October 2023 Report
Baltimore Metro
Baltimore | October 2023
Home Demand Index
The Bright MLS | T3 Home Demand Index for the Baltimore Metro area fell 39.5 percent in September to 52, a level consistent with Limited buyer demand. The Index was in the Slow category in August and 48.5 percent lower than one year earlier.
The Bright MLS | T3 Home Demand Index for all types of homes decreased in September. Demand for entry-level condos and townhouses fell by more than 40 percent over the month while the Index for other types of homes was down by somewhat less. Buyer interest in luxury condos was in the Steady category while demand for all other types of homes was in the Limited range. The months supply of homes for sale was higher for all types of homes over the month except condos. The months supply ranged from 1.3 months for entry-level condos to 3 months for luxury condos.
Monthly Statistics for October 2023
Home Demand
Index
Index
52
(Limited)
Home Demand Index
from prior month
from prior month
86
Home Demand Index
from prior year
from prior year
101
Index change
from prior month
from prior month
-39.5%
Index change from
same time last year
same time last year
-48.5%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | October 2023
Home Demand Index | Historical Year-over-Year Comparison
Demand for homes dropped significantly in September following 2 months of modest declines in the Index. The decrease was much greater than the typical seasonal slowdown at this time of the year due largely to rising mortgage rates, which have continued to reduce affordability. Last year, by comparison, demand was in the Steady range.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | October 2023
Home Demand Map
Buyer interest in homes was Limited in each of the Baltimore Metro area counties with Harford, Howard and Baltimore counties showing the strongest activity. The Index was lower in each metro area county compared with August. Demand was Slow in the DelMar Coastal region and Limited in the Maryland Eastern Shore market area. Across the Greater Baltimore area, demand among one-in-ten ZIP codes was in the High or Moderate range while buyer interest in the Slow or Limited category characterized eight-in-ten communities.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | October 2023
Demand and Inventory by Home Type
The Bright MLS | T3 Home Demand Index for all types of homes decreased in September. Demand for entry-level condos and townhouses fell by more than 40 percent over the month while the Index for other types of homes was down by somewhat less. Buyer interest in luxury condos was in the Steady category while demand for all other types of homes was in the Limited range. The months supply of homes for sale was higher for all types of homes over the month except condos. The months supply ranged from 1.3 months for entry-level condos to 3 months for luxury condos.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | October 2023
Single Family Home Below $335k
Buyer interest in entry-level single-family homes was down significantly in September according to the Bright MLS | T3 Home Demand Index. The Index, at 41, was consistent with a Limited pace of demand and was 39 percent lower over the month. There was a 1.5 months supply of homes available for sale, up from 1.4 months in August.
Monthly Statistics for Single Family Home Below $335k
Home Demand
Index
Index
41
(Limited)
Home Demand Index
from prior month
from prior month
67
Home Demand Index
from prior year
from prior year
86
Months of
inventory
inventory
1.5
Average daily inventory last month
369
Inventory sold
last month
last month
245
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | October 2023
Single Family Home $335k - $765k
The Index for mid-market single-family homes fell 38 percent in September to 52 and reflected demand in the Limited category. The Index was 48 percent lower compared with one year earlier. The months supply, at 1.5, was marginally higher than the previous month.
Monthly Statistics for Single Family Home $335k - $765k
Home Demand
Index
Index
52
(Limited)
Home Demand Index
from prior month
from prior month
84
Home Demand Index
from prior year
from prior year
100
Months of
Inventory
Inventory
1.5
Average daily inventory last month
1,024
Inventory sold
last month
last month
681
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | October 2023
Single Family Home Above $765k
Demand for luxury single-family homes was down significantly in September according to the Bright MLS | T3 Home Demand Index. At 61, the Index was consistent with a Limited pace of buyer interest. There was a 2.1 months supply of homes available for sale, up marginally from 2 months in August.
Monthly Statistics for Single Family Home Above $765k
Home Demand
Index
Index
61
(Limited)
Home Demand Index
from prior month
from prior month
96
Home Demand Index
from prior year
from prior year
105
Months of
Inventory
Inventory
2.1
Average daily inventory last month
445
Inventory sold
last month
last month
214
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | October 2023
Condo Below $385k
Demand for entry-level condos was lower in September, with the Index decreasing 46 percent over the month to 56, a level consistent with a Limited pace of buyer interest. Compared with one year earlier, the Index was 40 percent lower. The months supply, at 1.3 months, was down from 1.6 months in August.
Monthly Statistics for Condo Below $385k
Home Demand
Index
Index
56
(Limited)
Home Demand Index
from prior month
from prior month
103
Home Demand Index
from prior year
from prior year
94
Months of
Inventory
Inventory
1.3
Average daily inventory last month
221
Inventory sold
last month
last month
164
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | October 2023
Condo Above $385k
The Index for luxury condos fell from the High to the Steady category, marking a 29 percent decrease in September. Buyer interest in this segment of the metro area market was stronger than any other despite the decline in the Index. The months supply, at 3 months, was down from the 3.5 months supply in August.
Monthly Statistics for Condo Above $385k
Home Demand
Index
Index
100
(Steady)
Home Demand Index
from prior month
from prior month
140
Home Demand Index
from prior year
from prior year
142
Months of
Inventory
Inventory
3
Average daily inventory last month
96
Inventory sold
last month
last month
32
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | October 2023
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
The Index for townhouses decreased 41 percent in September to 55 reflecting a Limited level of buyer interest. Compared with one year earlier, the Index was 50 percent lower. The months supply of homes, at 2.2 months, was up from 1.7 months the previous month.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
55
(Limited)
Home Demand Index
from prior month
from prior month
93
Home Demand Index
from prior year
from prior year
112
Months of
Inventory
Inventory
2.2
Average daily inventory last month
1,976
Inventory sold
last month
last month
889
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 2023 period with data collected from the previous month.
Released: October 11, 2023
Reference ID: 1906
Baltimore | October 2023
Home Demand Map (Zip Codes)
Buyer interest in homes was Limited in each of the Baltimore Metro area counties with Harford, Howard and Baltimore counties showing the strongest activity. The Index was lower in each metro area county compared with August. Demand was Slow in the DelMar Coastal region and Limited in the Maryland Eastern Shore market area. Across the Greater Baltimore area, demand among one-in-ten ZIP codes was in the High or Moderate range while buyer interest in the Slow or Limited category characterized eight-in-ten communities.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com