21555, Oldtown, MD

When people think of home equity, they often think of their own home. However, in the United States, home equity is also a valuable asset for many other types of properties. In fact, according to Zillow, the average American household has a total net worth of $217,000 in equity in their homes (Zillow 2016). This means that homeowners have more than just the value of their home on their balance sheet- they also have the value of any improvements or additions that they've made to their property.

In Oldtown, MD 21555, there are an estimated 1,812 single family homes and condos for sale as of September 30th 2016 (Zillow). Of these properties, 548 are listed at an asking price above $500K and 153 are listed at an asking price above $1M. This indicates that there is a high demand for homes in this area- both by buyers who want to purchase a property at a high price point and by sellers who want to receive a high offer.

One reason why demand is so high in Oldtown may be because Oldtown is located in one of the most desirable areas of Baltimore City. According to Trulia's analysis , Oldtown has consistently been one of the most expensive neighborhoods in Baltimore since 2007 (Trulia). This means that many people who live here already have a considerable amount of wealth- which can make it difficult for them to sell their property if they decide they want to move away. Additionally, many people who live here may be able to afford higher prices because incomes are relatively high compared to other parts of Maryland (Trulia).

On the other hand, some potential buyers may not be able to afford such high prices due to low income levels or limited resources. For example, someone earning $30K per year would only have about 20% ($6K) left after paying down debt and saving for a down payment on a median priced house in Oldtown ($269K), according to Zillow's analysis . Therefore, it's likely that lower-income households will account for a larger share of sales activity in this area over time.