May 2026 Report
Baltimore Metro
Baltimore | May 2026
Home Demand Index
The Home Demand Index (HDI) for the Baltimore metro area stands at 89 for this report period, unchanged from 89 last month and below the 98 recorded during the same period one year ago. The flat month-over-month reading signals that the spring reactivation has plateaued rather than continued to build momentum into peak selling season, marking a notable shift from the sequential gains that characterized the recovery through March and April. The nine-point year-over-year deficit indicates the Baltimore market has not yet closed the gap with the prior-year level, with affordability constraints and financing sensitivity continuing to temper buyer engagement even as the market operates near its seasonal peak.
Entry-level single-family activity remains the most constrained tier, with first-time buyers continuing to navigate persistent affordability barriers at the lowest price points in a market where financing sensitivity is most acute, while mid-range single-family homes are tracking at 88, up from 83 last month, as move-up activity sustains without further spring acceleration. Luxury single-family demand remains selective but has rebounded sharply to 115 from 89, reflecting measured engagement consistent with the discretionary nature of this tier and the year-over-year shortfall observed throughout the spring cycle. Entry-level condos continue to outperform detached categories on an absolute basis, consistent with their role as the primary affordability alternative in the metro, while luxury condos, which declined to 135 from 154 last month, may be moderating from elevated readings as the season matures and initial demand absorbs available premium inventory. Townhouses and rowhouses are tracking near 91, down from 97 previously, sustained by their appeal among buyers seeking space-to-price efficiency in a market where detached single-family affordability remains structurally strained.
Monthly Statistics for May 2026
Home Demand
Index
Index
89
(Slow)
Home Demand Index
from prior month
from prior month
89
Home Demand Index
from prior year
from prior year
98
Index change
from prior month
from prior month
0.0%
Index change from
same time last year
same time last year
-9.2%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | May 2026
Home Demand Index | Historical Year-over-Year Comparison
Over the past 12 months, Baltimore’s Home Demand Index traced its familiar seasonal arc, sustaining readings in the mid-to-upper 90s through spring and early summer 2025 before declining through fall and bottoming at 57 in December, followed by a recovery that carried through January, February, and March, and into the current period. The current reading of 89 suggests that demand may be establishing a near-term ceiling as the spring season matures rather than continuing to accelerate toward prior-year levels. At 89, the index trails the 98 posted at this point last year by nine points, indicating that while the recovery arc has been sustained, the market’s spring 2026 peak is tracking measurably below the prior-year benchmark, with affordability and financing conditions continuing to define the gap between current activity and the stronger demand environment of twelve months ago.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | May 2026
Home Demand Map
Regional demand across the Baltimore metro area continues to reflect its established geographic hierarchy, with suburban counties maintaining their structural advantage over the urban core as overall activity plateaus near the metro-wide index of 89. Howard County is likely registering the strongest demand readings in the metro, supported by established move-up demand pipelines, school district quality, and relative affordability at accessible price points, while Harford, Anne Arundel and Baltimore counties are tracking near the metro-wide index with solid but measured buyer engagement. Carroll County and Baltimore City continue to represent the softest submarkets in the region, where affordability friction, limited entry-level inventory, and more cautious buyer sentiment remain the dominant constraints on broader demand expansion ‚a pattern that has persisted consistently throughout the current spring cycle.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | May 2026
Demand and Inventory by Home Type
Entry-level single-family activity remains the most constrained tier, with first-time buyers continuing to navigate persistent affordability barriers at the lowest price points in a market where financing sensitivity is most acute, while mid-range single-family homes are tracking at 88, up from 83 last month, as move-up activity sustains without further spring acceleration. Luxury single-family demand remains selective but has rebounded sharply to 115 from 89, reflecting measured engagement consistent with the discretionary nature of this tier and the year-over-year shortfall observed throughout the spring cycle. Entry-level condos continue to outperform detached categories on an absolute basis, consistent with their role as the primary affordability alternative in the metro, while luxury condos, which declined to 135 from 154 last month, may be moderating from elevated readings as the season matures and initial demand absorbs available premium inventory. Townhouses and rowhouses are tracking near 91, down from 97 previously, sustained by their appeal among buyers seeking space-to-price efficiency in a market where detached single-family affordability remains structurally strained.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | May 2026
Single Family Home Below $375k
The index for entry-level single-family homes in Baltimore stands at 70 this report period, down from 75 last month and slightly below the 76 recorded one year ago. The five-point month-over-month decline signals a modest pullback in first-time and value-driven buyer engagement following the spring reactivation, consistent with buyers in this most affordability-sensitive tier pausing as price expectations and elevated financing costs continue to constrain transaction volume in one of the nation’s most expensive housing markets. The six-point year-over-year shortfall, while narrower than the double-digit gaps observed through the winter, indicates that structural affordability barriers have reasserted themselves as a ceiling on sustained demand growth at the entry tier, with further recovery in this segment remaining sensitive to financing cost movements and the availability of accessible inventory through the remainder of the spring cycle.
Monthly Statistics for Single Family Home Below $375k
Home Demand
Index
Index
70
(Slow)
Home Demand Index
from prior month
from prior month
75
Home Demand Index
from prior year
from prior year
76
Months of
inventory
inventory
2.1
Average daily inventory last month
599
Inventory sold
last month
last month
282
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | May 2026
Single Family Home $375k - $850k
Mid-range single-family homes in Baltimore registered an index of 88 this report period, up from 83 last month but below last year’s reading of 97. The five-point month-over-month gain reflects continued building of spring momentum in the move-up segment, consistent with established move-up households re-engaging with the market as seasonal inventory enters and buyer urgency intensifies through the peak selling period. The nine-point year-over-year shortfall indicates that while the mid-range recovery is directionally positive, qualified move-up buyers remain more measured in their commitment than at this same point last year‚ balancing the region’s elevated price environment and persistent financing costs against the near-term economic uncertainty that has particularly shaped decision-making among households with sensitivity to federal sector employment conditions.
Monthly Statistics for Single Family Home $375k - $850k
Home Demand
Index
Index
88
(Slow)
Home Demand Index
from prior month
from prior month
83
Home Demand Index
from prior year
from prior year
97
Months of
Inventory
Inventory
1.9
Average daily inventory last month
1,370
Inventory sold
last month
last month
728
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | May 2026
Single Family Home Above $850k
The index for luxury single-family homes in Baltimore stands at 115 this report period, up substantially from 89 last month and approaching last year’s reading of 121. The twenty-six-point month-over-month gain represents the strongest sequential improvement across all single-family tiers in the Baltimore metro this period, signaling a pronounced spring reactivation among high-end buyers as discretionary purchasers who deferred decisions through the winter re-engage with meaningful urgency as peak season inventory comes to market. At 115, luxury single-family demand is among the most fully recovered single-family tiers in this metro, with only a six-point year-over-year gap separating current activity from last May’s reading ‚suggesting that affluent buyers, less encumbered by financing constraints, are increasingly active while maintaining the selectivity consistent with the current broader economic environment.
Monthly Statistics for Single Family Home Above $850k
Home Demand
Index
Index
115
(Moderate)
Home Demand Index
from prior month
from prior month
89
Home Demand Index
from prior year
from prior year
121
Months of
Inventory
Inventory
2.6
Average daily inventory last month
527
Inventory sold
last month
last month
204
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | May 2026
Condo Below $405k
Entry-level condo demand in Baltimore stands at 115 this report period, down slightly from 120 last month and below last year’s level of 141. The five-point month-over-month dip suggests that demand in this tier is softening modestly as the spring season matures, with some buyers who had concentrated in more accessible attached options potentially shifting toward other categories as affordability conditions evolve through the peak selling period. At 115, this segment continues to meaningfully outperform all single-family tiers in the Baltimore metro and maintains its established role as the primary affordability outlet in one of the nation’s most expensive housing markets‚ though the twenty-six-point year-over-year shortfall relative to last May’s 141 signals that even this resilient tier is tracking below the prior-year peak, consistent with the broader normalization pattern observable across the market’s strongest demand categories in the current spring cycle.
Monthly Statistics for Condo Below $405k
Home Demand
Index
Index
115
(Moderate)
Home Demand Index
from prior month
from prior month
120
Home Demand Index
from prior year
from prior year
141
Months of
Inventory
Inventory
3.6
Average daily inventory last month
546
Inventory sold
last month
last month
153
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | May 2026
Condo Above $405k
Luxury condo demand in Baltimore registered 135 this report period, down from 154 last month and trailing last year’s level of 172. The nineteen-point month-over-month decline signals a meaningful pullback in high-end condo buyer activity after a strong prior period, likely reflecting the discretionary and lifestyle-driven nature of this segment as initial spring demand absorbs available premium inventory and buyers in this tier exercise the selectivity characteristic of Baltimore upper attached market. The thirty-seven-point year-over-year gap is notable and warrants monitoring‚ it may reflect a structural recalibration in luxury condo demand following an unusually elevated prior-spring period, shifting buyer preferences, or pricing adjustments in the premium attached segment that are taking longer to resolve, though at 135 the absolute reading remains comparatively robust within the broader metro context.
Monthly Statistics for Condo Above $405k
Home Demand
Index
Index
135
(High)
Home Demand Index
from prior month
from prior month
154
Home Demand Index
from prior year
from prior year
172
Months of
Inventory
Inventory
4.1
Average daily inventory last month
138
Inventory sold
last month
last month
34
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | May 2026
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
The index for townhouses, rowhouses, and twin homes in Baltimore stands at 91 this report period, down from 97 in the prior month and below last year’s level of 99. The six-point month-over-month decline reflects a modest cooling in attached single-family demand after a period of stronger seasonal activity, consistent with this segment settling into a more measured pace as initial buyer urgency moderates and peak season conditions stabilize. The eight-point year-over-year shortfall suggests this category is tracking slightly below the same period last year’s pace, though at 91 it remains one of the stronger absolute readings across the Baltimore metro and continues to benefit from its appeal among buyers seeking a combination of space, accessibility, and relative price efficiency in a high-cost market where detached single-family affordability remains a persistent structural constraint.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
91
(Steady)
Home Demand Index
from prior month
from prior month
97
Home Demand Index
from prior year
from prior year
99
Months of
Inventory
Inventory
3.0
Average daily inventory last month
3,001
Inventory sold
last month
last month
987
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 2026 period with data collected from the previous month.
Released: May 11, 2026
Reference ID: 2421
Baltimore | May 2026
Home Demand Map (Zip Codes)
Regional demand across the Baltimore metro area continues to reflect its established geographic hierarchy, with suburban counties maintaining their structural advantage over the urban core as overall activity plateaus near the metro-wide index of 89. Howard County is likely registering the strongest demand readings in the metro, supported by established move-up demand pipelines, school district quality, and relative affordability at accessible price points, while Harford, Anne Arundel and Baltimore counties are tracking near the metro-wide index with solid but measured buyer engagement. Carroll County and Baltimore City continue to represent the softest submarkets in the region, where affordability friction, limited entry-level inventory, and more cautious buyer sentiment remain the dominant constraints on broader demand expansion ‚a pattern that has persisted consistently throughout the current spring cycle.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com