Baltimore’s population is ever-growing
We can safely describe Baltimore’s population as a steady and safely growing one, so you likely won’t run out of potential real estate opportunities any time soon.
It’s considered the 30th most populated city in the United States, and we’ve observed a population spike of around 13% since 1998. There are around 620,000 residents in Baltimore with a steady increase of immigrants, which is great for the city’s diversity.
The median age of people who live in Baltimore is around 39, and 51% of the population are between the ages of 20 and 59. We can safely say that most of the Baltimore population is working professionals who can be amenable to purchasing property.
Baltimore economy is growing rapidlyEmployment sectors to watch out for are trade, transportation, manufacturing, and construction sectors. They are experiencing rapid economic growth at the moment, and it pays to stake out potential buyers from these sectors. Real estate news in Baltimore, Maryland state that people who live in Baltimore typically earn more than the United States’ average annual salary, taking home upwards of $57,000 while the U.S. average is at around an estimated $52,000. IT professionals tend to reside in Baltimore, too! In terms of advanced degree holders who reside in the metro, Baltimore is ranked 4th among the top 25 metropolitan areas in the United States. This means that you’ll likely find that a lot of IT professionals like computer hardware engineers, information systems analysts, and computer network support specialists have made a home in Baltimore or are searching for one. A whopping 91.8% of Baltimore county residents do have a degree that is more significant than a high school diploma, setting them up for more high profile jobs.
Housing stock in Baltimore is continuously going up
How much of Baltimore property is increasing in value? At least 50% of properties are worth more than $300,000 and this is bound to increase over time. This shows that Baltimore is a seller’s real estate market, and more sellers may encounter significant profits if they decide to sell in the city.
The typical value of a Baltimore home is currently at $349,655, and most homes have gone up in value by around 12.8% in the past year according to Zillow. This is great news for sellers, because Baltimore property is still predicted to increase in value by around 10.3% over the next twelve months.
Townhomes, condos, and cheaper properties are also on the rise
As a seller, if you find yourself running into clients who want more affordable homes, they don’t need to look too far from Baltimore. Although more expensive properties still exist, there are hot properties on the market that are just worth a little upwards of $190,000.
Is their value increasing as steadily as that of more expensive homes? Absolutely.
These homes have risen in value by around 16.3% over the past year and are expected to rise even more in the span of a year. Condo and townhouse listings have also gone up by around 4%, so this is a good trend to watch out for if you’re a seller who wants to offer the hottest deals on the market.
Need more info?
Strike while the iron is hot and sell property in Baltimore, MD by contacting us at Solid Ground Property Group, LLC. We buy houses fast for cash, following a process wherein you won’t have to worry about realtors, commission fees, hidden fees, or repairs to get the right value for your property immediately.
All you have to do to get your fair cash offer is to give us your full name, email address, and phone number to get started. Inquire with us!