Real Estate Showdown: Philly vs. Baltimore
Only about two hours apart, Philadelphia, PA and Baltimore, MD couldn’t be more different! When it comes to median prices, average days on the market, and popular neighborhood costs, Philadelphia and Baltimore vary significantly, with Baltimore homes being less expensive on average than most Philadelphia homes, Philly residents will be the first to point out that our city’s amenities can’t be beat! Keep reading to find out more about the differences between the Real Estate markets in Baltimore and Philadelphia!
Average Price Per Square Foot:*
$180/SqFt = Philadelphia City Average
Most Expensive Neighborhood (Rittenhouse Square) = $505/SqFt
VS.
$134/SqFt = Baltimore Average
Most Expensive Neighborhood (Locust Point) = $249/SqFt
Median Home Price:*
$234,000 = Philadelphia City Average
Most Expensive Neighborhood (Rittenhouse Square) = $559,950
VS.
$154,900= Baltimore Average
Most Expensive Neighborhood (Locust Point) = $377,000
Property Taxes:
Property taxes are based on the assessed value of your home, so the amount can vary. In 2020, the tax rate for homeowners in owner-occupied properties in Baltimore was reduced by an estimated 20 cents per $100 of assessed property value. Non-owner-occupied properties are charged $2.248 for every $100 of assessed property value by the City of Baltimore. The State of Maryland charges all property owners $0.112 for every $100 of assessed property value. The median property tax payment in the City of Baltimore is $2,892, with an effective property tax rate of 2.248%, compared to Philadelphia’s effective property tax rate of 0.98%.
Average Days on Market:
This is important for sellers, buyers, and investors! The quicker properties move, the better price a seller can get, and the faster a buyer has to move! Properties move somewhat faster in Baltimore than in Philadelphia, and properties in Locust Point move at almost twice the speed of properties in Rittenhouse Square. Size, price, and location all play a role in determining how fast a specific property moves, and Philadelphia’s plethora of sought-after neighborhoods means that no matter where you go in the city, there are buyers and sellers aplenty!
49 Days = Philadelphia Average (and 58 days in Rittenhouse Square!)
37 Days = Baltimore Average (and 31 days in Locust Point!)
1 Bedroom Listings:
Park Ave, Baltimore
$120,000
1 Bedroom | 1 Bathroom |752 SqFt.
Logan Square, Philadelphia
$325,000
1 Bedroom |1 Bath | 876 SqFt.
2 Bedroom Listings:
Riverside, Baltimore
$234,900
2 Bedroom | 1 Bathroom | 912 SqFt
Old City, Philadelphia
$415,000
2 Bedroom | 1 Bathroom | 916 SqFt
Pigtown, Baltimore
$140,000
2 Bedroom | 2 Bathroom | 1,000 SqFt
Fishtown, Philadelphia
$475,000
2 Bedroom | 2 Bathroom | 1,123 SqFt
4 Bedroom Listings:
South Baltimore, Baltimore
$399,000
4 Bedroom | 2.5 Bath | 840 SqFt
Mount Airy, Philadelphia
$769,999
4 Bedroom | 3 Bath | 2,700 SqFt
5+ Bedroom Listings:
South End, Boston
$6,350,000
4 Bedroom |2 Bath | 1,772 SqFt
Rittenhouse, Philadelphia
$3,680,000
6 Bedroom | 6 Bath | 8,095 SqFt
While living in Philadelphia may be more expensive than Baltimore, MD, Philly residents know they are getting more for their money! Between easy access to other major hubs like DC, NYC and Boston, and the vast array of amenities and activities in Philadelphia — from historical tours of the city, to the plethora of shops, dining, and grocery stores — it’s a no brainer that Philly living beats Baltimore any day!
Want to discover luxury living in Philadelphia?
Venture Philly Group
Buy. Sell. Invest.
o. 215.592.9522
1619 Walnut Street, Suite 500, Philadelphia, PA
