Home Values in Baltimore: Current Market Insights
Are you wondering what your Baltimore home is worth in today’s market? Whether you’re looking to sell, want to cancel PMI, or are simply curious about the current home values in Charm City, understanding your home’s worth can help you make better financial decisions.
This article will cover the latest home price trends in Baltimore, provide methods to get an accurate home value estimate, and share effective strategies to boost your home’s value. We’ll also highlight useful tools to help you get the best price for your Baltimore home when it comes time to sell.
Editor’s note: This post is for educational purposes and is not intended to be construed as financial advice. HomeLight always encourages you to consult your own advisor.
Current home values in Baltimore
Since 2020, home values in Baltimore have jumped by 29%. Back in 2020, the average home sold for $179,500. As of June this year, that figure has risen to $241,000, based on data from the Maryland Realtors Association.
“Prices hit new record highs in the city of Baltimore, as well as in Baltimore and Howard counties,” notes Bright MLS’ June 2024 Housing Report.
“Falling rates in the second half of 2024 will bring both more buyers and more sellers into the market. Prices in the Baltimore metro area will continue to rise, but at a slower pace as buyers will begin to have more leverage in many — though not all — local markets in the region.”
This table highlights the marked increase in home values within the City of Baltimore over the last five years:
Year
Median home price
Percent change year-over-year
2024 (June)
$241,000
+2.6%
2023
$215,000
-3.4%
2022
$223,500
+6.4%
2021
$210,000
+16.9%
2020
$179,500
+13.5%
Source: Maryland Realtors Association
Nationwide, home prices have followed a similar upward trend. The Case-Shiller National Home Price Index reveals that U.S. home prices have risen by 47% since 2020. This increase has allowed homeowners to build substantial equity, which can be used for purchasing new properties, making home improvements, paying down debts, or saving for retirement. ICE’s Mortgage Monitor report shows that by early 2024, the average mortgage-holding homeowner possesses $299,000 in equity.
Up next, we’ll explain how you can estimate your Baltimore home’s value accurately.
