Washington, D.C and Baltimore offer two very different scenarios as the housing market heads into fall.
Median home price in D.C. slightly dropped annually in September, according to MRIS housing data, while Baltimore home prices jumped 7.9 percent.
Data compiled by Elliot Eisenberg, Ph.D. of MarketStats by ShowingTime based on September MRIS housing data, also shows that both metros saw a decline in active listings, D.C. down 14.3 percent and Baltimore down 13.2 percent. Active listings in Baltimore have been on the decline for 13 straight months. In D.C., it’s the fifth month of declines.
Overview of Baltimore
As mentioned, median home price jumped 7.9 percent year-over-tear to $253,670. This is the highest September median home price since 2008.
Continuing the trend of exceeding the previous year, townhome, single-family detached and condo prices are all up 11.4 percent, 8.6 percent and 1 percent, respectively.
The median days on the market for homes was 36 days, down nine days from the year before. Howard County homes, which is also the most expensive region with a median sale price of $385,000, sold the fastest at 28 days, down from 40 last year.
Baltimore City continues to be the most affordable region, despite the county of Baltimore’s median home price increasing to $227,750. Median home price in the city is $123,000, up 9 percent year-over-year.
Overview of D.C.
Although technically median home price did drop to $399,900 through September, it was down only $1,00, and down 5 percent from the previous month.
The most expensive region is Falls Church City where the median home price of $595,000 was still 25.5 percent lower than last year. However, the report notes the sensitivity of the price figure due to just 17 homes being sold in the market.
Washington, D.C. proper experienced 4.5 percent growth in median home price to $535,000 year-over-year.
Closed sales were up 1.6 percent to the highest September figure in a decade, 4,183, but still below the previous month.
Homes spent a median of 24 days on the market. Condos and single-family detached homes had a median DOM of 27 days. Townhomes, on the other hand, were 18 days.
