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Baltimore | March 2022

Home Demand Index

Demand for homes in the Baltimore Metro area rose in February, according to the Bright MLS | T3 Home Demand Index. The Index, at 108, increased by slightly more than 17 percent over the month, remaining in the Steady range.
Demand increased for each type of home in February except lower-priced single-family, which was down marginally over the month. Buyer interest rose the most for mid- and higher-priced single-family homes. Demand was strongest in the higher-priced condo and higher-priced single-family segments, each in the High range in February. Demand for lower-priced single-family homes remained the weakest with Limited buyer interest. The months supply of inventory was down marginally for all types of homes, except higher-priced single-family, which was up slightly. The months supply ranged from 1.1 months for mid-priced single-family homes to 2.2 months for higher-priced condos.
Monthly Statistics for March 2022
Home Demand
Index
108
(Steady)
Home Demand Index
from prior month
92
Home Demand Index
from prior year
110
Index change
from prior month
17.4%
Index change from
same time last year
-1.8%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Baltimore | March 2022

Home Demand Index | Historical Year-over-Year Comparison

Home demand rose for the second consecutive month in February after reaching a seasonal low in December. Since December, the Index has risen by nearly 50 percent and was less than two percent below the level one year earlier. The solid increase in demand occurred against a backdrop of low inventory, increasing home prices and rising mortgage rates.

Home Demand Index

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Baltimore | March 2022

Home Demand Map

In the Baltimore Metro area, buyer demand was High in Howard County and at a Moderate level in Baltimore and Anne Arundel counties. Demand was Steady in Harford County and Baltimore City and Slow in Carroll County. Buyer interest was Steady in the Maryland Eastern Shore region and the DelMar Coastal area. Across the Greater Baltimore area, demand was in the High or Moderate range in 40 percent of ZIP codes compared with 28 percent the previous month.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Baltimore | March 2022

Demand and Inventory by Home Type

Demand increased for each type of home in February except lower-priced single-family, which was down marginally over the month. Buyer interest rose the most for mid- and higher-priced single-family homes. Demand was strongest in the higher-priced condo and higher-priced single-family segments, each in the High range in February. Demand for lower-priced single-family homes remained the weakest with Limited buyer interest. The months supply of inventory was down marginally for all types of homes, except higher-priced single-family, which was up slightly. The months supply ranged from 1.1 months for mid-priced single-family homes to 2.2 months for higher-priced condos.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Baltimore | March 2022

Single Family Home Below $250k

The Bright MLS | T3 Home Demand Index for lower-priced single-family homes remained in the Limited range and was down slightly from January. Demand was also lower than one year earlier when the Index was also in the Limited range. The months supply of homes was just 1.4, a marginal decrease from January.
Monthly Statistics for Single Family Home Below $250k
Home Demand
Index
41
(Limited)
Home Demand Index
from prior month
42
Home Demand Index
from prior year
61
Months of
inventory
1.4
Average daily inventory last month
180
Inventory sold
last month
130
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Baltimore | March 2022

Single Family Home $250k - $590k

Buyer interest in mid-priced single-family homes was Moderate in February, an increase from the Steady pace of demand the month before. The Index rose by 20 percent to 113 and was slightly higher than one year earlier. There was a 1.1 months supply of homes for sale, which was unchanged from January and lower than any other single-family segment in the Baltimore Metro area.
Monthly Statistics for Single Family Home $250k - $590k
Home Demand
Index
113
(Moderate)
Home Demand Index
from prior month
94
Home Demand Index
from prior year
111
Months of
Inventory
1.1
Average daily inventory last month
741
Inventory sold
last month
681
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Baltimore | March 2022

Single Family Home Above $590k

The Bright MLS | T3 Home Demand Index for higher-priced single-family homes rose by more than one-third in February to a reading of 172, which is consistent with a High level of buyer interest. The Index was moderately higher than one year earlier suggesting that demand for homes in this segment remained robust even in the early months of the spring market. Although there was just a 1.6 months supply of homes, it was higher than other single-family segments.
Monthly Statistics for Single Family Home Above $590k
Home Demand
Index
172
(High)
Home Demand Index
from prior month
127
Home Demand Index
from prior year
161
Months of
Inventory
1.6
Average daily inventory last month
345
Inventory sold
last month
214
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Baltimore | March 2022

Condo Below $310k

Demand for lower-priced condos was little changed over the month, remaining in the Steady category. The Index, at 98, was somewhat lower than the level one year earlier. Even with a Steady pace of demand, there was just a one-month supply of condos available for sale, suggesting that lack of inventory may be limiting demand and sales.
Monthly Statistics for Condo Below $310k
Home Demand
Index
98
(Steady)
Home Demand Index
from prior month
94
Home Demand Index
from prior year
110
Months of
Inventory
1
Average daily inventory last month
167
Inventory sold
last month
168
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Baltimore | March 2022

Condo Above $310k

Buyer interest in higher-priced condos, already well-above the threshold for a High level of demand in January, rose even more in February to an Index reading of 285. The Index was also 50 percent higher than one year earlier suggesting that buyer interest in this segment remains strong. There was a 2.2 months supply, down from 2.6 months in January.
Monthly Statistics for Condo Above $310k
Home Demand
Index
285
(High)
Home Demand Index
from prior month
255
Home Demand Index
from prior year
187
Months of
Inventory
2.2
Average daily inventory last month
130
Inventory sold
last month
58
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Baltimore | March 2022

Townhouse/Rowhouse/Twin All prices

Townhouse/
Rowhouse/Twin
All prices

The Bright MLS | T3 Home Demand Index for the townhouse segment, at 122, was in the Moderate range of demand, an increase from the Steady pace in January. The Index was only slightly lower than one year earlier, indicating that the demand for townhouses is set to retrace the pace of activity last spring.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
122
(Moderate)
Home Demand Index
from prior month
108
Home Demand Index
from prior year
124
Months of
Inventory
1.5
Average daily inventory last month
1,550
Inventory sold
last month
1,055
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 March 2022 period with data collected from the previous month.
Released: March 11, 2022
Reference ID: 1584

Baltimore | March 2022

Home Demand Map (Zip Codes)

In the Baltimore Metro area, buyer demand was High in Howard County and at a Moderate level in Baltimore and Anne Arundel counties. Demand was Steady in Harford County and Baltimore City and Slow in Carroll County. Buyer interest was Steady in the Maryland Eastern Shore region and the DelMar Coastal area. Across the Greater Baltimore area, demand was in the High or Moderate range in 40 percent of ZIP codes compared with 28 percent the previous month.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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