September 2022 Report
Baltimore Metro
Baltimore | September 2022
Home Demand Index
The Bright MLS | T3 Home Demand Index for the Baltimore Metro market area fell seven percent in August to 107, reflecting a Steady pace of demand. The Index was just over 17.1 percent lower than one year earlier.
Buyer interest was greatest for higher-priced single-family homes and higher-priced condos, both of which remained in the High demand category. Demand for mid-priced single-family homes and townhouses remained in the Moderate range. Lower-priced single-family homes continued to exhibit the weakest demand with Limited buyer interest. Although the Index for higher-priced condos was up marginally in August, all other segments recorded softer demand over the month. The months supply was flat or fell only marginally over the month for each type of home. The inventory of homes for sale ranged from a 1.3 months supply for mid-priced single-family homes and lower-priced condos to 2.4 months for higher-priced condos.
Monthly Statistics for September 2022
Home Demand
Index
Index
107
(Steady)
Home Demand Index
from prior month
from prior month
115
Home Demand Index
from prior year
from prior year
129
Index change
from prior month
from prior month
-7%
Index change from
same time last year
same time last year
-17.1%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | September 2022
Home Demand Index | Historical Year-over-Year Comparison
Demand for homes in the Baltimore Metro area was in the Steady range in August following five months of Moderate buyer interest. Since the spring peak in April, the Index has decreased by nearly 16 percent. Higher mortgage rates, along with persistent inflation, have added to the challenges would-be buyers face when beginning their search for a home.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | September 2022
Home Demand Map
Demand for homes across the Baltimore Metro area was High in Howard County, Moderate in Anne Arundel and Baltimore counties and Steady in Carroll and Harford counties. Buyer interest in Baltimore City homes was Slow. Demand was Moderate in the DelMar Coastal area and Steady in the Maryland Eastern Shore area. Across the Greater Baltimore area demand in 29 percent of ZIP codes was in the High range compared with 35 percent in July while 38 percent of communities recorded Limited or Slow demand, an increase from 32 percent the previous month.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | September 2022
Demand and Inventory by Home Type
Buyer interest was greatest for higher-priced single-family homes and higher-priced condos, both of which remained in the High demand category. Demand for mid-priced single-family homes and townhouses remained in the Moderate range. Lower-priced single-family homes continued to exhibit the weakest demand with Limited buyer interest. Although the Index for higher-priced condos was up marginally in August, all other segments recorded softer demand over the month. The months supply was flat or fell only marginally over the month for each type of home. The inventory of homes for sale ranged from a 1.3 months supply for mid-priced single-family homes and lower-priced condos to 2.4 months for higher-priced condos.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | September 2022
Single Family Home Below $250k
Demand for lower-priced single-family homes fell marginally from an already low level. The Index, at 35, remained in the Limited range of buyer interest and was more than 40 percent lower than one year earlier. Even with relatively low demand, the months supply of homes fell to 1.4 months from 1.7 months in July due mostly to a small uptick in sales.
Monthly Statistics for Single Family Home Below $250k
Home Demand
Index
Index
35
(Limited)
Home Demand Index
from prior month
from prior month
39
Home Demand Index
from prior year
from prior year
60
Months of
inventory
inventory
1.4
Average daily inventory last month
216
Inventory sold
last month
last month
152
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | September 2022
Single Family Home $250k - $590k
Buyer interest in mid-priced single-family homes eased in August with the Index declining by seven percent to 110. Demand remained at a Moderate level, however. The months supply was unchanged at 1.3 and was lower than any other single-family segment.
Monthly Statistics for Single Family Home $250k - $590k
Home Demand
Index
Index
110
(Moderate)
Home Demand Index
from prior month
from prior month
118
Home Demand Index
from prior year
from prior year
137
Months of
Inventory
Inventory
1.3
Average daily inventory last month
1,312
Inventory sold
last month
last month
1,049
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | September 2022
Single Family Home Above $590k
Demand for higher-priced single-family homes has been among the strongest of any segment of the Baltimore Metro area market for several months. Although the Index decreased by 12 percent to 220 in August it continued to reflect a High level of buyer interest. The months supply was unchanged over the month with little change in either the pace of sales or the inventory level.
Monthly Statistics for Single Family Home Above $590k
Home Demand
Index
Index
220
(High)
Home Demand Index
from prior month
from prior month
249
Home Demand Index
from prior year
from prior year
223
Months of
Inventory
Inventory
1.7
Average daily inventory last month
855
Inventory sold
last month
last month
514
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | September 2022
Condo Below $310k
The Bright MLS | T3 Home Demand Index for lower-priced condos fell eight percent to 98, a reading in the Steady range of demand. The months supply was unchanged at 1.3 and was as low or lower than any other segment of the Baltimore Metro area market.
Monthly Statistics for Condo Below $310k
Home Demand
Index
Index
98
(Steady)
Home Demand Index
from prior month
from prior month
106
Home Demand Index
from prior year
from prior year
116
Months of
Inventory
Inventory
1.3
Average daily inventory last month
219
Inventory sold
last month
last month
175
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | September 2022
Condo Above $310k
Demand for higher-priced condos remained elevated with an August Index at 255, well above the threshold for a High level of buyer interest. Unlike other segments of the Baltimore Metro area market, demand in August was higher than one year earlier. The months supply was unchanged at 2.4.
Monthly Statistics for Condo Above $310k
Home Demand
Index
Index
255
(High)
Home Demand Index
from prior month
from prior month
251
Home Demand Index
from prior year
from prior year
230
Months of
Inventory
Inventory
2.4
Average daily inventory last month
141
Inventory sold
last month
last month
59
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | September 2022
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
Buyer interest in townhouses fell slightly in August. The Index, at 115, reflected a Moderate pace of buyer demand as compared with the High demand level one year earlier. The months supply was down marginally to 1.8 from 1.9 months in July.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
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
1.8
Average daily inventory last month
2,431
Inventory sold
last month
last month
1,384
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 September 2022 period with data collected from the previous month.
Released: September 11, 2022
Reference ID: 1676
Baltimore | September 2022
Home Demand Map (Zip Codes)
Demand for homes across the Baltimore Metro area was High in Howard County, Moderate in Anne Arundel and Baltimore counties and Steady in Carroll and Harford counties. Buyer interest in Baltimore City homes was Slow. Demand was Moderate in the DelMar Coastal area and Steady in the Maryland Eastern Shore area. Across the Greater Baltimore area demand in 29 percent of ZIP codes was in the High range compared with 35 percent in July while 38 percent of communities recorded Limited or Slow demand, an increase from 32 percent the previous month.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com