BALTIMORE — People looking to buy a house right now can expect to pay a lot of money as the costs of just about everything continue to rise.
A study by The Bright MLS real estate firm is showing that most houses on the market are severely overvalued. However, the study also shows Baltimore has the most stable market in the country right now. This doesn’t mean homes in the city are accurately valued, or that home prices aren’t rising. The Bright MLS real estate firm shared data showing Baltimore’s real estate market is still rising but at a slower rate than earlier this year.
For two consecutive months, more houses in the Baltimore are going up for sale. However, less people can afford to buy them. Sellers that would receive as many as 15 offers on one home are now seeing that number drop by 10.
The report suggests the spike in interest rates have caused possible homebuyers to stay where they are and not purchase a new home. While inflation may be causing some potential homebuyers to pull out of the market, homes, the report suggests homes are only spending about six days on the market before they're sold.
If you want to see the report, click here.