April 2022 Report
Baltimore Metro
Baltimore | April 2022
Home Demand Index
The Bright MLS | T3 Home Demand Index for the Baltimore Metro market area rose 12 percent in March to 121 reflecting a Moderate pace of buyer demand. The Index was in the Steady range in February.
Demand increased for each type of home in March except condos, where buyer interest was down marginally over the month in each of the two price segments. The Index increased the most for higher-priced single-family homes, up by 42 percent compared with February. While demand for higher-priced condos decreased, this segment, along with higher-priced single-family homes, recorded the strongest buyer interest. Demand for lower-priced single-family homes remained the weakest with Limited buyer interest, although demand did increase over the month. The months supply decreased for all types of homes reflecting an increase in sales that further depleted an already low inventory of homes. The months supply ranged from 0.8 months for mid-priced single-family homes and lower-priced condos to 1.7 months for higher-priced condos.
Monthly Statistics for April 2022
Home Demand
Index
Index
121
(Moderate)
Home Demand Index
from prior month
from prior month
108
Home Demand Index
from prior year
from prior year
137
Index change
from prior month
from prior month
12%
Index change from
same time last year
same time last year
-11.7%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | April 2022
Home Demand Index | Historical Year-over-Year Comparison
Demand has risen for three consecutive months following the December seasonal low in buyer activity. Although the Index increased 64 percent since December it was still 11.7 percent lower than one year earlier.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | April 2022
Home Demand Map
In the Baltimore Metro area, buyer demand was High in Howard and Baltimore counties and at a Moderate level in Anne Arundel and Harford counties. Demand was in the Steady range in Carroll County and Baltimore City. Buyer interest was Moderate in the Maryland Eastern Shore region and the DelMar Coastal area. Across the Greater Baltimore area demand in more than one-third of ZIP codes was in the High category compared with 26 percent in February reflecting the increasing intensity of activity in March as the spring market evolves.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | April 2022
Demand and Inventory by Home Type
Demand increased for each type of home in March except condos, where buyer interest was down marginally over the month in each of the two price segments. The Index increased the most for higher-priced single-family homes, up by 42 percent compared with February. While demand for higher-priced condos decreased, this segment, along with higher-priced single-family homes, recorded the strongest buyer interest. Demand for lower-priced single-family homes remained the weakest with Limited buyer interest, although demand did increase over the month. The months supply decreased for all types of homes reflecting an increase in sales that further depleted an already low inventory of homes. The months supply ranged from 0.8 months for mid-priced single-family homes and lower-priced condos to 1.7 months for higher-priced condos.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | April 2022
Single Family Home Below $250k
Demand increased for each type of home in March except condos, where buyer interest was down marginally over the month in each of the two price segments. The Index increased the most for higher-priced single-family homes, up by 42 percent compared with February. While demand for higher-priced condos decreased, this segment, along with higher-priced single-family homes, recorded the strongest buyer interest. Demand for lower-priced single-family homes remained the weakest with Limited buyer interest, although demand did increase over the month. The months supply decreased for all types of homes reflecting an increase in sales that further depleted an already low inventory of homes. The months supply ranged from 0.8 months for mid-priced single-family homes and lower-priced condos to 1.7 months for higher-priced condos.
Monthly Statistics for Single Family Home Below $250k
Home Demand
Index
Index
50
(Limited)
Home Demand Index
from prior month
from prior month
42
Home Demand Index
from prior year
from prior year
69
Months of
inventory
inventory
1.3
Average daily inventory last month
207
Inventory sold
last month
last month
161
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | April 2022
Single Family Home $250k - $590k
Demand for mid-priced single-family homes remained in the Moderate category in March. The Index, at 121, was up slightly from the month before but below the level one year earlier when demand was in the High range. The months supply was at an extraordinarily low level of just 0.8 months, a decrease from 1.1 months in February. Higher sales outpaced a marginal increase in inventory in March.
Monthly Statistics for Single Family Home $250k - $590k
Home Demand
Index
Index
121
(Moderate)
Home Demand Index
from prior month
from prior month
113
Home Demand Index
from prior year
from prior year
146
Months of
Inventory
Inventory
0.8
Average daily inventory last month
744
Inventory sold
last month
last month
968
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | April 2022
Single Family Home Above $590k
The Bright MLS | T3 Home Demand Index for higher-priced single-family homes rose 42 percent to 245, a reading well-above the threshold signaling a High level of demand. Moreover, the Index was eight percent above the reading one year earlier suggesting that demand for homes at this price point has remained resilient despite an increase in mortgage rates since last spring. The 1.2 months supply was down from 1.6 months in February reflecting the intensifying level of buyer activity so far this spring.
Monthly Statistics for Single Family Home Above $590k
Home Demand
Index
Index
245
(High)
Home Demand Index
from prior month
from prior month
173
Home Demand Index
from prior year
from prior year
226
Months of
Inventory
Inventory
1.2
Average daily inventory last month
424
Inventory sold
last month
last month
357
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | April 2022
Condo Below $310k
Demand for lower-priced condos was nearly unchanged over the month and remained in the Steady range. The Index was 23 percent lower than one year earlier when buyer interest was in the Moderate range. There was just an 0.8 months supply in March, down marginally from the previous month.
Monthly Statistics for Condo Below $310k
Home Demand
Index
Index
96
(Steady)
Home Demand Index
from prior month
from prior month
99
Home Demand Index
from prior year
from prior year
125
Months of
Inventory
Inventory
0.8
Average daily inventory last month
152
Inventory sold
last month
last month
192
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | April 2022
Condo Above $310k
Buyer interest in higher-priced condos remained in the High demand category with an Index of 276. Although down slightly over the month, the Index was higher than one year earlier. This segment of the Baltimore market has been consistently strong, with elevated buyer interest, during the past several months. The months supply decreased from 2.2 months in February to 1.7 months in March.
Monthly Statistics for Condo Above $310k
Home Demand
Index
Index
276
(High)
Home Demand Index
from prior month
from prior month
285
Home Demand Index
from prior year
from prior year
261
Months of
Inventory
Inventory
1.7
Average daily inventory last month
130
Inventory sold
last month
last month
75
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | April 2022
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
Demand for townhouses in the Baltimore Metro area was in the High range in March according to the Bright MLS | T3 Home Demand Index. The Index, at 133, was up nine percent over the month but was 11 percent below the level one year earlier. The months supply decreased from 1.5 months to 1.1. months reflecting the increased level of buyer activity in a segment of the market that accounted for 45 percent of sales in March.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
133
(High)
Home Demand Index
from prior month
from prior month
122
Home Demand Index
from prior year
from prior year
149
Months of
Inventory
Inventory
1.1
Average daily inventory last month
1,568
Inventory sold
last month
last month
1,458
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Note
1. This report is generated with data from the following counties:
- 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;
2. This report is for the April 2022 period with data collected from the previous month.
Released: April 11, 2022
Reference ID: 1599
Baltimore | April 2022
Home Demand Map (Zip Codes)
In the Baltimore Metro area, buyer demand was High in Howard and Baltimore counties and at a Moderate level in Anne Arundel and Harford counties. Demand was in the Steady range in Carroll County and Baltimore City. Buyer interest was Moderate in the Maryland Eastern Shore region and the DelMar Coastal area. Across the Greater Baltimore area demand in more than one-third of ZIP codes was in the High category compared with 26 percent in February reflecting the increasing intensity of activity in March as the spring market evolves.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com