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Baltimore real estate market overview
- Average Monthly Rent: $1,532
- Home Price/Value Percentage Change: 4.10%
- Median Home Value: $171,867
- Best Time To Sell a Home: June
- Affordability Index: Moderate
- Days To Sell a House: 58
- Job Market: Weak
- Public School Ranking: 5
Location and weather
Baltimore is in north central Maryland, about 40 miles northeast of Washington, DC. It is situated at the head of the Patapsco River estuary, 15 miles above the Chesapeake Bay. Baltimore is known as Maryland's largest city and economic center. With over hundreds of identified districts, Baltimore has also been dubbed a "city of neighborhoods".
This city is the center of higher learning and has over 10 different universities to offer, including John Hopkins. Baltimore even maintains a strong sports culture, being home of the MLB's Baltimore Orioles and the NFL's Baltimore Ravens.
In Baltimore, the summers are hot and humid, while the winters are cold and windy. The summer temperatures are in the 80's, with lows in the 70's. Winter temperatures are in the 40's, with lows in the 30's.
Population, job market and cost of living
Baltimore's population in 2019 was 575,133 with a growth rate of -0.61%.
The job growth has decreased by -6.17% over the last year and in ten years, is predicted to have increased by 25.13%. The major industries are health care, social assistance, educational services and retail trade. Major companies to work for are Social Security Administration, Laureate Education, Inc, Fitcho, University of Maryland Medical system and Under Armour.
The cost of living is moderate, due to the Baltimore real estate market and cost of available housing. With prestigious universities, a strong historic and art related culture, its own national sports teams and various thriving neighborhoods, Baltimore will appeal to those that want to live in a cosmopolitan city.
Baltimore real estate market details
- Fells Point/Harbour East
- Hampden
- Canton
- Frankford
- Riverside
- Federal Hill
The average monthly rent in Baltimore is $1,532 for an average apartment size of 825 sq. feet.
There has been a 4.1% increase in median home value over the last year. As of 2023, the median home value is $171,867.
On average, homes in Baltimore sell after 58 days on the market.
The best time to sell a home for the highest valued sale is during June. For the quickest sale, homeowners should sell in May.
The affordability index in Baltimore is 91. This number indicates moderate affordability in this city.
The top ranked public schools are Baltimore Polytechnic Institute elementary School, Baltimore City College Elementary School, Rodgers Forge Elementary School, Stoneleigh Elementary School and Claremont School. This information is based on data measuring academic performance and equity.