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March 5, 2009

Where the under-$250k homes are in the Baltimore area

If you're looking for a home and can't find anything in your price range, there might be nothing that you'd want at that price. Or maybe the homes aren't in the neighborhoods you're keeping an eye on.

For everyone in the second group -- plus the generally curious -- I've put together a list of places where the average sale price was less than $250,000 last year.

The suburban areas are by ZIP code, or more precisely by the parts of ZIP codes in the suburbs. In ZIPs that overlap into the city, only the suburban sales are included. That's because people identify more with neighborhoods in the city than with ZIP codes, so I did a separate list organizing city sales neighborhood by neighborhood. That follows the suburban stats.

The suburban list is pretty short, but the city list includes many neighborhoods. Read on for the lowdown.

EDIT for the readers I've confused: Remember, the first page below is suburbs-only -- even the ZIP codes that say "Baltimore" include (in this case) only those sales that fell outside city lines. Scroll to the next pages to see the city neighborhoods in the under-$250k group.

Under250city&Burbs

Home sales data is from Metropolitan Regional Information Systems, crunched by me for this story. Wondering where those ZIP codes are? Go to the Maryland State Data Center's ZIP code maps. To track down city neighborhoods, try Live Baltimore's neighborhoods page.

If you'd like to know about other price ranges, go to this post, which has links to a searchable database for ZIP codes and an Excel file for city neighborhoods.

Posted by Jamie Smith Hopkins at 7:05 AM | | Comments (13)
Categories: Housing stats
        

Comments

What are the colloquial names for the multiple Baltimore neighborhoods listed there?

Mary is referring to the ZIP codes called "Baltimore" -- I checked with her because I wasn't certain what she meant. (This is why it's handy to include your email address when you comment!) I wish they had a more descriptive name, but they don't. These are the ZIP codes that are partially in the city and partially in the suburbs, but only the suburban sales are included.

The city neighborhoods, which are much more descriptively named, are on the following pages of that Scribd document.

http://lmgtfy.com/?q=21229

Handy, Doug!

21224 is Patterson Park, Patterson Place, Canton, and some of Highlandtown, I believe. I live in Patterson Park and house value & the incredible neighborhood was our main reason for purchasing there.

ZIP code 21224 does include a lot of neighborhoods. If you scroll down in the document, you can see which of those neighborhoods are in the under-$250k crowd.

Jamie, I was surprised to see 16 sales in Midtown-Belvedere for under $245,000 and 22 in Mount Vernon, but then realized that these were probably condos. Right?

21215 is partially in Mt. Washington, which is one of the msot stable, least crime, best public school, highly desireable neighborhoods in the City! Some real bargains there.

Hi, Liz Kay, ol' friend -- $245,900 is the average price for those 16 sales in Midtown-Belvedere, so some were no doubt higher and some lower. That's true of all the neighborhoods and ZIP codes, of course.

Momof2, the 21215 ZIP code sales listed above are ONLY on the Baltimore County side. (Don't worry, you're not the only one I confused with my explanation about suburban sales and city sales. I've added a note to try to make it clearer.) Mount Washington's average price last year was about $340,000.

The problem is that those prices are still overinflated. The median income in Maryland is around $60,000 with extremes in places like Montgomery County at the high end and Baltimore City at the low end. For home prices to be affordable just for that median income, which doesn't take into account any other debts, they would have to be under $200,000. And again, that's assuming no other big debts--not to mention job security (have you seen the unemployment figures)? In any case, good luck buying a home if you don't have credit scores above 700 and a hefty down payment. People should wait until the bubble has stopped bursting and enjoy lower rents and even lower home prices over the next few years.

You should include 21211- Hampden- on that list.

Lesley, I'm guessing you didn't scroll down to see the list of city neighborhoods. Hampden is on the list.

I'll take another stab at explaining this: There are TWO lists -- suburban ZIP codes and city neighborhoods. City neighborhoods are much more useful than city ZIP codes, but the fact that they're on the second through fourth pages of the document seems to have flummoxed everyone. If I ever do this again, I'll upload two separate Scribd documents.

Still steals to be had in Waverly / Better Waverly neighborhood (21218 zip code).

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About Jamie Smith Hopkins
Jamie Smith Hopkins, a Baltimore Sun reporter since 1999, writes about the regional economy. Her reporting on the housing market has won national and local awards. Hopkins is a Columbia native and has lived in Maryland all her life, save for 10 months spent covering schools in Ames, Iowa.
She trained to become a wonk by spending large chunks of time as a geek and an insufferable know-it-all.
Baltimore Sun articles by Jamie
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