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Baltimore | February 2022

Home Demand Index

Demand for homes in the Baltimore Metro area rose in January, reversing an end-of-year decline in activity. The Bright MLS | T3 Home Demand Index rose slightly more than 24 percent over the month to 92, a level reflecting a Steady pace of demand. The Index was 14 percent below the level one year earlier signifying that demand in 2022 is starting from a somewhat lower level than 2021.
Demand increased for each type of home in January with the largest month-to-month gains in the higher-priced condo and townhouse segments. Buyer interest was strongest in the higher-priced condo and higher-priced single-family segments. Demand for lower-priced single-family homes remained the weakest. The months supply of inventory rose for all types of homes, except lower-priced condos, where it was down slightly. The months supply ranged from 1.1 months for mid-priced single-family homes to 2.6 months for higher-priced condos.
Monthly Statistics for February 2022
Home Demand
Index
92
(Steady)
Home Demand Index
from prior month
74
Home Demand Index
from prior year
107
Index change
from prior month
24.3%
Index change from
same time last year
-14%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Baltimore | February 2022

Home Demand Index | Historical Year-over-Year Comparison

Demand for homes in the Baltimore Metro area decreased in November and December reflecting the typical seasonal slowdown in buyer activity at the end of the year. In January, however, buyer interest rose sharply as an increasing number of would-be home buyers began their home search leading to rising demand. Demand for homes during the past several months has been lower than one year before due to a combination of factors including the constraints of low inventory and diminished affordability as home prices continued to rise. Heading into 2022 demand remained somewhat lower than one year earlier.

Home Demand Index

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Baltimore | February 2022

Home Demand Map

In the Baltimore Metro area, buyer demand remained Moderate in Howard County and at a Steady level in Baltimore and Harford counties. Demand was Slow in the remaining counties in the metro area. Buyer interest was Slow in the Maryland Eastern Shore region and the DelMar Coastal area. Across the Baltimore region demand was High in 17 percent of ZIP codes and Moderate in an additional 11 percent of communities. Buyer interest in slightly more than one-third of ZIP codes was Limited.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Baltimore | February 2022

Demand and Inventory by Home Type

Demand increased for each type of home in January with the largest month-to-month gains in the higher-priced condo and townhouse segments. Buyer interest was strongest in the higher-priced condo and higher-priced single-family segments. Demand for lower-priced single-family homes remained the weakest. The months supply of inventory rose for all types of homes, except lower-priced condos, where it was down slightly. The months supply ranged from 1.1 months for mid-priced single-family homes to 2.6 months for higher-priced condos.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Baltimore | February 2022

Single Family Home Below $250k

The Bright MLS | T3 Home Demand Index for lower-priced single-family homes rose marginally in January. Still, demand was Limited with the Index at 41, lower than any other type of home in the Baltimore Metro area. Compared with one year earlier, the Index was one-third lower. The supply of homes available on the market rose to 1.5 months from 1.2 months in December.
Monthly Statistics for Single Family Home Below $250k
Home Demand
Index
41
(Limited)
Home Demand Index
from prior month
35
Home Demand Index
from prior year
63
Months of
inventory
1.5
Average daily inventory last month
224
Inventory sold
last month
152
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Baltimore | February 2022

Single Family Home $250k - $590k

Demand for mid-priced single-family homes increased in January to a Steady level of buyer interest from a Slow pace in December. The Index was 14 percent lower than one year earlier, however. The supply of homes on the market was extremely low with just 1.1 months of available inventory for sale, a marginal rise from December, but still lower than any other type of Baltimore Metro area home.
Monthly Statistics for Single Family Home $250k - $590k
Home Demand
Index
93
(Steady)
Home Demand Index
from prior month
79
Home Demand Index
from prior year
108
Months of
Inventory
1.1
Average daily inventory last month
829
Inventory sold
last month
725
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Baltimore | February 2022

Single Family Home Above $590k

The Bright MLS | T3 Home Demand Index rose 27 percent in January to 127, a level that reflected a Moderate pace of demand. Compared with one year earlier, the Index was only six percent lower, suggesting that this segment of the market continued to draw significant buyer interest despite the impact of rising home prices and reduced affordability. The months supply at 1.5 in January was up from 1.1 months in December.
Monthly Statistics for Single Family Home Above $590k
Home Demand
Index
127
(Moderate)
Home Demand Index
from prior month
100
Home Demand Index
from prior year
135
Months of
Inventory
1.5
Average daily inventory last month
339
Inventory sold
last month
225
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Baltimore | February 2022

Condo Below $310k

Demand for lower-priced condos rose over the month with the January Index, at 93, in the Steady range. The supply of condos on the market was 1.2 months, lower than all but the mid-priced single-family segment. The months supply was also down slightly, in contrast to all other segments of the market, which recorded an increase in months supply in January.
Monthly Statistics for Condo Below $310k
Home Demand
Index
93
(Steady)
Home Demand Index
from prior month
75
Home Demand Index
from prior year
127
Months of
Inventory
1.2
Average daily inventory last month
187
Inventory sold
last month
155
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Baltimore | February 2022

Condo Above $310k

Demand for higher-priced condos has been stronger than other types of homes in the Baltimore Metro area for several months. The Index, at 254, reflected High demand. Even as other segments of the market experienced a seasonal decrease in demand to the Slow or Limited pace at year-end, demand for higher-priced condos remained in the High range. The months supply was 2.6 in January, up from 2.3 months in December.
Monthly Statistics for Condo Above $310k
Home Demand
Index
254
(High)
Home Demand Index
from prior month
175
Home Demand Index
from prior year
160
Months of
Inventory
2.6
Average daily inventory last month
133
Inventory sold
last month
52
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Baltimore | February 2022

Townhouse/Rowhouse/Twin All prices

Townhouse/
Rowhouse/Twin
All prices

Demand for townhouses rose more than all other segment over the month, except higher-priced condos. The Index, at 108, reflected a Steady level of demand. The 1.6 months supply was up from 1.3 months in December. In January nearly half of the available inventory across the Baltimore Metro area was in the townhouse segment, nearly twice as large a share as in the next largest segment, mid-priced single-family.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
108
(Steady)
Home Demand Index
from prior month
82
Home Demand Index
from prior year
121
Months of
Inventory
1.6
Average daily inventory last month
1,675
Inventory sold
last month
1,071
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 February 2022 period with data collected from the previous month.
Released: February 11, 2022
Reference ID: 1566

Baltimore | February 2022

Home Demand Map (Zip Codes)

In the Baltimore Metro area, buyer demand remained Moderate in Howard County and at a Steady level in Baltimore and Harford counties. Demand was Slow in the remaining counties in the metro area. Buyer interest was Slow in the Maryland Eastern Shore region and the DelMar Coastal area. Across the Baltimore region demand was High in 17 percent of ZIP codes and Moderate in an additional 11 percent of communities. Buyer interest in slightly more than one-third of ZIP codes was Limited.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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