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:

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.