February 2024 Report
Baltimore Metro
Baltimore | February 2024
Home Demand Index
The Bright MLS | T3 Home Demand Index for the Baltimore Metro area increased 19.6 percent to 67, a level consistent with Limited buyer demand. Buyer interest has been in the Limited range for 5 consecutive months. The Index was 16.3 percent lower than one year earlier.
Buyer interest in all types of Baltimore Metro area homes was higher in January. The Index for luxury condos increased the most, rising 75 percent to 119, a level of demand in the Moderate category. The Index was roughly one-fifth higher over the month for other market segments. Demand for condos in each price segment was stronger than other types of homes. Buyer interest in all types of single-family homes, which accounted for half of sales in January, was Limited. In fact, among all types of homes, demand was weakest for luxury single-family homes despite an uptick in demand over the month. The months supply rose for each type of home and ranged from 1.8 months for mid-market single-family homes to 4.6 months for luxury condos.
Monthly Statistics for February 2024
Home Demand
Index
Index
67
(Limited)
Home Demand Index
from prior month
from prior month
56
Home Demand Index
from prior year
from prior year
80
Index change
from prior month
from prior month
19.6%
Index change from
same time last year
same time last year
-16.3%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | February 2024
Home Demand Index | Historical Year-over-Year Comparison
Demand for homes in the Baltimore Metro area was up in January, fully reversing the December decline in buyer activity. Overall, the Index has been generally flat since October despite some month-to-month volatility. While mortgage rates have fallen from the October peak, limited inventory and challenging affordability conditions remain hurdles for many buyers.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | February 2024
Home Demand Map
Demand for homes was strongest in Howard, Baltimore and Harford counties each with a Slow pace of buyer interest. Activity was Limited in the rest of the metro area. Buyer interest was Slow in the DelMar Coastal and Maryland Eastern Shore areas. In the Greater Baltimore area, demand in nearly three-quarters of ZIP codes was in the Slow or Limited, down from nearly 90 percent of communities in December. Demand in roughly one in ten ZIP codes was in the High category, a slight uptick from the month before.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | February 2024
Demand and Inventory by Home Type
Buyer interest in all types of Baltimore Metro area homes was higher in January. The Index for luxury condos increased the most, rising 75 percent to 119, a level of demand in the Moderate category. The Index was roughly one-fifth higher over the month for other market segments. Demand for condos in each price segment was stronger than other types of homes. Buyer interest in all types of single-family homes, which accounted for half of sales in January, was Limited. In fact, among all types of homes, demand was weakest for luxury single-family homes despite an uptick in demand over the month. The months supply rose for each type of home and ranged from 1.8 months for mid-market single-family homes to 4.6 months for luxury condos.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | February 2024
Single Family Home Below $340k
The Index for entry-level single-family homes was up 20 percent in January reflecting demand in the Limited category. Buyer interest has been in the Limited range since July. The Index was 21 percent lower compared with one year earlier. The months supply, at 2.1, was up from 1.5 months in December.
Monthly Statistics for Single Family Home Below $340k
Home Demand
Index
Index
60
(Limited)
Home Demand Index
from prior month
from prior month
50
Home Demand Index
from prior year
from prior year
76
Months of
inventory
inventory
2.1
Average daily inventory last month
373
Inventory sold
last month
last month
176
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | February 2024
Single Family Home $340k - $785k
Demand for mid-market single-family homes was higher in January according to the Bright MLS | T3 Home Demand Index. The Index rose 20 percent to 61, which is consistent with a Limited pace of buyer interest. There was a 1.8 months supply of homes available for sale, up marginally from 1.7 months in December.
Monthly Statistics for Single Family Home $340k - $785k
Home Demand
Index
Index
61
(Limited)
Home Demand Index
from prior month
from prior month
51
Home Demand Index
from prior year
from prior year
75
Months of
Inventory
Inventory
1.8
Average daily inventory last month
815
Inventory sold
last month
last month
462
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | February 2024
Single Family Home Above $785k
Buyer interest in luxury single-family homes rose 25 percent in January according to the Bright MLS | T3 Home Demand Index. The Index, at 55, reflected a Limited pace of demand. Moreover, demand was weaker than any other segment of the Baltimore Metro area market. There was a 3.2 months supply of homes available for sale, up from 2.5 months in December.
Monthly Statistics for Single Family Home Above $785k
Home Demand
Index
Index
55
(Limited)
Home Demand Index
from prior month
from prior month
44
Home Demand Index
from prior year
from prior year
73
Months of
Inventory
Inventory
3.2
Average daily inventory last month
300
Inventory sold
last month
last month
94
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | February 2024
Condo Below $390k
Demand for entry-level condos was higher in January, with the Index increasing 22 percent over the month to 93, a level consistent with a Steady pace of buyer interest. Compared with one year earlier, the Index was 8 percent higher. The inventory of homes for sale, at 2.6 months supply, was up from 2 months in December.
Monthly Statistics for Condo Below $390k
Home Demand
Index
Index
93
(Steady)
Home Demand Index
from prior month
from prior month
76
Home Demand Index
from prior year
from prior year
86
Months of
Inventory
Inventory
2.6
Average daily inventory last month
251
Inventory sold
last month
last month
98
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | February 2024
Condo Above $390k
The Bright MLS | T3 Home Demand Index for luxury condos increased 75 percent in January to 119 reflecting a Moderate level of buyer interest. Demand was stronger than any other segment of the Baltimore Metro area market, although it accounted for just 1 percent of sales over the month. The months supply of homes, at 4.6 months, was up from 4 months in December.
Monthly Statistics for Condo Above $390k
Home Demand
Index
Index
119
(Moderate)
Home Demand Index
from prior month
from prior month
68
Home Demand Index
from prior year
from prior year
103
Months of
Inventory
Inventory
4.6
Average daily inventory last month
83
Inventory sold
last month
last month
18
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | February 2024
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
The Index for townhouses rose from the Limited to the Slow category in January, reflecting a 16 percent increase over the month. Despite the rise in buyer interest, the Index was 18 percent lower than one year earlier. The 3-month supply of inventory was up from 2.4 months in December.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
74
(Slow)
Home Demand Index
from prior month
from prior month
64
Home Demand Index
from prior year
from prior year
90
Months of
Inventory
Inventory
3
Average daily inventory last month
1,923
Inventory sold
last month
last month
631
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 2024 period with data collected from the previous month.
Released: February 11, 2024
Reference ID: 1983
Baltimore | February 2024
Home Demand Map (Zip Codes)
Demand for homes was strongest in Howard, Baltimore and Harford counties each with a Slow pace of buyer interest. Activity was Limited in the rest of the metro area. Buyer interest was Slow in the DelMar Coastal and Maryland Eastern Shore areas. In the Greater Baltimore area, demand in nearly three-quarters of ZIP codes was in the Slow or Limited, down from nearly 90 percent of communities in December. Demand in roughly one in ten ZIP codes was in the High category, a slight uptick from the month before.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com