Building Costs Per Square Foot in the City of Baltimore (MD), USA

Residential Construction Market Analysis in the City of Baltimore (MA), USA

Newly Renovated House in Baltimore 3703 N Charles Street MD-21218 – 6 Bed and 5 Baths with 2 Garages on Gross Floor Area 5,093 sqft – Built in 1922 – Price $1,648,000 (10) CUT

Building costs are 7% above the national average in the City of Baltimore in Maryland. Something based on the American Dream is the chance to have a house of your own. This was very common for our grandparents, and even for our parents, but each time it seems a more difficult task. In fact, studies show that millennials and Gen Zers rate their chances of owning a home as virtually zero.

To all these negative statistics, we are lucky that they face other more hopeful ones. For example, there are cities with lower property prices, where the lifestyle is quite good. They are usually cities with high levels of employment, but perhaps they seem like small towns and that is why the younger people ignore them.

One of those cities is Baltimore (MA), and we bring you an article with everything you need to know about its real estate market. From current values, to what is expected in the next year, a construction outlook, and information on upcoming residential projects.

Baltimore (MA) Construction Outlook

The construction outlook of Baltimore (MA) is the same as what you would see in any series or movie that takes place in a small town in the United States. As much as it is a city, it retains the spirit of a small town intact, and this does not seem to change soon since residential projects are not skyscrapers or large buildings (we will talk more about them later in the article).

The vast majority of the houses are one or two stories, with 3 or 4 rooms, a medium size garden, and a garage, and are usually made of brick and cement. Of course, those houses are perfect for middle-class families, since they are very homey neighborhoods and ideal for having small children who grow freely.

The climate is not very hostile in Baltimore, but there may be times in winter when temperatures are very low, so properties are usually built with insulating material to be protected from storms or snow. For this reason, even prefabricated or wooden houses also have some type of insulation in their walls.

In downtown Baltimore, you can find some buildings, but they are not the majority. Also, don’t expect to see a skyline like the one in NYC or Chicago, the buildings in Baltimore are not skyscrapers that tall, and most of them were built decades ago so their style is not that modern.

Baltimore (MA) Housing Market Analysis and Forecast

The real estate market in Baltimore (MA) is quite unique and has characteristics that are not similar to what happens in other parts of the state or even the country in general. More than anything this happens due to the measures taken by the government of Baltimore, in tune with the decisions that people who own property make.

On the one hand, in Baltimore, some political measures helped lower taxes on property purchases, which benefited property sales, but the truth is that it was a city hard hit by the pandemic. During 2020 and 2021, the real estate market almost reached a rock bottom similar to that of the 2008 crisis, so even some experts worried about whether there was a chance of an improvement.

Fortunately, in this 2022 improvements have already been seen in the Baltimore real estate market. On the one hand, the value of residential properties increased by 10%, and they spend much less time compared to the national average (In Baltimore the time is 30 days, while the national average exceeds 60).

Despite this, experts are not so optimistic about the future of property values ​​in Baltimore. They believe that the growth in prices will not exceed 1%, because there is not much supply or demand. In fact, there are very few properties currently listed, and that is the only reason they sell fast.

The demand for properties is also down during the summer months, something that is not common in the real estate market in general. For all these reasons, Baltimore (MA) is not the ideal place for investors, but it is for people who want to buy a property to live in since they can get good deals.

Baltimore (MA) Average House Price (Median Home Price)

The median home price in Baltimore (MA) is $220,000 in October 2022. This value is 10% higher compared to 2021 when the median home price was $205,000 in the same month. Prices are expected to remain stable for the remainder of this year and the first few months of next.

You always have to remember that the median home price is a value that is obtained from the values ​​of all residential properties in the city, so you can find other properties for lower or higher values.

The most decisive factors are usually the type of property, its condition (how old or modern it is), and the neighborhood in which it is located. In Baltimore, the neighborhoods are quite similar, so they are not the most determining factor, but the values ​​do change a lot depending on the type of property.

In the case of single-family homes, the average value is $305,000, which is 15% compared to last year and is the type of property that saw the largest increase in its values, among properties in Baltimore (MA). ) that are not fancy. Townhouses have an average value of $200,000 and only increased by 8% compared to last year. Condos/co-ops have a median value of $223,000, which is up 11% compared to last year.

Proposed Residential Building Projects in Baltimore (MA)

The residential projects that are coming in the next year in Baltimore (MA) are not as innovative or modern as those you can find in other cities, but this does not make them bad, on the contrary! They are residential house projects for middle-class families, so they are in great demand.

Townhouses are also very popular in Baltimore, so some real estate companies started investing in this type of property. In the coming years, you can expect a huge increase in the number of townhouses, especially those that are made in a more modern style compared to the townhouses you see today.

In the areas near the university in Baltimore you can find condominiums or houses where a large number of students reside, and today there are more projects of this type since more and more students go to that part of the city.

Newly Renovated House in Baltimore 3703 N Charles Street MD-21218 – 6 Bed and 5 Baths with 2 Garages on Gross Floor Area 5,093 sqft – Built in 1922 – Price $1,648,000 (3)

Building Costs Per Square Foot for Single Family Homes in the City of Baltimore (MD), USA

Building costs are 7% above the national average in the City of Baltimore in Maryland.

Class 1 – Luxury Single Family Homes

The building cost per square foot for luxury private homes in Baltimore City ranges from $369.03 per sqft to $565.71 per sqft, with the average being $435.51 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 2 – Semi Luxury Single Family Homes

The building cost per square foot for semi-luxury private homes in Baltimore City ranges from $224.28 per sqft to $343.79 per sqft, with the average being $264.68 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 3 – Best Standard Single Family Homes

The building cost per square foot for best-standard private homes in Baltimore City ranges from $144.99 per sqft to $220.22 per sqft, with the average being $169.75 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 4 – Good Standard Single Family Homes

The building cost per square foot for good-standard private homes in Baltimore City ranges from $105.81 per sqft to $162.27 per sqft, with the average being $124.88 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 5 – Average Standard Single Family Homes

The building cost per square foot for average-standard private homes in Baltimore City ranges from $85.89 per sqft to $131.54 per sqft, with the average being $101.28 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 6 – Minimum Standard Single Family Homes

The building cost per square foot for minimum-standard private homes in Baltimore City ranges from $67.74 per sqft to $103.83 per sqft, with the average being $79.91 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.