Home prices continued to surge across the Baltimore metro area, reaching an all-time high in April as mortgage rates remained historically low and the coronavirus pandemic continued into its second spring.
The region’s median price hit $330,000, 10% higher than this same time last year and 20% higher than April 2019, according to data provided by MarketStats by ShowingTime based on listing activity from Bright MLS, the area’s real estate listing service. Median means half the houses sold for more than $330,000, and half went for less.
Median sales in Baltimore, Baltimore County and Anne Arundel County hit record highs of $218,000, $285,000 and $415,000, respectively. Meanwhile, the area reached an all-time low number for median days on homes are on the market, at six days.
While the pandemic blunted economic activity in some sectors of the economy, the housing market flourished. Record-low mortgage interest rates, combined with low mobility, stalled building projects, remote working and at-home leisure, fueled demand for home buying as the supply of available housing remained limited.
Spring is usually the peak for housing activity in the Baltimore area. Last year, as the public health crisis upended life and routines, the season got off to a slow start but recovered fast by June. The furious buying pace has continued since, with stronger-than-average fall and winter showings.
An MLS tracking tool called the T3 Home Demand Index shows high demand in the Baltimore area for property, increasing 12% since March. In particular, the tracker found strong preference for detached homes, though closed sales for town homes hit an April record of 1,576 sold units — up 43.1% from April 2020 and 26.4% from April 2019, according to the listing services.
In all, 3,917 sales closed in the Baltimore area in April, MLS said.
Townhouses in Baltimore City hit a decade best at 773 units sold. Annie Milli, executive director of Live Baltimore, the city’s marketing arm, said over 1,000 homes sold in April, more than any other month in memory.
“It was a truly incredible month for housing — beating every previous month in our records since 2010,” Milli said in a statement.
With more sellers entering the market, there were more new listings in April than at any other month since April 2019. Despite the increase, the current demand would eat through the supply of homes for sale in just over three weeks.
What homes there are for sale are selling quickly, across the metro area. The median days on the market for detached homes and townhomes hit record lows in Anne Arundel (5), Baltimore (5), Harford (4) and Howard (5) counties, and Baltimore City (10). Carroll County had a median of five days on the market.