Diminishing foreclosure-related sales activity in the city of Baltimore has driven up the market's overall median home price. Fewer underwater homeowners coupled with this price appreciation has equated to significantly more new listings hitting the market. "The market is in good shape," said Andrew Strauch, vice president of Metropolitan Regional Information Systems (MRIS). According to recent stats from MRIS, the median sales price of an existing single-family home in the city reached $107,000 during March. This value equated to year-over-year appreciation of more than 21 percent, as the median price during March 2015 stood at $88,000. Strauch believes this type of appreciation will pull more inventory onto the market in the coming months. In March, new listings activity was up by 18.2 percent year-over-year in Baltimore. This rise in listings was the primary reason the market saw a 3.8 percent bump in supply last month. Every other jurisdiction that comprises the...
- Baltimore's supply of for-sale homes rose by 3.8 percent last month.
- Price appreciation equated to more homes being listed in March.
- The city's home sales market is in "good shape" because the volume of foreclosure-related sales is diminishing.