July 2023 Report
Baltimore Metro
Baltimore | July 2023
Home Demand Index
Demand for homes in the Baltimore Metro area eased in June with the Bright MLS | T3 Home Demand Index falling 2.1 percent to 94. Demand remained in the Steady category. Compared with one year earlier, the Index was 19 percent lower.
Buyer interest in different types of homes was mixed in June. Demand for luxury condos remained High while buyer demand was Moderate for luxury single-family homes. The Index was in the Steady or Slow range for other types of homes. The inventory of homes for sale remained unusually low with less than a two-month supply for all types of homes except luxury condos. The months supply ranged from one month for entry-level condos to 2.4 months for luxury condos. Compared with May, the number of listings was marginally higher while the number of home sales was virtually unchanged.
Monthly Statistics for July 2023
Home Demand
Index
Index
94
(Steady)
Home Demand Index
from prior month
from prior month
96
Home Demand Index
from prior year
from prior year
116
Index change
from prior month
from prior month
-2.1%
Index change from
same time last year
same time last year
-19%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | July 2023
Home Demand Index | Historical Year-over-Year Comparison
Buyer interest decreased for the second consecutive month in June following the April peak in spring market activity. With inventory conditions continuing to favor sellers and mortgage rates just under seven percent, some buyers have been sidelined by the market headwinds. As a result, demand during the first half of this year was well below the pace set last year.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | July 2023
Home Demand Map
Demand for homes in Howard County was in the High category in June, an increase from a Moderate pace of buyer interest in May. Steady demand characterized Baltimore, Harford and Anne Arundel counties. Buyer interest was Slow in the other metro area counties. Demand was Steady in the DelMar Coastal and Maryland Eastern Shore market areas. Across the Greater Baltimore area demand in 38 percent of ZIP codes was in the High or Moderate category, a slight increase from 34 percent in May. Buyer interest in 46 percent of ZIP codes was in the Slow or Limited range.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | July 2023
Demand and Inventory by Home Type
Buyer interest in different types of homes was mixed in June. Demand for luxury condos remained High while buyer demand was Moderate for luxury single-family homes. The Index was in the Steady or Slow range for other types of homes. The inventory of homes for sale remained unusually low with less than a two-month supply for all types of homes except luxury condos. The months supply ranged from one month for entry-level condos to 2.4 months for luxury condos. Compared with May, the number of listings was marginally higher while the number of home sales was virtually unchanged.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | July 2023
Single Family Home Below $330k
Buyer interest in entry-level single-family homes fell marginally in June. The Index, at 74, reflected a Slow pace of buyer activity. Demand was weaker than any other segment of the Baltimore Metro area market in June. There was a 1.1 months supply of homes available for sale, up slightly from the month before.
Monthly Statistics for Single Family Home Below $330k
Home Demand
Index
Index
74
(Slow)
Home Demand Index
from prior month
from prior month
76
Home Demand Index
from prior year
from prior year
89
Months of
inventory
inventory
1.1
Average daily inventory last month
355
Inventory sold
last month
last month
310
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | July 2023
Single Family Home $330k - $750k
The Bright MLS | T3 Home Demand Index for mid-market single-family homes was down slightly in June to 93, a level consistent with Steady buyer interest. Demand was in the Moderate range one year earlier. The supply of homes for sale was up marginally in June to 1.1 months.
Monthly Statistics for Single Family Home $330k - $750k
Home Demand
Index
Index
93
(Steady)
Home Demand Index
from prior month
from prior month
97
Home Demand Index
from prior year
from prior year
119
Months of
Inventory
Inventory
1.1
Average daily inventory last month
933
Inventory sold
last month
last month
884
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | July 2023
Single Family Home Above $750k
Demand for luxury single-family homes rose over the month according to the Bright MLS | T3 Home Demand Index. The Index rose eight percent in June to 122 reflecting a Moderate level of buyer interest. Although increasing over the month, the Index was 25 percent lower than one year earlier when demand was in the High category. There was a 1.6 months supply of homes for sale, down from a 1.7 months supply in May.
Monthly Statistics for Single Family Home Above $750k
Home Demand
Index
Index
122
(Moderate)
Home Demand Index
from prior month
from prior month
113
Home Demand Index
from prior year
from prior year
163
Months of
Inventory
Inventory
1.6
Average daily inventory last month
473
Inventory sold
last month
last month
303
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | July 2023
Condo Below $380k
Entry-level condo demand fell slightly in June with the Index easing three percent to 88. Demand was lower than all other segments of the metro market except entry-level single-family. The months supply was unchanged in June with just one month of available inventory for sale.
Monthly Statistics for Condo Below $380k
Home Demand
Index
Index
88
(Slow)
Home Demand Index
from prior month
from prior month
91
Home Demand Index
from prior year
from prior year
118
Months of
Inventory
Inventory
1
Average daily inventory last month
188
Inventory sold
last month
last month
193
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | July 2023
Condo Above $380k
Buyer interest in luxury condos rose four percent in June to an Index reading of 167, which reflected a High level of demand. The Index was just nine percent lower than one year earlier, the smallest year-over-year gap among different types of homes in the Baltimore Metro area. There was a 2.4 months supply of homes for sale, an increase from 1.7 months in May.
Monthly Statistics for Condo Above $380k
Home Demand
Index
Index
167
(High)
Home Demand Index
from prior month
from prior month
161
Home Demand Index
from prior year
from prior year
183
Months of
Inventory
Inventory
2.4
Average daily inventory last month
97
Inventory sold
last month
last month
40
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | July 2023
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
Demand for townhouses eased in June according to the Bright MLS | T3 Home Demand Index. The Index fell three percent to 100 reflecting a Steady level of buyer interest. There was a 1.6 months supply of homes for sale, unchanged from May.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
100
(Steady)
Home Demand Index
from prior month
from prior month
103
Home Demand Index
from prior year
from prior year
119
Months of
Inventory
Inventory
1.6
Average daily inventory last month
1,848
Inventory sold
last month
last month
1,143
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 July 2023 period with data collected from the previous month.
Released: July 11, 2023
Reference ID: 1859
Baltimore | July 2023
Home Demand Map (Zip Codes)
Demand for homes in Howard County was in the High category in June, an increase from a Moderate pace of buyer interest in May. Steady demand characterized Baltimore, Harford and Anne Arundel counties. Buyer interest was Slow in the other metro area counties. Demand was Steady in the DelMar Coastal and Maryland Eastern Shore market areas. Across the Greater Baltimore area demand in 38 percent of ZIP codes was in the High or Moderate category, a slight increase from 34 percent in May. Buyer interest in 46 percent of ZIP codes was in the Slow or Limited range.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com