Home Sale Prices Start Rising in the Baltimore Region in April

May 28, 2019

Market Minute Logo 2019 small Median home prices crawled upward across the Baltimore region in April, according to the Long & Foster Real Estate Market Minute report. Baltimore City had the largest increase with a 10% rise, while Carroll County exhibited no year-over-year change and Howard County took an 8% dip. Number of homes sold varied across the region with Anne Arundel County and Baltimore City rising by 2%, while Harford County took a 7% fall. Inventory also continued to fall throughout the region, ranging from 2% in Howard County to 8% in Baltimore County and Carroll County. 

The Long & Foster Real Estate Market Minute report for the Baltimore region includes BaltimoreAnne ArundelCarrollHoward and Harford counties and the city of Baltimore. 

Baltimore Market Minute Chart April 2019
Despite struggles with inventory, rising building costs, and fluctuations in the economy, many people continue to feel positive about the housing market, said Gary Scott, president of Long & Foster Real Estate.  

“In my career, I’ve never seen an inventory shortage last so long, but our agents still feel good about the current market, and there are a lot of positive indicators,” Scott said. “Consumer confidence remains high despite the economic ups and downs, and consumers are really weathering that storm.”  

While some tariffs on products from Canada and Mexico have been lifted, builders are still struggling with the tariff on Canadian lumber, and new tariffs on products from China will continue to add to their costs.  

“The bottom line is that the cost of building will go up, which is not what we need,” Scott said. “It adds to the already existing challenge of builders not meeting market demand for entry-level homes.” Generally though, consumers purchasing new construction homes won’t let it impact their choice to buy, and the National Association of Realtors predicts that new home sales will reach a 12-year high in 2019.  

While many may assume that they don’t need a real estate professional to purchase a new home, Scott disagrees. “It’s more critical than ever to work with an agent when buying a new construction home,” he said. “Builders’ work isn’t always perfect, and the builder’s sales staff is representing the builder. You still need that representation to look out for you and your best interests.”  

To learn more about your local market conditions, visit Long & Foster’s Market Insights. You can also learn more about Long & Foster and find an agent at LongandFoster.com.