October 2021 Report
Baltimore Metro
Baltimore | October 2021
Home Demand Index
Demand for homes in the Baltimore Metro market area decreased in September, according to the Bright MLS | T3 Home Demand Index. The Index was six percent lower, with a reading of 121 reflecting a Moderate level of demand. Compared to one year earlier, demand was nearly 12 percent lower.
Demand for lower-priced single-family homes was the weakest in September and the strongest demand was for higher-priced single-family homes and higher-priced condos. While the Index for higher-priced condos rose over the month, all other market segments were flat or down marginally compared with August. In September, the months’ supply of inventory rose for each of the six types of homes tracked by the Index. The supply was lowest for mid-priced single-family homes at 1.2 months and greatest for higher-priced condos at 2.8 months.
Monthly Statistics for October 2021
Home Demand
Index
Index
121
(Moderate)
Home Demand Index
from prior month
from prior month
129
Home Demand Index
from prior year
from prior year
137
Index change
from prior month
from prior month
-6.2%
Index change from
same time last year
same time last year
-11.7%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | October 2021
Home Demand Index | Historical Year-over-Year Comparison
Following several months of strong demand, buyer interest in Baltimore area homes decreased at mid-year to a Moderate pace, where it has remained. In addition to the normal easing following the peak spring months, buyer demand has also been trimmed by rising affordability challenges. Home prices continued to increase faster than income for many would-be buyers.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | October 2021
Home Demand Map
In the Baltimore Metro area, Howard, Baltimore and Harford counties recorded a High level of buyer demand in September. Baltimore City had the softest demand with the Index in the Slow category. Demand was in the Moderate category in the Maryland Eastern Shore region and the DelMar Coastal area. Across the Greater Baltimore area, more than one-third of ZIP codes recorded a High level of demand with an additional one-in-five in the Moderate range of demand. At the same time, demand in one-third of ZIP codes was Limited or Slow.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | October 2021
Demand and Inventory by Home Type
Demand for lower-priced single-family homes was the weakest in September and the strongest demand was for higher-priced single-family homes and higher-priced condos. While the Index for higher-priced condos rose over the month, all other market segments were flat or down marginally compared with August. In September, the months’ supply of inventory rose for each of the six types of homes tracked by the Index. The supply was lowest for mid-priced single-family homes at 1.2 months and greatest for higher-priced condos at 2.8 months.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | October 2021
Single Family Home Below $250k
The Bright MLS | T3 Home Demand Index for lower-priced single-family homes fell by 19 percent in September, reflecting continued Limited demand in this segment. Over the past 12 months, the decrease in buyer interest has been more pronounced, with the Index down by 43 percent. There was a 1.5 months supply of homes available for sale, still very low, but reflecting a steady increase since mid-year.
Monthly Statistics for Single Family Home Below $250k
Home Demand
Index
Index
47
(Limited)
Home Demand Index
from prior month
from prior month
58
Home Demand Index
from prior year
from prior year
82
Months of
inventory
inventory
1.5
Average daily inventory last month
314
Inventory sold
last month
last month
206
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | October 2021
Single Family Home $250k - $590k
Buyer interest in mid-priced single-family homes decreased in September. The Index fell to a reading of 127, reflecting a Moderate level of demand following several months of High buyer interest earlier this year. Even though demand in this segment has softened, the inventory of homes available for sale remained lean. There was a 1.2 months supply in September, up slightly from August, though still lower than other single-family segments.
Monthly Statistics for Single Family Home $250k - $590k
Home Demand
Index
Index
127
(Moderate)
Home Demand Index
from prior month
from prior month
136
Home Demand Index
from prior year
from prior year
145
Months of
Inventory
Inventory
1.2
Average daily inventory last month
1,502
Inventory sold
last month
last month
1,217
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | October 2021
Single Family Home Above $590k
While the Index for higher-priced single-family homes decreased marginally in September, demand remained higher than other single-family segments. The Index, at 217, was well above the threshold, marking a High level of demand and greater than one year earlier also. The monthly supply of homes for sale, at 1.8, was marginally higher than in August.
Monthly Statistics for Single Family Home Above $590k
Home Demand
Index
Index
217
(High)
Home Demand Index
from prior month
from prior month
223
Home Demand Index
from prior year
from prior year
202
Months of
Inventory
Inventory
1.8
Average daily inventory last month
814
Inventory sold
last month
last month
445
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | October 2021
Condo Below $310k
The Bright MLS | T3 Home Demand Index for lower-priced condos was unchanged over the month and remained in the Moderate range. The Index was 21 percent lower than last September, however. Buyers found relatively few condos for sale in September. The months’ supply was just 1.3, which likely limited would-be buyers’ ability to find a property.
Monthly Statistics for Condo Below $310k
Home Demand
Index
Index
114
(Moderate)
Home Demand Index
from prior month
from prior month
114
Home Demand Index
from prior year
from prior year
145
Months of
Inventory
Inventory
1.3
Average daily inventory last month
280
Inventory sold
last month
last month
214
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | October 2021
Condo Above $310k
In the Baltimore Metro market, demand was strongest for higher-priced condos in September. The Index, at 255, was 11 percent higher than the previous month and one-third above the level one year earlier. Although a small segment of the Baltimore housing market, demand has been higher than other segments for several months. The months’ supply at 2.8 was up from 2.4 in August.
Monthly Statistics for Condo Above $310k
Home Demand
Index
Index
255
(High)
Home Demand Index
from prior month
from prior month
230
Home Demand Index
from prior year
from prior year
193
Months of
Inventory
Inventory
2.8
Average daily inventory last month
181
Inventory sold
last month
last month
64
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | October 2021
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
Buyer interest in townhouses eased in September but was still strong with an Index reading of 131, reflecting a High level of demand. Demand was down slightly compared with one year earlier but has remained in the High range for several months. The months’ supply, at 1.7, was up marginally over the month.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
131
(High)
Home Demand Index
from prior month
from prior month
141
Home Demand Index
from prior year
from prior year
139
Months of
Inventory
Inventory
1.7
Average daily inventory last month
2,679
Inventory sold
last month
last month
1,609
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 October 2021 period with data collected from the previous month.
Released: October 11, 2021
Reference ID: 1411
Baltimore | October 2021
Home Demand Map (Zip Codes)
In the Baltimore Metro area, Howard, Baltimore and Harford counties recorded a High level of buyer demand in September. Baltimore City had the softest demand with the Index in the Slow category. Demand was in the Moderate category in the Maryland Eastern Shore region and the DelMar Coastal area. Across the Greater Baltimore area, more than one-third of ZIP codes recorded a High level of demand with an additional one-in-five in the Moderate range of demand. At the same time, demand in one-third of ZIP codes was Limited or Slow.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com