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Baltimore | August 2022

Home Demand Index

The Bright MLS | T3 Home Demand Index for the Baltimore Metro area fell 1.7 percent in July. The Index, at 114, was in the Moderate range for the fifth consecutive month. Compared with one year earlier, demand was 8.1 percent lower.
The Bright MLS | T3 Home Demand Index was strongest for higher-priced single-family homes and higher-priced condos, both of which remained in the High demand category. Demand for mid-priced single-family homes and townhouses was Moderate. Consistent with the past several months, lower-priced single-family homes exhibited the weakest demand. Demand for each type of home changed little over the month while the months supply rose for all types of homes in July. The inventory of homes for sale ranged from a 1.3 months supply for mid-priced single-family homes and lower-priced condos to 2.4 months for higher-priced condos.
Monthly Statistics for August 2022
Home Demand
Index
114
(Moderate)
Home Demand Index
from prior month
116
Home Demand Index
from prior year
124
Index change
from prior month
-1.7%
Index change from
same time last year
-8.1%
Bright MLS | T3 Home Demand Index

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Baltimore | August 2022

Home Demand Index | Historical Year-over-Year Comparison

Since the spring peak in buyer activity, the Index has decreased 10 percent with most of the decline occurring between April and May. Since May, the Index has drifted lower, reflecting the accumulating impact of rising home prices and increases in mortgage interest rates that together have reduced affordability.

Home Demand Index

Bright MLS | T3 Home Demand Index

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Baltimore | August 2022

Home Demand Map

Demand for homes across the Baltimore Metro area was High in Baltimore and Howard counties and in the Moderate range in Anne Arundel, Carroll and Harford counties. Buyer interest in Baltimore City homes was Slow. Demand remained Moderate in the Maryland Eastern Shore and DelMar Coastal areas. Across the Greater Baltimore area, demand in slightly more than half of ZIP codes was in the High or Moderate range, virtually unchanged from the previous month. Buyer interest in one-third of ZIP codes was Slow or Limited.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Baltimore | August 2022

Demand and Inventory by Home Type

The Bright MLS | T3 Home Demand Index was strongest for higher-priced single-family homes and higher-priced condos, both of which remained in the High demand category. Demand for mid-priced single-family homes and townhouses was Moderate. Consistent with the past several months, lower-priced single-family homes exhibited the weakest demand. Demand for each type of home changed little over the month while the months supply rose for all types of homes in July. The inventory of homes for sale ranged from a 1.3 months supply for mid-priced single-family homes and lower-priced condos to 2.4 months for higher-priced condos.
Bright MLS | T3 Home Demand Index

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Baltimore | August 2022

Single Family Home Below $250k

The Bright MLS | T3 Home Demand Index for lower-priced single-family homes was virtually unchanged over the month, remaining in the Limited demand category. The months supply of homes for sale rose to 1.7 from 1.3 in June, the increase due to a rise in inventory and a decline in sales.
Monthly Statistics for Single Family Home Below $250k
Home Demand
Index
38
(Limited)
Home Demand Index
from prior month
37
Home Demand Index
from prior year
58
Months of
inventory
1.7
Average daily inventory last month
227
Inventory sold
last month
130
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Baltimore | August 2022

Single Family Home $250k - $590k

Buyer interest in mid-priced single-family homes remained in the Moderate range in July where it has been since May. While the Index drifted lower over the month, it also was 12 percent lower than one year earlier. The months supply, although up slightly from June, was at just 1.3 months, the same as lower-priced condos and the lowest of any segment of the Baltimore Metro area market.
Monthly Statistics for Single Family Home $250k - $590k
Home Demand
Index
117
(Moderate)
Home Demand Index
from prior month
119
Home Demand Index
from prior year
133
Months of
Inventory
1.3
Average daily inventory last month
1,269
Inventory sold
last month
1,001
Bright MLS | T3 Home Demand Index

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Baltimore | August 2022

Single Family Home Above $590k

Demand for higher-priced single-family homes has been in the High range since February. In July, the Index eased somewhat, but was still 10 percent higher than one year earlier. The months supply rose to 1.7 from 1.3 months in June. While still low, the months supply is up from a seasonal low of just one month in May.
Monthly Statistics for Single Family Home Above $590k
Home Demand
Index
249
(High)
Home Demand Index
from prior month
261
Home Demand Index
from prior year
226
Months of
Inventory
1.7
Average daily inventory last month
852
Inventory sold
last month
497
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Baltimore | August 2022

Condo Below $310k

Buyer interest in lower-priced condos was in the Steady category in July and virtually unchanged from June. The Index was 12 percent lower than one year earlier. The months supply, at 1.3, was up from a one-month supply but was still among the lowest of any segment of the Baltimore Metro area market.
Monthly Statistics for Condo Below $310k
Home Demand
Index
103
(Steady)
Home Demand Index
from prior month
104
Home Demand Index
from prior year
117
Months of
Inventory
1.3
Average daily inventory last month
218
Inventory sold
last month
173
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Baltimore | August 2022

Condo Above $310k

Demand for higher-priced condos remained very strong, with an Index reading for July in the High range. Although down over the month, the Index was still 11 percent higher than one year earlier. There was a 2.4 months supply of condos for sale, up from 1.6 months in June.
Monthly Statistics for Condo Above $310k
Home Demand
Index
251
(High)
Home Demand Index
from prior month
273
Home Demand Index
from prior year
227
Months of
Inventory
2.4
Average daily inventory last month
148
Inventory sold
last month
61
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Baltimore | August 2022

Townhouse/Rowhouse/Twin All prices

Townhouse/
Rowhouse/Twin
All prices

The Bright MLS | T3 Home Demand Index for the townhouse segment changed little over the month and remained in the Moderate range where it has been for the past three months. The months supply, at 1.9, was up from 1.5 months in June due to a slight increase in the number of listings for sale and a decline in the number of sales over the month.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
120
(Moderate)
Home Demand Index
from prior month
119
Home Demand Index
from prior year
131
Months of
Inventory
1.9
Average daily inventory last month
2,342
Inventory sold
last month
1,256
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 2022 period with data collected from the previous month.
Released: August 11, 2022
Reference ID: 1661

Baltimore | August 2022

Home Demand Map (Zip Codes)

Demand for homes across the Baltimore Metro area was High in Baltimore and Howard counties and in the Moderate range in Anne Arundel, Carroll and Harford counties. Buyer interest in Baltimore City homes was Slow. Demand remained Moderate in the Maryland Eastern Shore and DelMar Coastal areas. Across the Greater Baltimore area, demand in slightly more than half of ZIP codes was in the High or Moderate range, virtually unchanged from the previous month. Buyer interest in one-third of ZIP codes was Slow or Limited.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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