August 2021 Report
Baltimore Metro
Baltimore | August 2021
Home Demand Index
Buyer interest in Baltimore Metro area homes fell nearly 15 percent in July according to the Bright MLS | T3 Home Demand Index. The Index, at 124, was in the Moderate category, reflecting above-average demand, following four months of High demand at the peak of the spring market. Compared to one year earlier, the Index was 12 percent lower.
Demand softened among each type of home tracked by the Bright MLS | T3 Home Demand Index. Higher-priced single-family homes and higher-priced condos continued to record the strongest demand. In contrast, the demand for lower-priced single-family homes remained the weakest among the six types of homes tracked by the Index. There was little relief for buyers searching for a home, however. The months supply ranged from one month for mid-priced single-family homes to just 2.9 months for higher-priced condos.
Monthly Statistics for August 2021
Home Demand
Index
Index
124
(Moderate)
Home Demand Index
from prior month
from prior month
145
Home Demand Index
from prior year
from prior year
141
Index change
from prior month
from prior month
-14.5%
Index change from
same time last year
same time last year
-12.1%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | August 2021
Home Demand Index | Historical Year-over-Year Comparison
Home demand in the Baltimore Metro area has softened since peaking in April, with the steepest decline in July. Some of the decline is attributable to the seasonal pullback in buyer interest in the early months of summer, but diminished affordability and limited inventory were also factors in the decline.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | August 2021
Home Demand Map
Across the Greater Baltimore area, home demand was highest in the Maryland Eastern Shore area and Moderate in the Baltimore Metro and Delmar Coastal areas. Within the Baltimore Metro area, four of the six counties recorded a High level of demand while demand in Carroll County was Moderate. Baltimore City recorded a Slow level of demand. Regionwide, buyer demand was High or Moderate in more than half of ZIP codes.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | August 2021
Demand and Inventory by Home Type
Demand softened among each type of home tracked by the Bright MLS | T3 Home Demand Index. Higher-priced single-family homes and higher-priced condos continued to record the strongest demand. In contrast, the demand for lower-priced single-family homes remained the weakest among the six types of homes tracked by the Index. There was little relief for buyers searching for a home, however. The months supply ranged from one month for mid-priced single-family homes to just 2.9 months for higher-priced condos.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | August 2021
Single Family Home Below $250k
Demand for lower-priced single-family homes has been very weak for several months. In July it weakened even more. The Index, at 53, reflected Limited buyer interest. Would-be buyers at this price point have been hampered by limited inventory – there were fewer than 300 properties available for sale in the entire market area – as well as pandemic-related losses in income. The months supply was a very low 1.2 months suggesting that the limited number of properties on the market sold quickly.
Monthly Statistics for Single Family Home Below $250k
Home Demand
Index
Index
53
(Limited)
Home Demand Index
from prior month
from prior month
71
Home Demand Index
from prior year
from prior year
91
Months of
inventory
inventory
1.2
Average daily inventory last month
292
Inventory sold
last month
last month
234
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | August 2021
Single Family Home $250k - $590k
Buyer interest in mid-priced single-family homes eased in July, as reflected by the 14 percent decline in the Index. Despite the decline, demand remained in the High range where it has been since March. Inventory conditions improved marginally, rising to a one-month supply from an extraordinarily low 0.7 months in June.
Monthly Statistics for Single Family Home $250k - $590k
Home Demand
Index
Index
132
(High)
Home Demand Index
from prior month
from prior month
154
Home Demand Index
from prior year
from prior year
148
Months of
Inventory
Inventory
1
Average daily inventory last month
1,296
Inventory sold
last month
last month
1,363
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | August 2021
Single Family Home Above $590k
The Bright MLS | T3 Home Demand Index for higher-priced single-family homes fell 17 percent in June but remained at a very high reading of 225. Demand for homes in this segment was stronger than any other Baltimore Metro area home type tracked by the Index. Buyers continued to be challenged by limited inventory. In July, the months supply was just 1.4 months, up marginally from the previous month.
Monthly Statistics for Single Family Home Above $590k
Home Demand
Index
Index
225
(High)
Home Demand Index
from prior month
from prior month
270
Home Demand Index
from prior year
from prior year
220
Months of
Inventory
Inventory
1.4
Average daily inventory last month
820
Inventory sold
last month
last month
578
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | August 2021
Condo Below $310k
Demand for lower-priced condos remained in the Moderate range in July even after an 11 percent decline in the Index. The months supply rose slightly in July, but at 1.2 months, intense competition for limited supply continued to challenge buyers.
Monthly Statistics for Condo Below $310k
Home Demand
Index
Index
115
(Moderate)
Home Demand Index
from prior month
from prior month
129
Home Demand Index
from prior year
from prior year
131
Months of
Inventory
Inventory
1.2
Average daily inventory last month
274
Inventory sold
last month
last month
227
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | August 2021
Condo Above $310k
Buyer interest in higher-priced condos remained elevated with a July Index reading of 224, well above the threshold signaling High demand. The Index did, however, decline by 22 percent in July, but was more than 20 percent higher than the year before. All told, this suggests that buyers continue to show strong interest in higher-priced condos even as other segments of the market experience lower demand.
Monthly Statistics for Condo Above $310k
Home Demand
Index
Index
224
(High)
Home Demand Index
from prior month
from prior month
286
Home Demand Index
from prior year
from prior year
181
Months of
Inventory
Inventory
2.9
Average daily inventory last month
172
Inventory sold
last month
last month
60
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | August 2021
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
Like other segments of the Baltimore Metro market, demand for townhouses softened in July. The Bright MLS | T3 Home Demand Index fell 14 percent in July. The inventory of townhouses for sale rose in July while the number of sales fell marginally, resulting in a slight increase in the months supply to a July reading of 1.3 months.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
130
(High)
Home Demand Index
from prior month
from prior month
151
Home Demand Index
from prior year
from prior year
143
Months of
Inventory
Inventory
1.3
Average daily inventory last month
2,251
Inventory sold
last month
last month
1,760
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 August 2021 period with data collected from the previous month.
Released: August 3, 2021
Reference ID: 1328
Baltimore | August 2021
Home Demand Map (Zip Codes)
Across the Greater Baltimore area, home demand was highest in the Maryland Eastern Shore area and Moderate in the Baltimore Metro and Delmar Coastal areas. Within the Baltimore Metro area, four of the six counties recorded a High level of demand while demand in Carroll County was Moderate. Baltimore City recorded a Slow level of demand. Regionwide, buyer demand was High or Moderate in more than half of ZIP codes.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com