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Baltimore | December 2022

Home Demand Index

The Bright MLS | T3 Home Demand Index for the Baltimore Metro area fell 13.3 percent in November, moving from a Steady to a Slow pace of activity. The HDI was 20.4 percent lower than one year earlier.
The Bright MLS | T3 Home Demand Index was lower for each type of home compared with the month before. The largest decreases in the Index were among the single-family segments, led by lower-priced single-family homes with a 25 percent decline over the month. Buyer interest remained strongest for higher-priced single-family homes and higher-priced condos, both of which were in the High demand category. Demand for mid-priced single-family homes, lower-priced condos and townhouses was Slow over the month. The months supply rose for all types of homes except lower-priced single-family homes. The inventory of homes for sale ranged from 1.9 months supply for mid-priced single-family homes to 3.1 months for higher-priced condos.
Monthly Statistics for December 2022
Home Demand
Index
78
(Slow)
Home Demand Index
from prior month
90
Home Demand Index
from prior year
98
Index change
from prior month
-13.3%
Index change from
same time last year
-20.4%
Bright MLS | T3 Home Demand Index

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Baltimore | December 2022

Home Demand Index | Historical Year-over-Year Comparison

Demand for homes continued to decline with the Index falling for the fourth consecutive month through November. The Index has been well-below the year-earlier levels for the past 12 months, largely due to higher mortgage rates and an elevated level of consumer anxiety about the economy. Moreover, affordability conditions continue to be challenging despite softening home prices in recent months.

Home Demand Index

Bright MLS | T3 Home Demand Index

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Baltimore | December 2022

Home Demand Map

Demand for homes across the Baltimore Metro area was Steady in Howard and Baltimore counties and Slow or Limited in the rest of the metro area. The HDI was lower in each Baltimore Metro area county in November compared with October. Demand was Slow in the DelMar Coastal area and the Maryland Eastern Shore region. Across the Greater Baltimore area demand in more than two-thirds of ZIP codes was in the Slow or Limited range compared with half of ZIP codes in October. Buyer demand in one-in-ten ZIP codes was High, down from 15 percent the previous month.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Baltimore | December 2022

Demand and Inventory by Home Type

The Bright MLS | T3 Home Demand Index was lower for each type of home compared with the month before. The largest decreases in the Index were among the single-family segments, led by lower-priced single-family homes with a 25 percent decline over the month. Buyer interest remained strongest for higher-priced single-family homes and higher-priced condos, both of which were in the High demand category. Demand for mid-priced single-family homes, lower-priced condos and townhouses was Slow over the month. The months supply rose for all types of homes except lower-priced single-family homes. The inventory of homes for sale ranged from 1.9 months supply for mid-priced single-family homes to 3.1 months for higher-priced condos.
Bright MLS | T3 Home Demand Index

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Baltimore | December 2022

Single Family Home Below $250k

Demand for lower-priced single-family homes fell in November, continuing a period of Limited buyer interest in this segment of the Baltimore Metro area market. The Index decreased 25 percent over the month to 27 and was 40 percent below the same month one year earlier. There was a two-month supply of homes on the market, a decline from October’s 2.2 months supply.
Monthly Statistics for Single Family Home Below $250k
Home Demand
Index
27
(Limited)
Home Demand Index
from prior month
36
Home Demand Index
from prior year
46
Months of
inventory
2
Average daily inventory last month
239
Inventory sold
last month
117
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Baltimore | December 2022

Single Family Home $250k - $590k

The Bright MLS | T3 Home Demand Index for mid-priced single-family homes was 14 percent lower in November. The Index, at 78, reflected a Slow pace of demand compared with Steady demand in October. The months supply, at 1.9, was up marginally over the month and continued to reflect challenging inventory conditions for buyers searching for homes.
Monthly Statistics for Single Family Home $250k - $590k
Home Demand
Index
78
(Slow)
Home Demand Index
from prior month
91
Home Demand Index
from prior year
109
Months of
Inventory
1.9
Average daily inventory last month
1,275
Inventory sold
last month
665
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Baltimore | December 2022

Single Family Home Above $590k

Despite weaker market activity in November, demand for higher-priced single-family homes remained strong. The Index, at 142, reflected a High level of demand, although down 14 percent from the previous month. Unlike all other segments of the Baltimore Metro area market, which have tracked well-below last year’s levels, the Index was virtually unchanged from one year earlier.
Monthly Statistics for Single Family Home Above $590k
Home Demand
Index
142
(High)
Home Demand Index
from prior month
168
Home Demand Index
from prior year
143
Months of
Inventory
2.7
Average daily inventory last month
747
Inventory sold
last month
280
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Baltimore | December 2022

Condo Below $310k

Buyer interest in lower-priced condos eased over the month and continued to reflect a Slow pace of demand. The months supply rose to 1.7 in November from 1.5 in October. Despite the increase, the months supply was lower than any other segment of the Baltimore Metro area market.
Monthly Statistics for Condo Below $310k
Home Demand
Index
70
(Slow)
Home Demand Index
from prior month
78
Home Demand Index
from prior year
90
Months of
Inventory
1.7
Average daily inventory last month
201
Inventory sold
last month
115
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Baltimore | December 2022

Condo Above $310k

Demand for higher-priced condos remained elevated. The Index, at 190, remained in the High demand category, although it was down slightly over the month. The months supply jumped to 3.1 from 1.9 months in October largely due to a decrease in sales and little change in the number of listings on the market.
Monthly Statistics for Condo Above $310k
Home Demand
Index
190
(High)
Home Demand Index
from prior month
203
Home Demand Index
from prior year
225
Months of
Inventory
3.1
Average daily inventory last month
127
Inventory sold
last month
41
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Baltimore | December 2022

Townhouse/Rowhouse/Twin All prices

Townhouse/
Rowhouse/Twin
All prices

The Bright MLS | T3 Home Demand Index for the townhouse segment fell 11 percent to 88 in November, reflecting a softening of buyer interest from Steady to Slow. The months supply, at 2.8, rose over the months due to a decrease in sales while the number of listings was largely unchanged.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
88
(Slow)
Home Demand Index
from prior month
99
Home Demand Index
from prior year
107
Months of
Inventory
2.8
Average daily inventory last month
2,373
Inventory sold
last month
860
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 December 2022 period with data collected from the previous month.
Released: December 11, 2022
Reference ID: 1730

Baltimore | December 2022

Home Demand Map (Zip Codes)

Demand for homes across the Baltimore Metro area was Steady in Howard and Baltimore counties and Slow or Limited in the rest of the metro area. The HDI was lower in each Baltimore Metro area county in November compared with October. Demand was Slow in the DelMar Coastal area and the Maryland Eastern Shore region. Across the Greater Baltimore area demand in more than two-thirds of ZIP codes was in the Slow or Limited range compared with half of ZIP codes in October. Buyer demand in one-in-ten ZIP codes was High, down from 15 percent the previous month.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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