Baltimore’s housing market is experiencing similar constraints to the rest of the country in terms of prices and stock, but still offers appealing features unique to Charm City, like affordability and implementation of progressive initiatives working on behalf of prospective homeowners, according to Yolanda Muckle, who served as president of the Maryland Association of Realtors in 2023.
Muckle has worked extensively across Maryland as a member of Long and Foster’s Largo and Mitchellville office, where she has been one of the top performing agents at Long and Foster for nearly two decades. Muckle formed her own team in 2016 with entrepreneur Tanavia Greer.
She said in an interview that while last year’s nationwide trends included rising home prices, increasing mortgage interest rates, and limited housing inventory, Baltimore has a lot of factors going in its favor that other locales do not.
For one, Gov. Wes Moore signed an executive order in October of last year that will work to eliminate 5,000 of the 13,000 vacant homes in Baltimore over the next five years. Muckle said that this order could have large ramifications. With more space for new or refurbished units down the road, the housing stock could rise and prices could lower.
Muckle also mentioned that the state and city have down payment assistance programs. The other key element of real estate in Baltimore that works in the favor of the buyer is that the prices are already good, relatively speaking.
“Baltimore is an excellent place for first-time homebuyers to purchase due to the affordability compared to other major East Coast cities like Washington, D.C., New York or Philadelphia,” she said, adding that “there are a variety of options from detached homes, modern condos and row houses.”
Not to mention, she said, Baltimore’s housing market offers more for less compared to some other regions of Maryland. For those who are looking to experience life in a city, this is a unique appeal that other regions don’t offer: Baltimore is both the center of activity in Maryland and one of its better real estate deals!
Across the city, demand is high for units of all types. Muckle said that the neighborhoods of Fell’s Point, Hampden, Canton, and Federal Hill, as well as downtown, have experienced significant growth of late.
Some of the effects of the COVID-19 pandemic are still lingering, as remote work remains a popular option for people across all industries.
“Due to remote work and lifestyle changes there was an increased demand for properties with enough space to create an office. First-time homebuyers were particularly active [during COVID too], benefiting from historically low mortgage rates,” Muckle said.
As for what buyers can expect with the new year, Muckle said there aren’t going to be any significant changes. Basically, the trends that have become stronger as of late will continue to do so, she said.
“The Baltimore housing market has experienced steady appreciation. Therefore, buyers were still interested in purchasing a property for the long-term benefits,” Muckle said. “I anticipate seeing home prices continuing to rise along with limited housing inventory. Due to the historically low interest rates during the pandemic, homeowners are holding on to their homes longer than placing them on the market for sale.”
It might not be the best time to buy a home, but if you are going to do so, there are few better places to do so than Baltimore
