The story of townhomes in Baltimore needs to start a bit differently than in other cities. Many of the townhomes in this city are in the form of rowhouses that date back to the 19th century, where walls are shared but land and buildings are individually owned, often resulting in no HOA at all. In contrast, newly built townhome communities typically have a standard HOA structure, leading to significant differences in management fees even among similar townhomes.

In numbers, according to Homes.com, the median price for single-family homes in the Baltimore area is $511,200 as of June 2026, while townhomes are at $320,000 and condos at $300,000. Meanwhile, Redfin reports that the overall median transaction price in Baltimore City for the same month is $249,864, which is a 3.0% increase from the previous year, and the three-month average is $265,000, up 9.4%. These figures indicate that currently active listings are concentrated on renovated, expensive properties, while the overall median price in the city is still suppressed by many older rowhouses.

If we expand the scope to include Baltimore County, the median price for the three months leading up to May 2026 is $378,000, which is a 3.7% increase from the previous year. This market shows a significant divide in choices based on budget and management style between renovated rowhouses in the city, single-family homes in the county, and newly built townhome communities.

Rowhouses in the old city without an HOA have the advantage of lower fixed monthly costs, but the owner is fully responsible for the roof, plumbing, and exterior walls. Conversely, newly built townhome communities come with HOA fees but take care of exterior and common area maintenance. For investors looking for rental income, calculating the maintenance burden of both options in advance can be useful in practice. Baltimore's older rowhouses often have plumbing and electrical wiring that were installed decades ago, so it is particularly important to inspect these aspects thoroughly before purchase to avoid significant expenses later.

While rowhouses without an HOA may seem attractive based on purchase price alone, one must also consider the risk of incurring large expenses for aging plumbing or roof replacements all at once. On the other hand, newly built townhomes have an initial management fee burden but are relatively less likely to incur unexpected large repair costs. Which option is more advantageous can vary depending on the holding period and financial planning.

In areas like Federal Hill or Canton, where renovations are currently active, there are often investment cases where old rowhouses are purchased, renovated, and then resold at a premium. However, these renovated rowhouses frequently have purchase prices that significantly exceed the city's overall median, so it is essential to carefully calculate renovation costs and timelines before aiming for price appreciation. There is no guarantee that prices will rise, so it is also wise to consider local supply and demand. Conversely, there are consistently homeowners looking to buy old rowhouses in the city at a lower price and renovate them for personal use, and in this case, it is better to include temporary housing costs during the renovation period in the budget.

For families prioritizing school districts, it may be worth looking at single-family homes in areas like Roland Park or Homeland, which are assigned to highly rated schools. School district boundaries change frequently, so be sure to verify the assigned school for the specific address before purchasing.

Families moving to Maryland should also note that there is a significant difference in property tax rates between Baltimore City and the surrounding counties. The tax rates, as well as school district evaluations and insurance premium calculations, differ between the city limits, Baltimore County, and Howard County, meaning that the total holding costs can vary significantly depending on which jurisdiction you settle in, even with the same budget. Tax and rental laws can vary by jurisdiction, so it is advisable to confirm specific figures with a professional. This article does not constitute investment or legal advice, and consulting a professional before any actual contracts is recommended.