Although you did not describe exactly what type of home you are looking for, here is some up-to-date analysis of all fee simple properties the two areas you are considering:
During the last 90 days, a total of 9 properties sold.
The lowest price sold was $199,500, built in 1875
The highest price sold was $589,990, built in 2007
The average price sold was $349,410, built in 1929
To see all actively listed, fee simple properties currently on the market in Locust Point, go to:
During the last 90 days, a total of 240 properties sold.
The lowest price sold was $160,000, built in 1899
The highest price sold was $979,900, built in 2004
The average price sold was $411,151, average build in 1982
To see all actively listed, fee simple properties below $350K currently on the market in Columbia, go to:
There are other considerations involved, which revolve around your lifestyle, e.g. community activities, shopping, schools, crime, etc.
I hope this helps you compare, at least with regard to the current market conditions, the two areas.