For those considering a move to Baltimore, the first question often asked is whether it's better to buy now or start with renting. To answer this question, it's important to first look at how home prices in the area have changed over the past five years.

According to Zillow data, the average home value in Baltimore City is currently around $180,000 as of 2026, which is an increase of about 31% compared to around $137,000 in early 2021. However, when looking at the broader Baltimore-Columbia-Towson metropolitan area, the average price rises to about $380,000, indicating a significant price disparity between the city and the county.

In terms of yearly trends, from 2021 to 2022, Baltimore experienced a rise in line with the national trend, but the rate of increase slowed down starting in the second half of 2022 due to the impact of rising interest rates. Nevertheless, Baltimore City has seen a resurgence of undervalued properties, with some areas showing nearly double-digit growth over the past year, indicating a somewhat different trend compared to other regions.

When compared to the national average five-year cumulative increase of around 35-45%, Baltimore City's increase is slightly lower, while the county areas seem to fall somewhere in between. The relatively affordable prices, despite being close to Washington D.C., are considered a backdrop for the recent reevaluation of the market.

Several factors contribute to the fluctuations in prices. Stable employment centered around institutions like Johns Hopkins, the appeal of being within commuting distance to Washington D.C., and increased demand in areas undergoing urban redevelopment have all acted as upward pressures. Conversely, issues related to safety in some neighborhoods and population decline continue to limit price increases.

Looking ahead cautiously, it seems that undervalued city areas may have room for gradual additional increases, while some suburban areas that have already seen significant price rises may experience a noticeable slowdown in growth. An approach that considers the varying conditions across different regions appears necessary.

For Korean households, it's important to keep in mind that the calculations can vary significantly depending on the neighborhood. If prioritizing school districts and safety, it may be wise to consider already established popular county areas. Alternatively, if looking for relatively lower entry prices and potential for growth, keeping an eye on city areas undergoing redevelopment could be a good strategy. However, in both cases, it is recommended to visit the neighborhoods in person before making a decision.