March 2024 Report
Baltimore Metro
Baltimore | March 2024
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 80, was 15.9 percent higher over the month and reflected a Slow pace of buyer activity. Compared with one year earlier, the Index was 3.6 percent lower.
Buyer interest in all types of homes, except luxury condos, increased in February. The Index for luxury single-family homes rose the most, up by 48 percent over the month. Although down from the previous month, buyer interest in luxury condos remained stronger than any other segment with Moderate demand. Demand was weakest for entry-level and mid-market single-family homes, each with buyer interest in the Slow category. The inventory of homes available for sale remained relatively lean in February and was lower for each type of home over the month. The months supply ranged from 1.7 months for mid-market single-family homes to 3.2 months for luxury condos.
Monthly Statistics for March 2024
Home Demand
Index
Index
80
(Slow)
Home Demand Index
from prior month
from prior month
69
Home Demand Index
from prior year
from prior year
83
Index change
from prior month
from prior month
15.9%
Index change from
same time last year
same time last year
-3.6%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | March 2024
Home Demand Index | Historical Year-over-Year Comparison
The Index rose for the second consecutive month following a period of little overall change since September. Through the first two months of the year, the Index was roughly on par with the level one year earlier. Inventory conditions remain very tight for most types of homes even as the market enters the spring buying season. Although mortgage rates have decreased from the November high of nearly 8 percent, affordability remains a challenge for many buyers.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | March 2024
Home Demand Map
Demand was Steady in Howard and Baltimore counties and Slow in the remaining counties in the metro area. Buyer interest was Steady in the DelMar Coastal area and Slow in the Maryland Eastern Shore region. Across the Greater Baltimore area, demand in one-fourth of ZIP codes was in the High or Moderate categories, up from 16 percent in January. Buyer interest in 59 percent of ZIP codes was either Slow or Limited, a decrease from 72 percent of communities one month before.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | March 2024
Demand and Inventory by Home Type
Buyer interest in all types of homes, except luxury condos, increased in February. The Index for luxury single-family homes rose the most, up by 48 percent over the month. Although down from the previous month, buyer interest in luxury condos remained stronger than any other segment with Moderate demand. Demand was weakest for entry-level and mid-market single-family homes, each with buyer interest in the Slow category. The inventory of homes available for sale remained relatively lean in February and was lower for each type of home over the month. The months supply ranged from 1.7 months for mid-market single-family homes to 3.2 months for luxury condos.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | March 2024
Single Family Home Below $345k
Buyer interest in entry-level single-family homes was up 16 percent in February according to the Bright MLS | T3 Home Demand Index. The Index, at 72, reflected a Slow pace of demand, an increase from Limited buyer interest in January. Demand in this segment of the metro area market was weaker than any other. There was a 2.1 months supply of homes available for sale, unchanged from January.
Monthly Statistics for Single Family Home Below $345k
Home Demand
Index
Index
72
(Slow)
Home Demand Index
from prior month
from prior month
62
Home Demand Index
from prior year
from prior year
78
Months of
inventory
inventory
2.1
Average daily inventory last month
384
Inventory sold
last month
last month
185
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | March 2024
Single Family Home $345k - $792k
The Index for mid-market single-family homes rose from the Limited to the Slow category, reflecting a 19 percent increase in February. Compared with one year earlier, the Index was marginally lower. The months supply, at 1.7 months, was down somewhat over the month and lower than any other segment of the metro market.
Monthly Statistics for Single Family Home $345k - $792k
Home Demand
Index
Index
75
(Slow)
Home Demand Index
from prior month
from prior month
63
Home Demand Index
from prior year
from prior year
77
Months of
Inventory
Inventory
1.7
Average daily inventory last month
785
Inventory sold
last month
last month
464
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | March 2024
Single Family Home Above $792k
Demand for luxury single-family homes was significantly higher in February according to the Bright MLS | T3 Home Demand Index. The Index, at 83, was 48 percent higher over the month and consistent with a Slow pace of buyer interest. There was a 3-month supply of homes available for sale, down marginally from the previous month.
Monthly Statistics for Single Family Home Above $792k
Home Demand
Index
Index
83
(Slow)
Home Demand Index
from prior month
from prior month
56
Home Demand Index
from prior year
from prior year
77
Months of
Inventory
Inventory
3
Average daily inventory last month
298
Inventory sold
last month
last month
98
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | March 2024
Condo Below $390k
The Index for entry-level condos, at 101, was up 5 percent in February reflecting demand in the Steady category. The Index was 13 percent higher compared with one year earlier, one of just two types of homes – the other being luxury single-family homes – with an Index greater than the year before. The months supply, at 2.3, was down from 2.6 months in January.
Monthly Statistics for Condo Below $390k
Home Demand
Index
Index
101
(Steady)
Home Demand Index
from prior month
from prior month
96
Home Demand Index
from prior year
from prior year
89
Months of
Inventory
Inventory
2.3
Average daily inventory last month
272
Inventory sold
last month
last month
116
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | March 2024
Condo Above $390k
Demand for luxury condos was down slightly in February with the Index decreasing 6 percent over the month to 112, a level consistent with a Moderate pace of buyer interest. Moreover, demand was stronger than any other segment of the Baltimore Metro area market. The months supply, at 3.2 months, was down from 4.6 months in January.
Monthly Statistics for Condo Above $390k
Home Demand
Index
Index
112
(Moderate)
Home Demand Index
from prior month
from prior month
119
Home Demand Index
from prior year
from prior year
125
Months of
Inventory
Inventory
3.2
Average daily inventory last month
84
Inventory sold
last month
last month
26
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | March 2024
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
The Bright MLS | T3 Home Demand Index for townhouses increased 10 percent in February to 85 reflecting a Slow pace of buyer interest. The months supply of homes, at 2.6 months, was down from 3 months in January with the decrease attributable to a rise in sales and only a slight increase in the number of homes for sale.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
85
(Slow)
Home Demand Index
from prior month
from prior month
77
Home Demand Index
from prior year
from prior year
93
Months of
Inventory
Inventory
2.6
Average daily inventory last month
1,942
Inventory sold
last month
last month
743
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 2024 period with data collected from the previous month.
Released: March 11, 2024
Reference ID: 2015
Baltimore | March 2024
Home Demand Map (Zip Codes)
Demand was Steady in Howard and Baltimore counties and Slow in the remaining counties in the metro area. Buyer interest was Steady in the DelMar Coastal area and Slow in the Maryland Eastern Shore region. Across the Greater Baltimore area, demand in one-fourth of ZIP codes was in the High or Moderate categories, up from 16 percent in January. Buyer interest in 59 percent of ZIP codes was either Slow or Limited, a decrease from 72 percent of communities one month before.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com