RBI names 20 home buyer hot spots in the Baltimore Metro area

Posted on March 12, 2015 by Corey Hart
12

Mar

2015

Using Big Data Drawn from its $45b Marketplace, RBI Data Identifies
The Most Affordable Neighborhoods for First-time Buyers

BALTIMORE, MD—March 12, 2015--First-time home buyers looking for affordable starter homes this spring can choose from a wide variety of local communities and neighbors in the greater Baltimore market, according to a new listing of 20 Home Buyer Hot Spots from RealEstate Business Intelligence (RBI) based on the latest listings on the Mid-Atlantic Regional Listing Service (MRIS).

Though Baltimore is known nationally as a top market, many buyers are unfamiliar with neighborhoods that feature a wide selection of affordable listings because good prices on starter homes can be found in every county as well as Baltimore City.

“Our list of 20 home buyer hot spots is based on the latest listing data at the hyper local level.  We’ve tried to create a road map for buyers that will expand their horizons to include neighborhoods that may not have considered.  Baltimore is full of attractive and affordable neighborhoods to fit every lifestyle” said John Heithaus, chief evangelist for RBI.

Click here to view PDF version of this report

Baltimore’s national reputation as a great market for first-time home buyers begins with its affordable inventory.  Baltimore’s median price for a sold home in January was $210,000, just a few dollars above the national median of $199,600 (according to the most recent NAR report). In January, typically the slowest month of the year for sales, Baltimore neighborhoods listed some 3,593 homes for sale priced below $200,000.

Baltimore area incomes put thousands of homes in reach of the local families.  The median wage for all occupations in the Baltimore-Towson market is currently $51,900, according to the Bureau of Labor Statistics. To buy a $233,200 home in the Baltimore market—slightly higher than the current median price--with 20 percent down and a 30 year fixed rate mortgage at 4.03 percent and monthly payments of $1,228.78 buyer would need an annual salary of $52,661.96, according to mortgage news site HSH.com and the National Association of Realtors. New low down payment programs and interest rates under 4 percent make homeownership even less costly to buyers who act now. 

RBI created an index to rank local markets by zip code that incorporates total number of listings below $300,000 and $200,000, saturation of lower priced listings in the hyper local market’s inventory and median price of active listings.

“Our ranking gives buyers a good idea of price and inventory before they start surfing for homes.  Buyers can look for deals in more expensive neighborhoods, knowing that they can always return those at the top of the Hot Spot listing where the choice of affordable homes will be greatest,” said Heithaus.

Below are the ranked 20 Home Buyer Hot Spots. 

About RealEstate Business Intelligence, LLC

RealEstate Business Intelligence, LLC (RBI) is a primary source of real estate data, analytics and business intelligence for real estate professionals in the Mid-Atlantic Region. Monthly reports for all jurisdictions in the MRIS region, along with interactive charts and graphics, can be found at http://www.getsmartcharts.com/statistics. RBI is the only company in the Mid-Atlantic region that provides timely, online access to statistical information directly from the MRIS Multiple Listing Service (MLS).

 

affordable places, baltimore metro, market analysis
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