Baltimore Real Estate Market:
Insights on The market and Predictions for 2022 By Emerick Peace
Today, we look at a city that has been making headlines of late and that is the city of Baltimore.
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or the better part of last year, the real estate market in Baltimore was thriving (still is) with days on the market reaching an all-time low. According to a recent article by Baltimore Sun, the suburban areas around Baltimore such as Joppa and Laurel are experiencing stiff competition with some homes selling in just under 6 days. The Covid-19 pandemic made an impact on many sectors of the local economy while also enhancing some. One of the consequences of the pandemic was the boom in the real estate market. Presently, the real estate market in Baltimore is doing well because of the lowinterest rates and but that is poised to change with the recent rise in rates. But, at present, the real estate market is a top performer, however,
this is a trend that has been recorded throughout the country. Here are some of the trends that are helping to drive demand in Baltimore. RENTAL VACANCIES ARE UP The vacancy rate in Baltimore is currently at 5.6% which is an increase of 0.2% from last year. On a national level, it is noticeable that the vacancy rate is 6.8% which means that while the rate may be high in the city, it is not particularly high or alarming considering the national rate. But, it is alarming enough since, at any moment, the rate could fluctuate, but that most will depend on what happens with the single-family market. Still, Baltimore presents itself as one of the best renter markets with ATTOM Data Solutions ranking it as the 4th best market for the growth in single-family rental yield. Young singles and couples without children are the main drivers of demand for rental properties in Baltimore. MARCH 2022 | 27
