Baltimore Metro

September 2023 |

Home Demand Index: 84 |

Tier: Slow

Metro Area Overview

Demand for homes in the Baltimore Metro area decreased in August according to the Bright MLS | T3 Home Demand Index. The Index, at 84, was 4.5 percent lower over the month and reflected a Slow pace of buyer activity. Compared with one year earlier, the Index was 22.2 percent lower.

The market trend line, below, provides a high-level monthly overview of the Home Demand Index for each of the metro market areas within the Greater Baltimore Metro Area. The Home Demand Index is baselined at 100, with 90-110 indicating a steady market. Index values above 110 indicate moderate and high activity while Index values below 90 indicate slower or limited activity. For more information for a given period of time, click on any point on the map to pull up the monthly report.

Metro Market Trend Data by Bright MLS | T3 Home Demand Index

Each of the market areas listed above are defined as follows:

Baltimore Metro – Anne Arundel, MD; Baltimore City, MD; Baltimore, MD; Carroll, MD; Harford, MD; Howard, MD;
DelMar Coastal – Somerset, MD; Sussex, DE; Wicomico, MD; Worcester, MD;
Maryland Eastern Shore – Caroline, MD; Cecil, MD; Dorchester, MD; Kent, MD; Queen Annes, MD; Talbot, MD;

Market Trend Map

The Market Trend Map for the Baltimore Metro pulls the county map from the monthly reports and combines to provide a time-lapse of the overall market. Use the navigation at the bottom to toggle between months.

Baltimore Metro County-Level Market Trend Map | Home Demand Index

Baltimore | September 2023

Home Demand Index

Buyer interest in most types of homes fell in August. The Index for luxury single-family homes decreased the most, falling by 18 percent, followed by a 9 percent decrease for mid-market single-family homes. Demand was strongest for luxury condos, which attracted a High level of buyer interest, followed by entry-level condos with Steady demand. Demand was weakest for entry-level single-family homes with buyer interest in the Limited range. The inventory of homes available for sale remained very low in August. The months supply ranged from 1.2 months for mid-market single-family homes to 3.5 months for luxury condos.

Home Demand
Index

(Slow)

Home Demand Index
from prior month

Home Demand Index
from prior year

108

Index change
from prior month

-4.5%

Index change from
same time last year

-22.2%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Baltimore | August 2023

Home Demand Index

Demand Index. The Index, at 86, was 11.3 percent lower over the month and reflected a Slow pace of buyer activity. Compared with one year earlier, the Index was 25.2 percent lower.

Demand was lower for all types of homes compared with June. The Index for entry-level single-family homes fell 20 percent followed by luxury condos with a decline of 18 percent. Despite the large decrease, buyer interest in luxury condos remained in the High range while demand for luxury single-family homes continued at a Moderate pace. The months supply rose marginally for each type of home largely due to a decrease in sales combined with stable inventory levels. The months supply ranged from 1.2 months for mid-market single-family homes to 2.4 months for luxury condos.

Home Demand
Index

(Slow)

Home Demand Index
from prior month

Home Demand Index
from prior year

115

Index change
from prior month

-11.3%

Index change from
same time last year

-25.2%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Baltimore | July 2023

Home Demand Index

Demand for homes in the Baltimore Metro area eased in June with the Bright MLS | T3 Home Demand Index falling 2.1 percent to 94. Demand remained in the Steady category. Compared with one year earlier, the Index was 19 percent lower.

Buyer interest in different types of homes was mixed in June. Demand for luxury condos remained High while buyer demand was Moderate for luxury single-family homes. The Index was in the Steady or Slow range for other types of homes. The inventory of homes for sale remained unusually low with less than a two-month supply for all types of homes except luxury condos. The months supply ranged from one month for entry-level condos to 2.4 months for luxury condos. Compared with May, the number of listings was marginally higher while the number of home sales was virtually unchanged.

Home Demand
Index

(Steady)

Home Demand Index
from prior month

Home Demand Index
from prior year

116

Index change
from prior month

-2.1%

Index change from
same time last year

-19%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Baltimore | June 2023

Home Demand Index

Buyer interest in Baltimore Metro area homes eased in May with the Bright MLS | T3 Home Demand Index decreasing by 7.1 percent. Although declining over the month, demand remained in the Steady range. The Index was 22.2 percent lower than one year earlier.

The Index decreased for all types of Baltimore Metro area homes over the month. Demand for entry-level condos fell the most, 23 percent, while demand for mid-market single-family homes and luxury condos was down marginally. Buyer interest was weakest for entry-level single-family homes with demand in the Slow category. The months supply of homes on the market was very low in May ranging from 1.7 months for luxury single-family homes and luxury condos to just 0.9 months for entry-level condos. The months supply was lower for each type of home due to a jump in sales and only a small increase in the number of homes available for sale.

Home Demand
Index

(Steady)

Home Demand Index
from prior month

Home Demand Index
from prior year

117

Index change
from prior month

-7.1%

Index change from
same time last year

-22.2%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Baltimore | May 2023

Home Demand Index

The Bright MLS | T3 Home Demand Index for the Baltimore Metro area rose in April with the Index moving from Slow to Steady over the month. The Index, at 93, was 5.7 percent higher compare with March but remained well below the level one year earlier.

Buyer interest rose for all types of Baltimore Metro area homes over the month. Luxury condos continued to attract a High level of demand. Buyer interest was Slow for entry- and mid-market single-family homes and Steady or Moderate for other types of homes. The months supply of luxury single-family homes was lower in April, moving from 2.3 to two months largely due to an uptick in sales and was flat or only slightly higher for other types of homes. The months supply ranged from 1.2 months for mid-market single-family homes to 3.2 months for luxury condos.

Home Demand
Index

(Steady)

Home Demand Index
from prior month

Home Demand Index
from prior year

128

Index change
from prior month

5.7%

Index change from
same time last year

-27.3%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Baltimore | April 2023

Home Demand Index

The Bright MLS | T3 Home Demand Index for the Baltimore Metro area increased 1.2 percent in March to 83 reflecting a continued pace of Slow demand. The Index was 32 percent lower than the same month last year.

The Bright MLS | T3 Home Demand Index was down slightly for entry-level single-family homes and townhouses but higher among the other types of homes. Demand rose the most for luxury single-family homes with the Index up by 26 percent in March. Except for the luxury condo segment, demand in all other segments of the market was in the Slow or Steady range. The months supply decreased for all types of homes, mostly reflecting an increase in sales relative to the number of listings on the market. The months supply ranged from 1.1 months for mid-market single-family homes to 3.1 months for luxury condos.

Home Demand
Index

(Slow)

Home Demand Index
from prior month

Home Demand Index
from prior year

122

Index change
from prior month

1.2%

Index change from
same time last year

-32%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Baltimore | March 2023

Home Demand Index

The Bright MLS | T3 Home Demand Index for the Baltimore Metro area fell 2.5 percent in February to 78, which reflects a Slow pace of activity. The Index was 27.8 percent lower than one year earlier.

The Index for luxury condos rose in February, while buyer interest in all other segments was marginally weaker compared with January. In addition to increasing over the month, demand for luxury condos was also the strongest with the Index reflecting a Moderate pace of buyer activity. Demand was Slow for all other types of homes in the Baltimore Metro area market. The inventory of homes on the market ranged from 1.5 months supply for entry-level condos to 3.1 months for luxury condos. The months supply decreased for each type of home compared with January.