End of Year Report: Metro New Construction Median Sale Price Per Square Foot in Baltimore, MD (2023)

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End of Year Report: Metro New Construction Median Sale Price Per Square Foot in Baltimore, MD (2023)

Introduction:
In our pursuit of understanding the real estate market dynamics in Baltimore, Maryland, we’ve analyzed the median sale price per square foot (SF) of newly constructed houses from January to November 2023, utilizing data provided by Zillow. This comprehensive analysis aims to shed light on trends, fluctuations, and potential market outlooks.

Data Analysis:

Table 1: Monthly Median Sale Price Per Square Foot (in US$)

Month Median Sale Price Per SF ($)
January 257.98
February 249.58
March 263.92
April 257.54
May 262.71
June 265.63
July 255.96
August 263.53
September 268.33
October 264.15
November 266.86

Trends and Relationships:

  • Highs and Lows: The highest median sale price per SF was observed in September at $268.33, while the lowest was recorded in February at $249.58.
  • Overall Trend: Despite fluctuations, there seems to be a general upward trend in median sale prices per SF throughout the year.

Monthly Percentage Changes:

Table 2: Monthly Percentage Changes

Month Percentage Change (%)
February -3.24
March 5.79
April -2.41
May 2.00
June 1.11
July -3.65
August 2.95
September 1.81
October -1.57
November 1.04

Annual and Quarterly Averages:

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  • Annual Average: The average median sale price per SF for 2023 is $259.78.
  • Quarterly Averages:
    • Q1 (January-March): $257.83
    • Q2 (April-June): $262.96
    • Q3 (July-September): $262.27
    • Q4 (October-November): $265.51

Closing and Ending Figures:

  • Closing Figure (November): $266.86
  • Ending Figure (December, Projected): Projected based on November’s closing figure and observed trends.

Market Analysis and Outlook:
Based on the data analysis, 2023 exhibited a mixed scenario for both buyers and sellers in Baltimore’s new construction market. While there were fluctuations throughout the year, the overall trend showed a modest increase in median sale prices per SF.

Recommendation for Clients:

  • Buyers: 2023 presented challenges for buyers due to the upward trend in prices, especially in the latter half of the year. However, with interest rates remaining relatively low and a projected stable market for 2024, strategic purchases in early 2024 might offer opportunities.
  • Sellers: Sellers experienced a favorable market environment in 2023, especially towards the end of the year with increasing median sale prices. Considering the projected stability, sellers may continue to capitalize on these favorable conditions in 2024.

Market Prediction for 2024:
Considering the observed trends and projected stability, the real estate market in Baltimore for new construction homes is expected to remain relatively steady in 2024. Factors such as continued low interest rates and sustained demand for housing are likely to contribute to this stability.

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