In 2022, Baltimore, like many other cities, saw big transitions in Real Estate Investments, and 2023 seems to be heading in the same direction. Baltimore has seen a steady increase of median home prices over the years, and like other cities at the beginning of 2023 it has begun to slow down, but is still more expensive than before. In turn this means an increase in average rent, which is about $1,521.
Baltimore’s population is also steady at around 577,000 people and growing, as more young professionals move to the city due to Baltimore’s growing job market. Baltimore’s homes sell for about 40% less than in Washington D.C., which also makes it an attractive option for those working at the nation’s capital.
Baltimore also offers a unique living experience, which is attracting a plethora of people for tourism and permanent living, as it is nicknamed the “City of Neighborhoods”, consisting of hundreds of smaller districts within.
All of these factors lead investors to believe the housing market in Baltimore in 2023 will see an increase in demand. However there are always unforeseen events that can impact the forecast for Baltimore in 2023.