Living Legacy

Top 5 Up-and-Coming Neighborhoods in Baltimore


Baltimore neighborhoods. The Baltimore real estate market has seen a resurgence in recent years, with home prices and sales on the rise. According to Redfin, in February 2024, Baltimore home prices were up 11.4% compared to last year, selling for a median price of $197K. Baltimore home values have increased significantly since 2021, when the median home price was $150K. This growth reflects a hot sellers market, with homes selling quickly and inventory remaining low.

Several factors are driving demand in the Baltimore housing market. The city offers relatively affordable home prices compared to other major metro areas, attracting young professionals and families. New development and revitalization projects in neighborhoods across the city have also boosted interest. At the same time, low mortgage rates have enabled buyers to purchase higher priced homes. If current trends continue, experts expect Baltimore home values and sales to continue rising through 2024.

Median Home Prices

In February 2024, the median home price in Baltimore was $197K, up 11.4% compared to the previous year according to Redfin. This continues an upward trend in home prices over the past decade. According to Zillow, the median home value in Baltimore has risen from $150K in 2014 to $177,786 in 2023, an increase of over 18% Zillow. shows a similar trend, with the median sold home price in Baltimore increasing from $130K in 2015 to $167.5K in 2023 Realtor. The data shows a steady appreciation in home values in Baltimore over the past 5-10 years. Factors driving this include a strong local economy, demand from millenials looking to buy homes, and limited inventory. While prices have risen significantly, Baltimore home prices still remain below the national median.

Most Popular Neighborhoods

Some of the most sought-after neighborhoods for homebuyers in Baltimore include Federal Hill/Locust Point, Roland Park, Mt. Washington, and Canton. These areas offer a mix of amenities like walkability, access to public transportation, good schools, and proximity to downtown Baltimore.

Federal Hill/Locust Point is popular for its waterfront location and views, restaurants and nightlife. Roland Park offers large historic homes on tree-lined streets. Mt. Washington provides panoramic views of the city. Canton boasts renovated rowhomes, boutique shopping, and a bustling restaurant scene.

Other top neighborhoods include Guilford and Gwynn Oak/Woodlawn. Guilford is known for its expansive early 20th century homes and prestigious reputation. Gwynn Oak/Woodlawn offers more affordable options for buyers.

When researching neighborhoods, buyers should consider their lifestyle needs, budget, commute, and priorities like schools or amenities. Visiting different areas can also help get a feel for the vibe and community.

New Construction

The Baltimore metropolitan area has seen a surge in new home construction in recent years. According to, there are currently 55 new home communities under development in the Baltimore area [1]( Many of these new communities feature amenities like community pools, fitness centers, and walking trails.

Some of the most active areas for new construction in Baltimore include Owings Mills, White Marsh, Bel Air, and Columbia [2]( New developments range from townhomes and condos to single-family homes, with prices starting in the mid $200,000s up to over $1 million. Luxury builders like Ryan Homes, NV Homes, and Stanley Martin Homes have projects underway.

New construction offers buyers the ability to customize and choose finishes. It also means no previous owners or needed renovations. With strong demand but limited resale inventory in the region, new construction is an attractive option for homebuyers. Though costs are typically higher for new construction, buyers may recoup these premiums down the line [3](

Buying vs. Renting in Baltimore

When deciding whether to buy or rent a home in Baltimore, it’s important to compare the costs. According to analysis on Reddit, buying often makes more financial sense in Baltimore than renting 1. The main factors to consider are mortgage payments, rent payments, maintenance costs, insurance, taxes, and more.

A useful tool for comparing rent vs. buy is the [Rent vs. Buy Calculator] 2 which factors in key costs over time. According to the calculator, buying tends to be better if staying in a home for over 3-5 years. Renting can make more sense if only staying for 1-2 years.

Looking at the overall market, Baltimore has a price-to-rent ratio of approximately 13 based on median home prices and median rents 3. This is below the rule of thumb of 15, indicating renting may be slightly more affordable right now. However, price-to-rent ratios can fluctuate over time.

Overall, running the numbers for your individual situation is recommended when deciding between buying and renting in Baltimore. While renting provides more flexibility, buying can build equity and wealth over the long run. Consulting with a real estate agent or financial advisor can further help weigh the pros and cons.


Mortgage rates in Maryland have been steadily rising over the past year. As of April 2024, the average 30-year fixed mortgage rate is around 6.96%, while the average 15-year fixed rate is around 6.32% (Bankrate). The increase in rates from last year’s historic lows is due to actions by the Federal Reserve to combat inflation.

With rising mortgage rates, buying a home in Baltimore has become less affordable. However, rates are still relatively low compared to historical averages. And Maryland home prices remain high due to limited inventory. So buying may still make sense, especially for long-term owners.

Those looking to buy in Baltimore should shop around with multiple lenders to find the best rate. Working with an experienced loan officer can help navigate rate volatility. Pre-approvals are also key to make competitive offers in Baltimore’s sellers market. First-time buyers may qualify for Maryland mortgage programs with below market interest rates and down payment help (U.S. Bank).

First-time Homebuyers

First-time homebuyers in Baltimore face challenges such as saving for a down payment, qualifying for a mortgage, and finding an affordable property. However, there are programs available to assist.

The city offers the Homeownership Incentives Program which provides $10,000 grants to first-time buyers at or below 80% of the area median income. Baltimore County has the Settlement Expense Loan Program which lends up to $10,000. There is also the state-wide Maryland Mortgage Program which offers below market fixed rate mortgages and down payment assistance.

First-time buyers should research these and other programs to find the best options to overcome obstacles. Getting educated on the home buying process and utilizing available assistance can make buying attainable.

Sellers Market

Baltimore is currently a sellers market according to most experts. This means that there is strong demand from buyers and low inventory of homes for sale. Homes are selling quickly, often for above asking price. There is only 1.5 months of inventory available on the market in Baltimore, compared to a more balanced 6 months of inventory in a normal market. Homes are receiving multiple offers and selling faster than the national average. This favors sellers who can expect to sell their home quickly and for top dollar. However, it presents challenges to buyers who face bidding wars and have limited selection. It remains to be seen if 2022 will shift toward more of a neutral or buyers market as interest rates rise and more inventory comes to the market. But for now, it is clearly an advantage to be selling versus buying in Baltimore.


Foreclosure filings in Baltimore increased 14% in May 2022 compared to the previous year, according to data from ATTOM ( The metro area had one of the highest foreclosure rates in the country, with 2,752 total foreclosures in the 12 months ending in July 2022 (

In Q1 2022, the foreclosure rate in Maryland increased to 7.1 foreclosures per 10,000 households, up from 6.8 in the previous quarter. This ranked Maryland #7 in the country for state foreclosure rates ( The number of REO (real estate owned) properties in Maryland also increased 4.4% compared to Q1 2021. In Baltimore specifically, foreclosure starts rose 5% in 2022. While foreclosure rates are increasing, they remain below pre-pandemic levels.


The Baltimore housing market is expected to continue growing over the next 1-2 years, although likely at a more moderate pace than the rapid appreciation seen in 2021-2022. Home prices are forecast to rise around 4-6% in 2023 and 2024 as demand remains strong but inventory improves slightly 1. Mortgage rates are also projected to stabilize or even decline after spiking in 2022, helping affordability for buyers.

Baltimore should remain an attractive option for homebuyers compared to other major East Coast cities like New York and Washington DC. The city offers relatively affordable housing, ongoing revitalization efforts, major employers like Johns Hopkins, and proximity to other job centers. However, challenges like high property taxes and crime in certain neighborhoods may constrain growth. Overall the market is expected to see steady, sustainable gains rather than a boom or bust cycle. Investors and first-time buyers may find opportunities in 2023-2024 before appreciation accelerates again 2.