November 2021 Report
Baltimore Metro
Baltimore | November 2021
Home Demand Index
The Bright MLS | T3 Home Demand Index for the Baltimore Metro area decreased marginally in October to 119, reflecting a Moderate level of buyer interest. The Index fell by 1.7 percent over the month and was slightly more than 12 percent below the level one year earlier.
Demand was strongest for higher-priced single-family homes and higher-priced condos, each in the High demand category. Although condo and townhouse demand softened in October, buyer interest in higher-priced single-family homes fell the most over the month, down by 12 percent. The months’ supply of inventory changed little over the month for five of the six types of homes tracked by the Index. However, the monthly supply of higher-priced condos rose to 3.2 from 2.8 and was also greater than any other segment. The supply was lowest for mid-priced single-family homes and lower-priced condos, both at 1.3 months.
Monthly Statistics for November 2021
Home Demand
Index
Index
119
(Moderate)
Home Demand Index
from prior month
from prior month
121
Home Demand Index
from prior year
from prior year
136
Index change
from prior month
from prior month
-1.7%
Index change from
same time last year
same time last year
-12.5%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | November 2021
Home Demand Index | Historical Year-over-Year Comparison
Demand for homes in the Baltimore Metro area has drifted lower during the past four months following a very strong spring and early summer market. In addition to the usual seasonal slowdown in buyer activity during the second half of the year, an uptick in mortgage rates and ongoing home price gains have reduced affordability and dampened buyer interest.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | November 2021
Home Demand Map
In the Baltimore Metro area, Howard, Baltimore, and Harford counties recorded a High level of buyer demand in October. Baltimore City had the softest demand with the Index in the Steady category. Demand was in the Moderate category elsewhere in the Baltimore Metro area, the Maryland Eastern Shore region, and the DelMar Coastal area. More than one-third of ZIP codes in the Greater Baltimore area recorded a High level of buyer demand, virtually the same as the month before.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | November 2021
Demand and Inventory by Home Type
Demand was strongest for higher-priced single-family homes and higher-priced condos, each in the High demand category. Although condo and townhouse demand softened in October, buyer interest in higher-priced single-family homes fell the most over the month, down by 12 percent. The months’ supply of inventory changed little over the month for five of the six types of homes tracked by the Index. However, the monthly supply of higher-priced condos rose to 3.2 from 2.8 and was also greater than any other segment. The supply was lowest for mid-priced single-family homes and lower-priced condos, both at 1.3 months.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | November 2021
Single Family Home Below $250k
Buyer interest in lower-priced single-family homes remained weak in October with the Bright MLS | T3 Home Demand Index at 50, reading the reflects Limited demand. Demand has softened during the past several months, with the Index 38 percent lower than one year ago. The monthly supply of homes for sale, at 1.6, was unchanged from September.
Monthly Statistics for Single Family Home Below $250k
Home Demand
Index
Index
50
(Limited)
Home Demand Index
from prior month
from prior month
49
Home Demand Index
from prior year
from prior year
81
Months of
inventory
inventory
1.6
Average daily inventory last month
321
Inventory sold
last month
last month
207
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | November 2021
Single Family Home $250k - $590k
The Index for mid-priced single-family homes was unchanged in October at 128, reflecting a Moderate level of demand. The monthly supply of homes in this segment has slowly risen since reaching a spring-time low of less than one month. In October, the months’ supply was 1.3, the lowest among the single-family segments.
Monthly Statistics for Single Family Home $250k - $590k
Home Demand
Index
Index
128
(Moderate)
Home Demand Index
from prior month
from prior month
128
Home Demand Index
from prior year
from prior year
143
Months of
Inventory
Inventory
1.3
Average daily inventory last month
1,489
Inventory sold
last month
last month
1,118
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | November 2021
Single Family Home Above $590k
The Bright MLS | T3 Home Demand Index for higher-priced single-family homes remained extraordinarily high, despite evidence of softer demand In October. The Index, at 192, was 12 percent lower than the previous month, the largest decline among the types of homes tracked by the Index. Demand was virtually unchanged from one year earlier. Even though demand decreased, the monthly supply also eased to 1.7 months from 1.8 the previous month, mostly due to slightly fewer homes offered for sale in October.
Monthly Statistics for Single Family Home Above $590k
Home Demand
Index
Index
192
(High)
Home Demand Index
from prior month
from prior month
217
Home Demand Index
from prior year
from prior year
193
Months of
Inventory
Inventory
1.7
Average daily inventory last month
757
Inventory sold
last month
last month
446
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | November 2021
Condo Below $310k
Buyer interest in lower-priced condos was Steady in October with an Index reading of 109, down from a Moderate reading of 115 in September. Inventory conditions remained challenging for buyers. The October months supply at 1.3 was unchanged over the month and, along with mid-priced single-family homes, lower than any other segment in the Baltimore Metro area.
Monthly Statistics for Condo Below $310k
Home Demand
Index
Index
109
(Steady)
Home Demand Index
from prior month
from prior month
115
Home Demand Index
from prior year
from prior year
136
Months of
Inventory
Inventory
1.3
Average daily inventory last month
279
Inventory sold
last month
last month
218
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | November 2021
Condo Above $310k
Demand for higher-priced condos was extremely strong in October, with the Index at 243, a reading well above the threshold signaling a High level of demand. The months’ supply was 3.2, an increase from 2.8 in September. Although the months’ supply was greater than any other segment, higher-priced condos account for a very small share of all homes for a sale, suggesting that would-be buyers may still find their search limited by the number of listings at this price point.
Monthly Statistics for Condo Above $310k
Home Demand
Index
Index
243
(High)
Home Demand Index
from prior month
from prior month
255
Home Demand Index
from prior year
from prior year
195
Months of
Inventory
Inventory
3.2
Average daily inventory last month
180
Inventory sold
last month
last month
57
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | November 2021
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
The Bright MLS | T3 Home Demand Index for townhouses, at 130, was marginally lower in October. Compared to one year earlier, the Index was nine percent lower, a relatively smaller decrease compared with other types of Baltimore Metro area homes. The months’ supply, at 1.7, was unchanged from the month before.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
130
(High)
Home Demand Index
from prior month
from prior month
132
Home Demand Index
from prior year
from prior year
143
Months of
Inventory
Inventory
1.7
Average daily inventory last month
2,609
Inventory sold
last month
last month
1,550
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 November 2021 period with data collected from the previous month.
Released: November 2, 2021
Reference ID: 1484
Baltimore | November 2021
Home Demand Map (Zip Codes)
In the Baltimore Metro area, Howard, Baltimore, and Harford counties recorded a High level of buyer demand in October. Baltimore City had the softest demand with the Index in the Steady category. Demand was in the Moderate category elsewhere in the Baltimore Metro area, the Maryland Eastern Shore region, and the DelMar Coastal area. More than one-third of ZIP codes in the Greater Baltimore area recorded a High level of buyer demand, virtually the same as the month before.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com