Greater Baltimore homes among fastest-selling in the U.S.

Posted on March 18, 2013

Greater Baltimore has the 12th-fastest selling housing stock in the country, according to real estate brokerage Redfin. The firm has released a report concluding that Baltimore is part of “a new phenomenon” of fast-moving real estate.

Baltimore earned Redfin’s designation because of a high number of homes that are “going under contract in 24 hours or less,” the company said in a statement.

The most recent trend to emerge in the residential real estate market has been inventory shortage, and “paired with extremely high homebuyer demand,” the trend has “caused the pace of the market to accelerate dramatically,” according to Redfin. The company added that “already frustrated homebuyers are finding it necessary to move very quickly to keep up with their market’s selling velocity.”

The Business Journal on Friday reported that area real estate agents started seeing homebuyer bidding wars emerge in January. The brisk pace of home sales has prompted buyers to mob open houses and make offers on homes quickly.

Kevin Litten, Baltimore Business Journal.