The median home price of $286,500 in the Baltimore Metro Area is above the U.S. average of $224,900. However, the region’s prices are well below the neighboring Washington DC metro area average of $431,900. Baltimore’s strong value relative to Washington DC is one of the key drivers of the region’s growth.
The Baltimore region ranks 16th nationally, and first among major metro areas in the Northeast, for home price appreciation from 2003 to the third quarter of 2006. This 59 percent rise represents an increase in the number of people who desire to live in Baltimore. However, Baltimore remains a relative bargain compared to neighboring, first-tier East Coast metro areas, such as Washington and New York.
Even during the market slowdown of the past year, while US average home prices declined by -1.2 percent, the Baltimore region realized an increase of 1.6 percent. Developers and rehabbers continue to build and plan new projects to meet expected increases in demand.
Some desirable areas include: in Baltimore City – Roland Park ($520,000); Federal Hill ($309,000); and Mount Washington ($342,500). In surrounding counties – Columbia/Howard County ($400,000+); Annapolis/Anne Arundel County ($400,000+); Carroll County ($360,000); Towson/Baltimore County ($300,000); and Harford County ($300,000).
Apartment rentals are priced all over the board, however an average one-to two-bedroom runs about $850 to $1,600.