March 2023 Report
Baltimore Metro
Baltimore | March 2023
Home Demand Index
The Bright MLS | T3 Home Demand Index for the Baltimore Metro area fell 2.5 percent in February to 78, which reflects a Slow pace of activity. The Index was 27.8 percent lower than one year earlier.
The Index for luxury condos rose in February, while buyer interest in all other segments was marginally weaker compared with January. In addition to increasing over the month, demand for luxury condos was also the strongest with the Index reflecting a Moderate pace of buyer activity. Demand was Slow for all other types of homes in the Baltimore Metro area market. The inventory of homes on the market ranged from 1.5 months supply for entry-level condos to 3.1 months for luxury condos. The months supply decreased for each type of home compared with January.
Monthly Statistics for March 2023
Home Demand
Index
Index
78
(Slow)
Home Demand Index
from prior month
from prior month
80
Home Demand Index
from prior year
from prior year
108
Index change
from prior month
from prior month
-2.5%
Index change from
same time last year
same time last year
-27.8%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | March 2023
Home Demand Index | Historical Year-over-Year Comparison
After rising sharply in January, the Index eased over the month suggesting that would-be buyers paused their home search. The decline in February, although modest, contrasted with a year earlier when buyer activity continued to increase in the early months of the spring homebuying market. While not the only factor, mortgage interest rates rose in February following declines from mid-November through January.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | March 2023
Home Demand Map
In the Baltimore Metro area, demand for homes was Steady in Baltimore and Howard counties, Slow in Anne Arundel and Limited across the rest of the metro area. Demand was Steady in the DelMar Coastal market area and in the Slow category in the Maryland Eastern Shore area. Across the Greater Baltimore area buyer activity in nearly two-thirds of ZIP codes was in the Slow or Limited range, largely unchanged from January. Demand in 10 percent of ZIP codes was in the High range.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | March 2023
Demand and Inventory by Home Type
The Index for luxury condos rose in February, while buyer interest in all other segments was marginally weaker compared with January. In addition to increasing over the month, demand for luxury condos was also the strongest with the Index reflecting a Moderate pace of buyer activity. Demand was Slow for all other types of homes in the Baltimore Metro area market. The inventory of homes on the market ranged from 1.5 months supply for entry-level condos to 3.1 months for luxury condos. The months supply decreased for each type of home compared with January.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | March 2023
Single Family Home Below $330k
Demand for entry-level single-family homes fell slightly in February, although the pace of activity remained in the Slow category. The Index, at 70, was 25 percent lower than one year earlier. The supply of homes on the market was at just 1.9 months, a decline from 2.1 months in January. The drop was due mostly to fewer listings for sale.
Monthly Statistics for Single Family Home Below $330k
Home Demand
Index
Index
70
(Slow)
Home Demand Index
from prior month
from prior month
73
Home Demand Index
from prior year
from prior year
93
Months of
inventory
inventory
1.9
Average daily inventory last month
398
Inventory sold
last month
last month
207
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | March 2023
Single Family Home $330k - $750k
Buyer interest in mid-market single-family homes was down marginally with the Index, at 72, remaining in the Slow category. Moreover, the Index was 31 percent lower than one year earlier. Higher mortgage rates, affordability challenges and a lack of inventory all factored into the lower pace of buyer activity during the past year. Although demand was Slow in February, the months supply fell to 1.6 months from 2.1 months in January due to a small uptick in sales and a drop in the number of listings.
Monthly Statistics for Single Family Home $330k - $750k
Home Demand
Index
Index
72
(Slow)
Home Demand Index
from prior month
from prior month
74
Home Demand Index
from prior year
from prior year
104
Months of
Inventory
Inventory
1.6
Average daily inventory last month
795
Inventory sold
last month
last month
492
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | March 2023
Single Family Home Above $750k
The Bright MLS | T3 Home Demand Index for luxury single-family homes was virtually unchanged in February. The Index, at 72, continued to reflect a Slow pace of demand. Compared with one year earlier, when demand was in the Steady range, the Index was 29 per cent lower. There was a three-month supply of homes on the market, down from 3.5 months in January.
Monthly Statistics for Single Family Home Above $750k
Home Demand
Index
Index
72
(Slow)
Home Demand Index
from prior month
from prior month
73
Home Demand Index
from prior year
from prior year
102
Months of
Inventory
Inventory
3
Average daily inventory last month
312
Inventory sold
last month
last month
105
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | March 2023
Condo Below $375k
Buyer interest in entry-level condos was marginally lower in February and remained in the Slow category. There was a 1.5 months supply of homes on the market, lower than any other type of Baltimore Metro area home. Moreover, the months supply was down from 1.8 months in January.
Monthly Statistics for Condo Below $375k
Home Demand
Index
Index
82
(Slow)
Home Demand Index
from prior month
from prior month
85
Home Demand Index
from prior year
from prior year
109
Months of
Inventory
Inventory
1.5
Average daily inventory last month
193
Inventory sold
last month
last month
126
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | March 2023
Condo Above $375k
Demand for luxury condos was stronger than any other segment of the metro market in February. The Bright MLS | T3 Home Demand Index rose 20 percent to 125, a pace of demand in the Moderate category. There was a 3.1 months supply of homes for sale, down from 3.8 months in January and higher than any other type of homes on the market.
Monthly Statistics for Condo Above $375k
Home Demand
Index
Index
125
(Moderate)
Home Demand Index
from prior month
from prior month
104
Home Demand Index
from prior year
from prior year
224
Months of
Inventory
Inventory
3.1
Average daily inventory last month
82
Inventory sold
last month
last month
26
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | March 2023
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
Townhouse demand was down marginally in February but continued to reflect a Slow pace of buyer activity. The Index, at 88, was 28 percent lower than one year earlier, when demand was in the Moderate category. There was a 2.3 months supply of homes for sale, down from a three-month supply in January. The drop was due to a decrease in listings and a rise in sales over the month.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
88
(Slow)
Home Demand Index
from prior month
from prior month
90
Home Demand Index
from prior year
from prior year
122
Months of
Inventory
Inventory
2.3
Average daily inventory last month
1,864
Inventory sold
last month
last month
798
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 2023 period with data collected from the previous month.
Released: March 2, 2023
Reference ID: 1786
Baltimore | March 2023
Home Demand Map (Zip Codes)
In the Baltimore Metro area, demand for homes was Steady in Baltimore and Howard counties, Slow in Anne Arundel and Limited across the rest of the metro area. Demand was Steady in the DelMar Coastal market area and in the Slow category in the Maryland Eastern Shore area. Across the Greater Baltimore area buyer activity in nearly two-thirds of ZIP codes was in the Slow or Limited range, largely unchanged from January. Demand in 10 percent of ZIP codes was in the High range.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com