December 2025 Report
Baltimore Metro
Baltimore | December 2025
Home Demand Index
The Home Demand Index (HDI) for the Baltimore metro area stands at 71 for this report period, down sharply from 88 last month and slightly below the 75 recorded a year ago. This move pushes the market deeper into the Slow demand range, signaling a meaningful late-year pullback in buyer activity. The year-over-year softening suggests affordability and rate sensitivity are reasserting pressure, even as underlying demand has been more durable through much of 2025.
Demand by home type in Baltimore shows broad-based cooling this period, aligning with the metro’s overall shift lower. Entry-level single-family homes appear weakest, as first-time buyers face the greatest affordability constraints and are most sensitive to rate and payment volatility. Mid-range single-family homes are moderating but remain a relative anchor of move-up activity compared with other segments. Luxury single-family homes have also cooled from recent highs, though high-end participation remains more resilient than the entry tier. Condos continue to outperform detached categories—entry-level condos holding up as an affordability alternative and luxury condos remaining the most competitive segment—while townhouses/rowhouses are easing with seasonal slowing but still benefit from their price-to-space value proposition.
Monthly Statistics for December 2025
Home Demand
Index
Index
71
(Slow)
Home Demand Index
from prior month
from prior month
88
Home Demand Index
from prior year
from prior year
75
Index change
from prior month
from prior month
-19.3%
Index change from
same time last year
same time last year
-5.3%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | December 2025
Home Demand Index | Historical Year-over-Year Comparison
Over the past 12 months, Baltimore’s HDI has traced a recovery through mid-2025 before turning downward into year-end, with the index now at 71. The drop from 88 last month represents a clear seasonal and affordability-driven cooling, and the current level sits modestly below last year’s 75. Overall, the line chart indicates that gains built earlier in the year have weakened recently, leaving demand softer than both last month and the prior-year benchmark.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | December 2025
Home Demand Map
Regional demand across the Baltimore metro remains uneven, with suburban counties continuing to outperform the urban core. Howard County is likely still the strongest submarket, while surrounding counties such as Harford, Baltimore, and Anne Arundel appear to be operating in slower, more muted ranges consistent with the metro’s overall cooling. Carroll County and Baltimore City remains the softest areas, reflecting persistent affordability friction and more cautious buyer sentiment in urban neighborhoods.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | December 2025
Demand and Inventory by Home Type
Demand by home type in Baltimore shows broad-based cooling this period, aligning with the metro’s overall shift lower. Entry-level single-family homes appear weakest, as first-time buyers face the greatest affordability constraints and are most sensitive to rate and payment volatility. Mid-range single-family homes are moderating but remain a relative anchor of move-up activity compared with other segments. Luxury single-family homes have also cooled from recent highs, though high-end participation remains more resilient than the entry tier. Condos continue to outperform detached categories—entry-level condos holding up as an affordability alternative and luxury condos remaining the most competitive segment—while townhouses/rowhouses are easing with seasonal slowing but still benefit from their price-to-space value proposition.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | December 2025
Single Family Home Below $370k
Entry-level single-family demand in Baltimore fell to 59 this month, down from 73 last month and below the 71 recorded one year ago. This month-over-month decline reflects a notable cooling in first-time and value-driven buyer activity, likely tied to seasonal slowing and persistent affordability pressure. The year-over-year dip indicates demand in this tier has softened compared with late 2024, pointing to a more restrained entry-level market.
Monthly Statistics for Single Family Home Below $370k
Home Demand
Index
Index
59
(Limited)
Home Demand Index
from prior month
from prior month
73
Home Demand Index
from prior year
from prior year
71
Months of
inventory
inventory
3.1
Average daily inventory last month
687
Inventory sold
last month
last month
220
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | December 2025
Single Family Home $370k - $840k
Mid-range single-family homes in Baltimore registered 69 this period, a decline from 87 last month and slightly below the 72 level seen last year. The drop suggests move-up buyers are pulling back more decisively than in prior months, consistent with late-year caution and thinner attractive inventory. Year over year, the segment is modestly weaker, indicating that mid-tier demand is not keeping pace with last winter’s activity.
Monthly Statistics for Single Family Home $370k - $840k
Home Demand
Index
Index
69
(Limited)
Home Demand Index
from prior month
from prior month
87
Home Demand Index
from prior year
from prior year
72
Months of
Inventory
Inventory
2.7
Average daily inventory last month
1,603
Inventory sold
last month
last month
592
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | December 2025
Single Family Home Above $840k
Luxury single-family demand in Baltimore stands at 71 this month, down sharply from 99 last month but above the 61 recorded one year ago. The month-over-month decline points to a seasonal reset in high-end activity after a stronger fall, with discretionary buyers stepping back. Despite the short-term pullback, the year-over-year improvement shows luxury demand remains healthier than late 2024.
Monthly Statistics for Single Family Home Above $840k
Home Demand
Index
Index
71
(Slow)
Home Demand Index
from prior month
from prior month
99
Home Demand Index
from prior year
from prior year
61
Months of
Inventory
Inventory
3.8
Average daily inventory last month
550
Inventory sold
last month
last month
146
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | December 2025
Condo Below $405k
The entry-level condo index in Baltimore is 85 this period, down from 106 last month and below the 93 recorded a year ago. This shift indicates a meaningful cooling in affordable condo demand, mirroring the broader market slowdown and suggesting some buyers are delaying decisions. Year over year, activity is softer, implying that condos are providing less of a demand backstop than they did in late 2024.
Monthly Statistics for Condo Below $405k
Home Demand
Index
Index
85
(Slow)
Home Demand Index
from prior month
from prior month
106
Home Demand Index
from prior year
from prior year
93
Months of
Inventory
Inventory
3.9
Average daily inventory last month
474
Inventory sold
last month
last month
121
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | December 2025
Condo Above $405k
Luxury condo demand in Baltimore came in at 116 this month, falling from 165 last month but essentially in line with the 114 level posted last year. The month-over-month drop suggests a pronounced seasonal easing after an unusually strong prior period, rather than a structural break in demand. With year-over-year demand holding steady, the luxury condo segment remains a relative bright spot even as overall market momentum cools.
Monthly Statistics for Condo Above $405k
Home Demand
Index
Index
116
(Moderate)
Home Demand Index
from prior month
from prior month
165
Home Demand Index
from prior year
from prior year
114
Months of
Inventory
Inventory
6.3
Average daily inventory last month
158
Inventory sold
last month
last month
25
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | December 2025
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
The index for townhouses, rowhouses, and twin homes in Baltimore stands at 77 this month, down from 91 last month and below last year’s 83. The month-over-month decline reflects weakening near-term demand for attached homes, consistent with the broader seasonal slowdown. Year over year, the segment is slightly softer, indicating buyers are more cautious even in this typically value-oriented category.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
77
(Slow)
Home Demand Index
from prior month
from prior month
91
Home Demand Index
from prior year
from prior year
83
Months of
Inventory
Inventory
4.5
Average daily inventory last month
3,187
Inventory sold
last month
last month
713
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 2025 period with data collected from the previous month.
Released: December 11, 2025
Reference ID: 2345
Baltimore | December 2025
Home Demand Map (Zip Codes)
Regional demand across the Baltimore metro remains uneven, with suburban counties continuing to outperform the urban core. Howard County is likely still the strongest submarket, while surrounding counties such as Harford, Baltimore, and Anne Arundel appear to be operating in slower, more muted ranges consistent with the metro’s overall cooling. Carroll County and Baltimore City remains the softest areas, reflecting persistent affordability friction and more cautious buyer sentiment in urban neighborhoods.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com