
$0 - $59,000
8.5%
8.5%
0.0% 100.0%
% OF HOMES
Value Relative To State

Average for Nation

Very Low for MD

Value Relative To Nation

Number Of Homes And Apartments:
239,116

Baltimore Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MD*
Compared To
America*
Latest Quarter:
2020 Q4 - 2021 Q1
Last 12 Months:
2020 Q1 - 2021 Q1
Last 2 Years:
2019 Q1 - 2021 Q1
Last 5 Years:
2016 Q1 - 2021 Q1
Last 10 Years:
2011 Q1 - 2021 Q1
Since 2000:
2000 Q1 - 2021 Q1
102.56% 3.38%
7
8
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,466 / per month

Homeownership Rate

Owners
45.7%
45.7%
Renters
54.3%
54.3%
Vacant
18.7%
18.7%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
5.6%
5.6%
1970 - 1999
13.5%
13.5%
1940 - 1969
35.4%
35.4%
1939 or Older
45.5%
45.5%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
14.1%
14.1%
Townhomes
51.9%
51.9%
Small Apt. Buildings
11.1%
11.1%
Apt. Complexes
22.7%
22.7%
Mobile Homes
0.1%
0.1%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
3.8%
3.8%
1 Bedroom
17.3%
17.3%
2 Bedrooms
26.7%
26.7%
3 Bedrooms
39.0%
39.0%
4 Bedrooms
9.8%
9.8%
5 or more bedrooms
3.5%
3.5%
0.0% 100.0%
% OF HOMES