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Baltimore | May 2022

Home Demand Index

The Bright MLS | T3 Home Demand Index for the Baltimore Metro area rose 4.1 percent in April marking the fourth consecutive monthly increase since the seasonal low in December. The Index, at 127, reflected a Moderate pace of buyer demand.
Demand remained the strongest for higher-priced single-family homes and higher-priced condos, both well above the threshold indicating a High level of buyer interest. Buyer interest in lower-priced single-family homes decreased from an already low level the month before. Demand increased the most for lower-priced condos, rising from Steady demand in March to Moderate demand in April. The months supply among each type of home changed very little over the month, ranging from 0.8 months for mid-priced single-family homes to 1.7 months for higher-priced condos.
Monthly Statistics for May 2022
Home Demand
Index
127
(Moderate)
Home Demand Index
from prior month
122
Home Demand Index
from prior year
154
Index change
from prior month
4.1%
Index change from
same time last year
-17.5%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Baltimore | May 2022

Home Demand Index | Historical Year-over-Year Comparison

While demand has been rising for the past four months, it has increased at a slower pace this spring than last spring. In April, the Index was more than 17 percent lower than one year earlier. Compared with last year, mortgage rates are higher and affordability is lower, which combined with low inventory levels, has challenged would-be homebuyers.

Home Demand Index

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Baltimore | May 2022

Home Demand Map

In the Baltimore Metro area, buyer demand was High in Howard and Baltimore counties and at a Moderate level in Anne Arundel, Carroll, and Harford counties. The Index was in the Steady range in Baltimore City. In the Greater Baltimore area, buyer interest was Moderate in the Maryland Eastern Shore region and the DelMar Coastal area. Demand in just over 43 percent of ZIP codes was in the High range, a marginal increase from the month before. One-quarter of ZIP codes recorded demand in the Slow or Limited category.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Baltimore | May 2022

Demand and Inventory by Home Type

Demand remained the strongest for higher-priced single-family homes and higher-priced condos, both well above the threshold indicating a High level of buyer interest. Buyer interest in lower-priced single-family homes decreased from an already low level the month before. Demand increased the most for lower-priced condos, rising from Steady demand in March to Moderate demand in April. The months supply among each type of home changed very little over the month, ranging from 0.8 months for mid-priced single-family homes to 1.7 months for higher-priced condos.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Baltimore | May 2022

Single Family Home Below $250k

Demand for lower-priced single-family homes fell 20 percent in April according to the Bright MLS | T3 Home Demand Index. With a reading of 41, the Index reflected Limited buyer interest and was more than 40 percent lower than one year earlier. There was a 1.2 months supply of home available for sale, unchanged from the month before.
Monthly Statistics for Single Family Home Below $250k
Home Demand
Index
41
(Limited)
Home Demand Index
from prior month
51
Home Demand Index
from prior year
71
Months of
inventory
1.2
Average daily inventory last month
209
Inventory sold
last month
169
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Baltimore | May 2022

Single Family Home $250k - $590k

Buyer interest in mid-priced single-family homes in the Baltimore area was up somewhat in April. The Index rose nine percent to 132, consistent with a High level of demand. Both sales and listings increased but the months supply remained very low at just 0.8 months, unchanged from March and lower than any other type of Baltimore area home.
Monthly Statistics for Single Family Home $250k - $590k
Home Demand
Index
132
(High)
Home Demand Index
from prior month
121
Home Demand Index
from prior year
166
Months of
Inventory
0.8
Average daily inventory last month
860
Inventory sold
last month
1,065
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Baltimore | May 2022

Single Family Home Above $590k

Demand for higher-priced single-family homes in April increased from an already-elevated level and was higher than any other type of home in the Baltimore area. The Index, at 263, was well above the threshold indicating a High level of demand. The months supply, at 1.1 months was down marginally from March as the number of new listings failed to keep pace with elevated sales in April.
Monthly Statistics for Single Family Home Above $590k
Home Demand
Index
263
(High)
Home Demand Index
from prior month
246
Home Demand Index
from prior year
260
Months of
Inventory
1.1
Average daily inventory last month
495
Inventory sold
last month
471
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Baltimore | May 2022

Condo Below $310k

The Bright MLS | T3 Home Demand Index for lower-priced condos rose 18 percent in April to a level consistent with a Moderate pace of demand, an increase from a Steady level of demand in March. The Index, at 114, was 10 percent lower than one year earlier. There was just a 0.9 months supply in April, a marginal increase compared with March.
Monthly Statistics for Condo Below $310k
Home Demand
Index
114
(Moderate)
Home Demand Index
from prior month
97
Home Demand Index
from prior year
127
Months of
Inventory
0.9
Average daily inventory last month
183
Inventory sold
last month
194
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Baltimore | May 2022

Condo Above $310k

Although down from the previous month, demand for higher-priced condos remained very strong in April, second only to demand for higher-priced single-family homes. The Index, at 241, was consistent with a High level of demand. The months supply remained at 1.7 in April.
Monthly Statistics for Condo Above $310k
Home Demand
Index
241
(High)
Home Demand Index
from prior month
278
Home Demand Index
from prior year
282
Months of
Inventory
1.7
Average daily inventory last month
125
Inventory sold
last month
73
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Baltimore | May 2022

Townhouse/Rowhouse/Twin All prices

Townhouse/
Rowhouse/Twin
All prices

The Bright MLS | T3 Home Demand Index for townhouses was marginally higher in April at 138, a level consistent with a High level of demand. There was a 1.1 months supply in April, somewhat higher than March due to an increase in listings that offset a small rise in sales over the month.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
138
(High)
Home Demand Index
from prior month
134
Home Demand Index
from prior year
168
Months of
Inventory
1.1
Average daily inventory last month
1,684
Inventory sold
last month
1,472
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 May 2022 period with data collected from the previous month.
Released: May 11, 2022
Reference ID: 1614

Baltimore | May 2022

Home Demand Map (Zip Codes)

In the Baltimore Metro area, buyer demand was High in Howard and Baltimore counties and at a Moderate level in Anne Arundel, Carroll, and Harford counties. The Index was in the Steady range in Baltimore City. In the Greater Baltimore area, buyer interest was Moderate in the Maryland Eastern Shore region and the DelMar Coastal area. Demand in just over 43 percent of ZIP codes was in the High range, a marginal increase from the month before. One-quarter of ZIP codes recorded demand in the Slow or Limited category.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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