Baltimore is one of the oldest housing markets in the nation, but nearly 56 percent of homebuyers are still interested in a new-construction home.
The typical Baltimore homeshopper is not in a hurry to find a home, however. The shopping process takes an average of nine months or longer. They are in it for the long haul and don’t want to rush into a decision. Most buyers want to find a home that is going to last, as most owners tend to stay in their new home for up to 19 years, which makes quality construction a high priority in making a decision.
Check out the graphic below for a snapshot of the typical Baltimore homebuyer.
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The Most Important Qualities to Look for in a Home
- Quality of construction
- Safer neighborhood
- Better floor plans
- Larger yard or lot
- Energy efficiency
New Versus Used
- 24 percent of Baltimore-area home shoppers prefer newly built homes.
- 44 percent of Baltimore-area home shoppers prefer used homes.
- 32 percent of Baltimore-area home shoppers are indifferent.
Why Buy a House?
- Favorable interest rates
- Tired of current house
- Favorable home prices
Time Frame When Searching for a New Home
- The majority of buyers (39 percent) search between 9 and 12 months.
- 12 percent of buyers spend 6 to 9 months looking for a home.
- 15 percent of Baltimore-area homebuyers spend 3 to 6 months searching for a home.
- 7 percent of homeshoppers find a home in less than 3 months.
Local Housing Stats
- The average Baltimore home was built in 1964.
- The average Baltimore homeowner will stay in their home for 19 years.
- Baltimore homeshoppers are 21 percent more receptive to newly built homes than the national average.
- About 76 percent of homeshoppers in the Baltimore area will use a real estate agent.