June 2024 Report
Baltimore Metro
Baltimore | June 2024
Home Demand Index
As of June 2024, the Home Demand Index (HDI) stands at 87, indicating a continued decline in market demand. This represents a decrease from last month’s index of 91 and a more significant drop from the previous year’s index of 97. The ongoing trend highlights a steady softening of buyer interest, likely influenced by broader economic conditions.
In June 2024, the Baltimore housing market exhibited strong buyer interest across various home types, particularly in the high-priced segments. The demand for luxury single-family homes and condos remained robust, while interest in entry-level condos stayed within the Steady pace. Inventory levels continued to be tight, with the months supply ranging from 1.1 months for mid-market single-family homes to 3.1 months for luxury condos, highlighting ongoing competitive market conditions.
Monthly Statistics for June 2024
Home Demand
Index
Index
87
(Slow)
Home Demand Index
from prior month
from prior month
91
Home Demand Index
from prior year
from prior year
97
Index change
from prior month
from prior month
-4.4%
Index change from
same time last year
same time last year
-10.3%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | June 2024
Home Demand Index | Historical Year-over-Year Comparison
From June 2023 to May 2024, the Home Demand Index (HDI) demonstrates a gradual decline in buyer interest. The HDI consistently trended downward over the year, reflecting the impact of higher mortgage rates and limited inventory on buyer activity. This year-over-year comparison indicates a softer market relative to the previous year, with a marked decrease in demand during the late months of 2023 and early 2024.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | June 2024
Home Demand Map
In the Baltimore Metro area, the HDI of 87 falls into the “Slow” category, suggesting potential challenges in the market activity. Meanwhile, the Maryland Eastern Shore boasts a healthier market with an HDI of 101, categorized as “Steady”, indicating stable buying activity. DelMar Coastal stands out with the highest HDI of 112, categorized as “Moderate,” reflecting a strong interest from buyers.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | June 2024
Demand and Inventory by Home Type
In June 2024, the Baltimore housing market exhibited strong buyer interest across various home types, particularly in the high-priced segments. The demand for luxury single-family homes and condos remained robust, while interest in entry-level condos stayed within the Steady pace. Inventory levels continued to be tight, with the months supply ranging from 1.1 months for mid-market single-family homes to 3.1 months for luxury condos, highlighting ongoing competitive market conditions.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | June 2024
Single Family Home Below $350k
The index for entry-level single-family homes stands at 69 for June 2024, unchanged from last month but down from 78 a year ago, indicating limited buyer interest. This stable yet subdued demand highlights the persistent challenges faced by buyers in this segment, including affordability and limited inventory. With the market remaining competitive, entry-level homes continue to experience lower buyer interest compared to higher-priced segments.
Monthly Statistics for Single Family Home Below $350k
Home Demand
Index
Index
69
(Limited)
Home Demand Index
from prior month
from prior month
69
Home Demand Index
from prior year
from prior year
78
Months of
inventory
inventory
1.4
Average daily inventory last month
374
Inventory sold
last month
last month
264
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | June 2024
Single Family Home $350k - $800k
The index for mid-range single-family homes is 87 this month, indicating a Slow pace of buyer interest. This is down from 91 last month and 98 a year ago, showing a gradual cooling trend in this segment, potentially influenced by economic factors and market conditions. Despite the decline, the demand remains relatively steady, reflecting continued interest in mid-range homes. The months supply at 1.1 months, down from 1.3 months.
Monthly Statistics for Single Family Home $350k - $800k
Home Demand
Index
Index
87
(Slow)
Home Demand Index
from prior month
from prior month
91
Home Demand Index
from prior year
from prior year
98
Months of
Inventory
Inventory
1.1
Average daily inventory last month
981
Inventory sold
last month
last month
857
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | June 2024
Single Family Home Above $800k
The index for luxury single-family homes stands at 107 this month, down from 117 last month and slightly lower than 112 last year. This decline suggests a cooling trend in buyer interest, though demand remains relatively strong in this high-end market segment. Inventory levels continue to be a factor, with a 1.8 months supply, highlighting ongoing competitive conditions for luxury home buyers.
Monthly Statistics for Single Family Home Above $800k
Home Demand
Index
Index
107
(Steady)
Home Demand Index
from prior month
from prior month
117
Home Demand Index
from prior year
from prior year
112
Months of
Inventory
Inventory
1.8
Average daily inventory last month
459
Inventory sold
last month
last month
257
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | June 2024
Condo Below $395k
The index for entry-level condos is 105 this month, slightly down from 107 last month but significantly higher than 91 a year ago. This indicates a steady demand in this segment, with buyer interest remaining strong despite slight monthly fluctuations. The months supply of homes is relatively low, contributing to the competitive market conditions for first-time condo buyers.
Monthly Statistics for Condo Below $395k
Home Demand
Index
Index
105
(Steady)
Home Demand Index
from prior month
from prior month
107
Home Demand Index
from prior year
from prior year
91
Months of
Inventory
Inventory
1.4
Average daily inventory last month
268
Inventory sold
last month
last month
195
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | June 2024
Condo Above $395k
The index for luxury condos is 126 this month, up from 122 last month but significantly lower than 162 a year ago. This indicates a moderate demand in this high-end segment, maintaining a robust buyer interest despite the year-over-year decline. The months supply of homes remains relatively low, contributing to competitive market conditions for luxury condo buyers.
Monthly Statistics for Condo Above $395k
Home Demand
Index
Index
126
(Moderate)
Home Demand Index
from prior month
from prior month
122
Home Demand Index
from prior year
from prior year
162
Months of
Inventory
Inventory
3.1
Average daily inventory last month
98
Inventory sold
last month
last month
32
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | June 2024
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
The index for townhouses, rowhouses, and twins is currently at 88, reflecting demand in the Slow category, down from 93 last month and 103 last year. This indicates a decline in buyer interest over the year, likely due to broader market conditions. While sales continued to rise from the previous month by 7%, they experienced a significant increase compared to the beginning of 2024. The months supply, at 1.9, remained unchanged.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
88
(Slow)
Home Demand Index
from prior month
from prior month
93
Home Demand Index
from prior year
from prior year
103
Months of
Inventory
Inventory
1.9
Average daily inventory last month
2,057
Inventory sold
last month
last month
1,108
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 June 2024 period with data collected from the previous month.
Released: June 11, 2024
Reference ID: 2054
Baltimore | June 2024
Home Demand Map (Zip Codes)
In the Baltimore Metro area, the HDI of 87 falls into the “Slow” category, suggesting potential challenges in the market activity. Meanwhile, the Maryland Eastern Shore boasts a healthier market with an HDI of 101, categorized as “Steady”, indicating stable buying activity. DelMar Coastal stands out with the highest HDI of 112, categorized as “Moderate,” reflecting a strong interest from buyers.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com