Rising prices and mortgage interest rates are preventing Baltimore buyers from purchasing their next home, leaving a larger number of houses on the market, Giacomo Bologna reports for the Baltimore Sun.
How does this affect housing in the city?
While there are more houses available in Baltimore—a 2.5% increase in inventory compared to 2021—higher interest rates make it more difficult for people to afford a new home.
Coupled with more expensive home prices, the median of which totaled about $375,000 in May, the current market could especially impact first-time home buyers. Experts expect prices to continue to climb, though not as quickly compared to during the pandemic.
Anything else I should know?
Despite fewer buyers and more houses on the market, Baltimore residents still face a tight housing market. The median home only stays on the market for about six days before it’s sold.
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