While home prices in the Washington Metropolitan region have started to dip, prices in the greater Baltimore region are still on the rise, according to July 2006 housing statistics compiled by Metropolitan Regional Information Systems (MRIS).
MRIS reports that for Greater Baltimore, which includes Baltimore City and Anne Arundel, Baltimore, Carroll, Harford and Howard counties, average sale prices for the month of July were up 6 percent to $329,855, compared with July 2005. Additionally, the July figures are up compared with this year?s June sale prices of $319,633 and May prices of $316,123.
Average home prices in Washington dropped 2.31 percent to $530,170 in July, while Alexandria, Va. saw a decrease of 6.22 percent to $484,522.
“The market here continues to be relatively strong,” said Neil Sweren, president of Allymac Mortgage in Owings Mills. “The job market is still strong here and we also didn?t see the quick increase they saw in Northern Virginia and Washington. Our growth has not been as dramatic as some areas that are seen as high risk for decline.”
Sweren added that the more affordable prices in the Greater Baltimore area have even attracted people from other regions where housing is more expensive.
“Our housing prices here are still a bargain considering what you?d pay in the D.C. or Northern Virginia area,” said Sweren. “You can save $100,000 on a house and just take the MARC train.”
John McClain, a senior fellow at George Mason University, agreed and said that the Greater Baltimore area could continue to see an influx of people moving to the area from more expensive housing markets.
“People who are searching for affordable prices in housing are being drawn to the Baltimore market because prices are more affordable,” said McClain.
McClain said that with the Feds opting to not raise interest rates, the area?s housing market could become even hotter.
Meanwhile, Tracy Gosson, executive director of Live Baltimore Home Center, said that area home prices, especially in Baltimore City (where prices were up 5.91 percent in July to $192,277), are playing catch-up with prices in other regions and will continue to rise.
“Washington D.C. pricing is 68 percent more compared to Baltimore,” she said. “They?ve kind of reached a ceiling down there while there is still growth potential here.”
Average home prices for July 2006
» Anne Arundel County: $432,290
» Baltimore City: $192,277
» Baltimore County: $323,544
» Carroll County: $354,877
» Harford County: $309,334
» Howard County: $461,900
