Regional Choice
Neighborhoods in the Regional Choice market category, such as Bellona, Gittings, Cedarcroft, Evergreen, Locust Point, Homeland, Keswick, and Guilford represent competitive housing markets with high owner-occupancy rates and high property values in comparison to all other market types. Foreclosure, vacancy and abandonment rates are low. Market interventions are not necessary in the Regional Choice market, but basic municipal services such as street maintenance are essential to maintaining these markets.
Middle Market Choice
Neighborhoods in the Middle Market Choice category, such as Brewers Hill, Dickeyville East Arlington Original Northwood, Hampden, Lauraville, Ridgely’s Delight, Ten Hills and Upper Fells Point, have housing prices above the city’s average with strong ownership rates, and low vacancies, but with slightly increased foreclosure rates. Modest incentives and strong neighborhood marketing should keep these communities healthy, with the potential for growth.
Middle Market
Neighborhoods in the Middle Market category, such as Bayview, Eastwood Greenmount West, Heritage Crossing, Kenilworth Park, and Woodbourne Heights, have median sales values above the City’s average, as well as high homeownership rates. These markets experienced higher foreclosure rates when compared to higher value markets, with slight population loss. Interventions are geared toward aggressive code enforcement, in an effort to move vacant buildings as quickly as possible to rehabilitation, which in turn supports existing homeowners. Significant portions of the Middle Market spectrum are covered by Streamlined Code Enforcement.
Middle Market Stressed
Neighborhoods in this category, such as Belair-Edison, Saint Helena, Garwyn Oaks, Lakeland, Union Square, and Winston-Govans have slightly lower home sale values than the City’s average, and have not shown significant sales price appreciation. Vacancies and foreclosure rates are high, and the rate of population loss has increased in this market type, according to the 2010 Census data. Based on these market conditions, intervention strategies should support homeowners who may be facing economic hardships due to the national economy. These communities often have under-appreciated assets such as historic housing stock, significant park spaces and choice locations that can serve as building blocks for future revitalization efforts.
Stressed
These neighborhoods, which include Broadway East, Franklin Square, Gay Street, Penn-North, Rosemont and Shipley Hill, have experienced significant deterioration of the housing stock. This market category contains the highest vacancy rates and the lowest home ownership rates, compared to the other market types. It also has experienced some of the most substantial population losses in the City during the past decade. Comprehensive housing market inventions should be targeted in this market category, including site assembly, tax increment financing, and concentrated demolitions to create potential for greater public safety and new green amenities. Support for stable residential blocks is also necessary.