Real Estate Market Trends in Baltimore, MD: Prices Fall

"Active listings hit 2,490 homes in February - up 22.7% year-over-year, nearly three times the national gain of 7.9%. New listings actually fell 7.9% from last February, meaning homes were piling up on the market rather than turning over quickly."

"Baltimore's median list price dropped to $222,450 in February - down 4.3% from a year ago, more than double the national decline of 2.1%. The share of listings with price reductions ticked up to 15.7%, while nationally that share was actually shrinking."

"The typical Baltimore home spent 54 days on the market in February - 23% longer than the same month last year, and far outpacing the national slowdown of just 5.3%. For buyers, a longer time on market means motivated sellers."

Baltimore's housing market is experiencing a significant shift, favoring buyers due to increased inventory and declining prices. Active listings rose by 22.7% year-over-year, while the median list price fell to $222,450, a 4.3% decrease. Homes are taking longer to sell, averaging 54 days on the market, which is 23% longer than last year. Sellers are advised to price competitively as nearly 1 in 6 listings saw price cuts. The market remains one of the most affordable urban areas on the East Coast.

Read at SFGATE