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Baltimore, Maryland

In the city of Baltimore, Maryland, $116,200 is the median home value. In the last year, Baltimore homes have increased in value an enormous amount (28.3%). It has been forecasted that the value of homes will increase the following year by 8.4 percent.

Per square foot, $139 is the list cost median in Baltimore. The Metro Area of Baltimore-Columbia-Towson has a higher per square foot list cost average of $185.

In Baltimore, $164,900 is the presently listed cost median of houses. For houses that have been sold, $97,500 is the cost median.

When it comes to the cost of rent, $1,375 is the rent cost median in Baltimore. The Baltimore-Columbia-Towson Metro Area has a higher rent cost median of $1,650.

When it comes to the realty economy, one important thing is the foreclosure rate. The higher the foreclosure rate, the lower the value of realty. If the foreclosure rate is super-high, real estate prices could tank.

And if the super-high foreclosure rate should be on a national level, we could be going into a recession. That is what happened in the 2008 recession, in which there was a massive number of foreclosures. It had such a negative impact on our economy that many banks closed.

For every 10,000 houses in Baltimore, 3.5 houses are foreclosed. The Metro Area of Baltimore-Columbia-Towson has lower foreclosure rate of 1.9 houses being foreclosed for every 10,000 homes. The United States has a foreclosure rate of 1.6 homes being foreclosed for every 10,000.

When a homeowner goes through the process of foreclosure, there is a first step—It is called mortgage delinquency. What does the term mortgage delinquency mean? It means that the homeowner missed making a payment on their mortgage.

This is a serious matter because it means that the homeowner is moving in the direction of losing their home through foreclosure. Banks are very nervous about missed mortgage payments because if the homeowner misses a few mortgage payments, the bank could initiate foreclosure.

The city of Baltimore has a mortgage delinquency rate of 3.5 percent. The United States has a mortgage delinquency rate of 1.6 percent.

The recession of 2008 had dire consequences. One of them was that the value of homes tumbled down more than 20%. And because of that recession, quite a few homeowners are presently experiencing being underwater on their mortgages.

What does it mean to be underwater on one’s mortgage? It means that the debt of the mortgage exceeds the value of the home.

Homeowners in the city of Baltimore have a high underwater rate. It is 22.3%. The Metro Area of Baltimore-Columbia-Towson has a lower underwater rate of 13.8%.

Let’s move to commercial real estate in Baltimore. We are going to look at industrial real estate. A 259 acre property was bought last year by Chesapeake Real Estate Group. This company is planning for the County of Anne Arundel to construct a speculative industrial property that will be one of the biggest in that county.

Best Buy recently signed a 500,400 square foot lease in this industrial property with EverWest Investors, along with Chesapeake Real Estate Group. The name of the property is Brandon Woods III.  Near Fort Smallwood Road, its address is 7550 Perryman St., which is near Fort Smallwood Road. The Brandon Wood Business Park has Brandon Woods III as part of it.

Chesapeake Real Estate Group has plans to build industrial space of one million square feet. It will be in partnership with EverWest.

Some tenants that are onsite are Fila USA, Under Armour, and Reliable Churchill. This industrial facility is 90 percent finished and it has 36-foot-clear-heights for the ceilings.
Best Buy is targeted to move in March 2019.

Best Buy plans to utilize this property as a distribution center and warehouse.

The annual median family income for the city of Baltimore, Maryland is $94,997.
(Terry: Note that I found median family income. I could not find median household income after checking several links, Median household income differs from median family income. I believe this is so because for some cities I have found both and they have differed).

A source to get some information on the Baltimore multifamily market is The Maryland Multi-Housing Association – https://www.mmhaonline.org/

To look for Baltimore apartment buildings for sale, go to https://www.loopnet.com/Apartment-Buildings-For-Sale/. Also for another source to find out more about apartment real-estate in Baltimore, go to https://www.biggerpockets.com/

Apartment Loan Store is proud to serve the entire Greater Baltimore area:

  • Annapolis
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  • Ellicott City
  • Glen Burnie
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