Baltimore area home prices rise 6.5% from last year

Baltimore area home prices rise 6.5% from last year

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Baltimore area home prices rose 6.5% in February from the same time a year ago, reflecting more closings and less inventory, according to a new housing report.

The median home price was $245,000, up $15,000 from a year ago, said the report from ShowingTime, which is based on listing activity from MRIS, a division of the multiple listing service Bright MLS.

The figures are also up 2.5% from January, or $6,000.

The number of closed sales grew again in February, continuing a years-long trend. The 2,252 closings were up 1.9% from a year ago and the month before.

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The number of new listings (3,991) and new contracts (3,414) were both down from a year ago, though they have rebounded since January.

That lack of new inventory has been ongoing for 30 consecutive months and the number of homes on the market are now at about two-third of the 10-year average.

Homeowners, however, are getting close to their original asking prices. They got 92.5% of their original list prices, up from 94.3% last year. That marked the highest February level of the past decade.

Median days on the market was also the lowest of the decade, dropping to 41 days, down 15 days compared to last year, though up three days from January.

All jurisdictions in the region saw median home prices rise in February compared with last year.

Howard County remains the priciest jurisdiction in the state, with median prices up 1.3% from a year ago to $382,500.

Baltimore City continued to be most affordable jurisdiction, though median sales jumped 10.7% from a year ago to $108.575.

Tribune Content Agency

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