Home Values in Baltimore: Current Market Insights
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Kelsey Morrison Former HomeLight EditorClose
Kelsey Morrison Former HomeLight EditorKelsey Morrison worked as an editor for HomeLight's Resource Centers. She has seven years of editorial experience in the real estate and lifestyle spaces. She previously worked as a commerce editor for World of Good Brands (eHow.com and Cuteness.com) and as an associate editor for Livabl.com. Kelsey holds a bachelor’s degree in Journalism from Concordia University in Montreal, Quebec, and lives in a small mountain town in Southern California.
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.
Already Own a Home? What's It Worth Now?
Home values have rapidly increased in recent years. How much is your current home worth now? Get a ballpark estimate from HomeLight’s free Home Value Estimator.
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.
For comparison, the table below shows median home prices in cities near Baltimore:
| City | Median home price | Distance from Baltimore |
| Catonsville | $428,600 | 18-35 min (9.4 miles) |
| Ellicott City | $731,700 | 24-45 min (13.2 miles) |
| Towson | $481,700 | 20-35 min (14.4 miles) |
| Columbia | $495,500 | 28-50 min (21.5 miles) |
| Bel Air | $425,800 | 35-65 min (27.5 miles) |
| Eldersburg | $561,700 | 40-65 min (28.7 miles) |
| Annapolis | $599,800 | 40-60 min (30.5 miles) |
| Aberdeen | $322,100 | 40-65 min (31.7 miles) |
| Westminster | $415,600 | 40-70 min (36 miles) |
| Havre De Grace | $400,000 | 40-70 min (37 miles) |
Home value averages of multiple public transaction sites
Typical travel times 8 a.m. midweek
Up next, we’ll explain how you can estimate your Baltimore home’s value accurately.
How to get a home value estimate
There are numerous tools available to help you determine your home’s value accurately. From online estimators to professional appraisals, these resources can provide you with a solid understanding of your home’s worth.
Use an online home value estimator
To quickly estimate your home’s value, consider using an online home value estimator. These tools use data from county records, tax assessments, and MLS listings to calculate an estimate. HomeLight’s tool stands out by asking seven targeted questions about your home, which provides a more personalized estimate. In just a couple of minutes, you’ll have a preliminary value to guide your next steps.
Request a comparative market analysis
Though an online home value estimator is a great starting point, a more accurate method is to request a comparative market analysis (CMA) from a local real estate agent. This analysis compares your home with similar homes that have recently sold, considering factors like size, location, age, and recent renovations.
CMA reports are thorough, often including charts, graphs, photos, and additional information to give a complete picture. Most agents will provide a CMA for free in an effort to win your business. Others may charge a small flat fee if you’re just looking for information.
If you’re considering selling your home, HomeLight can connect you with top real estate agents in Baltimore. This service is free for both sellers and buyers. Simply answer a few questions, and you’ll be matched with up to three qualified agents. According to HomeLight’s internal data, the top 5% of listing agents sell homes for as much as 10% more than the average agent.
Get a pre-listing appraisal
Sometimes, a pre-listing appraisal is necessary for an accurate home value. Homes with unique features, those in rural areas, or properties with a lot of land may benefit from an appraisal over a CMA.
A professional appraisal usually costs between $450 to $550, but complex properties, such as custom homes or large estates, may cost more. Keep in mind that even if you get a pre-listing appraisal, the buyer’s lender will still conduct their own appraisal to determine the appropriate loan amount.
How to increase the value of your Baltimore home
Want to get top dollar for your Baltimore home? Making some strategic improvements can pay off big time.
Curb appeal: According to a recent study by the National Association of Realtors, 92% of realtors recommend enhancing your home’s curb appeal before listing. Simple tasks like mowing the lawn, power washing the exterior, and painting the front door can make your home more attractive to buyers.
Strategic updates: Focus on home improvements that offer high returns, such as updating kitchen appliances, refinishing floors, and modernizing bathrooms. If it’s looking dated and dingy, replacing your garage door could be a smart investment. According to Zonda’s 2023 Cost vs. Value Report, this project recouped over 100% of its cost.
Necessary fixes: Address essential repairs before listing your home. This includes fixing the roof, plumbing, and electrical systems. Tackling these issues early on can prevent negative inspection reports and lead to a smoother sale process.
Decluttering and depersonalizing: Decluttering and depersonalizing your home can make it more appealing to buyers. A HomeLight survey found that decluttering can increase your home’s sale price by $8,000 or more. Remove personal belongings and unnecessary furniture to make your home feel open and welcoming.
Deep cleaning: A deep clean can dramatically boost your home’s value. According to HomeLight’s agent survey, a thorough cleaning could add up to $3,700 to your home’s price tag. Pay extra attention to carpets, windows, and baseboards.
Home staging: Don’t underestimate the power of home staging. HomeLight data shows that staged homes sell for significantly more — up to 13% higher than unstaged homes. It’s a worthwhile investment that will boost your bottom line.
Unlock Your Equity and Buy Before You Sell
Through our Buy Before You Sell program, HomeLight can help you unlock a portion of your equity upfront to put toward your next home. You can then make a strong offer on your next home with no home sale contingency.
How to buy before you sell in Baltimore
If you’re eyeing a new home in Baltimore but haven’t sold your current one yet, HomeLight’s Buy Before You Sell (BBYS) program might just be the perfect solution.
BBYS allows you to leverage a portion of your existing home’s equity to make a strong, non-contingent offer on a new property. Once your home qualifies, you can access your equity within 24 hours with no upfront fees. This lets you buy your new home first and sell your old one afterward, simplifying the moving process.
HomeLight charges a flat fee of 2.4% of your current home’s sale price. If your home doesn’t sell within 90 days after closing on your new home, HomeLight will buy it and continue to sell it, passing on any profits to you after deducting incurred costs.
Press play on the video below to learn more about HomeLight’s Buy Before You Sell program:
How to find a top agent in Baltimore
Choosing the right real estate agent in Baltimore can make a huge difference in your home-selling experience. HomeLight’s agent matching service is a valuable resource that connects you with top-performing agents based on their proven track records and local expertise. The service is free and matches you with up to three agents who best meet your needs.
When choosing an agent, look for someone with a high sale-to-list ratio. This ratio indicates the percentage of the listing price that the home sells for, reflecting the agent’s ability to price accurately and negotiate effectively. A higher ratio means the agent consistently sells homes close to or above the listing price.
Make sure to interview at least three agents before making your choice. Here are some example questions you may want to ask:
- How long have you been in business?
- How well do you know this neighborhood?
- What types of homes and price ranges do you specialize in?
- What’s your average number of days on market?
- What is your commission rate?
- What would your marketing plan look like for this property?
- Could you provide me with a few client referrals?
Using HomeLight’s agent match tool and these questions, you can find an experienced agent who will help you achieve the best results for your home sale.
Get a free preliminary home estimate today
Your home is likely your most valuable asset. Understanding its current market value is important, whether you’re planning to sell or simply want to make smart financial decisions. Using HomeLight’s free home value estimator, you can quickly get a ballpark estimate of your home’s value in less than two minutes.
HomeLight can also connect you with top-performing Baltimore agents who can help sell your home for the best price. Or, you can utilize the Buy Before You Sell program to buy a new house before selling your current one. By staying on top of Baltimore’s market trends and taking advantage of these handy tools, you’ll be well-prepared to maximize your home’s value.
Header Image Source: (appalachianview/DepositPhotos)
- "Bright MLS June 2024 Housing Report," Bright MLS (July 2024)
- "Housing Statistics June 2024," Maryland Realtors (June 2024)
- "S&P CoreLogic Case-Shiller U.S. National Home Price Index," Federal Reserve Bank of St. Louis (June 2024)
- "Most REALTORS® Recommend Improving Curb Appeal, and Homeowners Can Benefit Financially and Emotionally by Remodeling Outdoor Features, NAR-NALP Report Finds," National Association of Realtors (March 2023)
- "Top Agent Insights for End of Year 2023," HomeLight (December 2023)
- " Top Agent Insights for Fall 2022," HomeLight (September 2022)
- "Top Agent Insights for Summer 2023," HomeLight (July 2023)
- "2023 Cost vs. Value Report," Zonda (March 2023)
- " February 2024 Mortgage Monitor," ICE Mortgage Technology (February 2024)
At HomeLight, our vision is a world where every real estate transaction is simple, certain, and satisfying. Therefore, we promote strict editorial integrity in each of our posts.
