Baltimore finally caught the attention of wanna-be home buyers who escaped Washington DC looking for cheaper alternatives. Not long ago, you still can find $50,000 house in Baltimore. Not anymore now.
The Balto market is catching up with the Nation's capital home market. According to the Baltimore Sun, DC people are driving prices in Balto home market up. Baltimore has become the new suburbs of Washington DC - where people work in DC and live there. With low unemployment rate, an hour commute from DC, and prices still affordable (compares to DC), these factors help fuel the housing market growth there.
An analysis of five years of home sales and other data by The Sun found clear signs that proximity to D.C. is driving the boom in Baltimore and its five surrounding counties, over and above what extraordinarily low mortgage interest rates have achieved nationwide.
This region's fastest appreciation came in Howard, Anne Arundel and Carroll counties, which border the traditional edge of Washington's reach. Prices there jumped 75 percent combined during the past five years - compared with 41 percent nationally. Together, the average price in those counties rose to about $340,000 last year.