Baltimore Home Prices Hold Their Own

Predictions include slight decrease in selling prices and economic conditions poised for return to average

RISMEDIA, December 12, 2006?Home sale prices in the Greater Baltimore Metro region continue to fare better to those in the nearby Greater Washington, DC Metro, according to monthly housing statistics released today by MRIS.

Economist John McClain, of George Mason University, says home sale prices were up an average of .15% overall in the Greater Baltimore Metro region for November of 2006 compared to November of 2005.

?Not only are the prices in the Baltimore faring better,? said McClain, ?the average Days-On-Market in the Baltimore area is 75, compared to 83 in the Greater DC Metro.

In general, McClain says the Maryland suburbs are faring far better than those in Northern Virginia, largely due to the fact that the Northern Virginia region got much more overheated during the market boom of 2002-2005. ?Prices in Northern Virginia generally rose higher than those in Maryland, requiring sharper decreases as the market adjusts.

McClain predicts that selling prices will continue to show slight decreases and overall flattening throughout the winter months, which are typically slow. But, he thinks that economic conditions are poised for a return to average inventory level and rising prices by April or May.

Average Selling Prices for November 2006:

Anne Arundel County, MD: $401,307, down 2.85% from November 2005

Baltimore City, MD: $178,556, up 1.95% from November 2005

Baltimore County, MD: $298,307, up 0.31% from November 2005

Carroll County, MD: $366,878, down 0.94% from November 2005

Howard County, MD: $457,502, up 2.72% from November 2005

For more information, visit Metropolitan Regional Information Systems.