July 2024 Report
Baltimore Metro
Baltimore | July 2024
Home Demand Index
The Home Demand Index (HDI) for Baltimore in this report period is 77, down from 90 last month and significantly lower than 97 a year ago. This decline indicates a continuous softening of market demand, reflecting the challenges in maintaining buyer interest. The trend suggests that broader economic conditions and limited inventory are affecting buyer activity in the Baltimore Metro area.
In the current report period, Baltimore’s housing market exhibited diverse buyer interest across different home types. The demand for entry-level single-family homes remained steady, reflecting a consistent interest from buyers despite market fluctuations. Mid-range single-family homes saw a notable surge in demand, with the Index rising significantly from last month’s 90 to 72, indicating heightened buyer activity in this segment. Luxury single-family homes continued to attract strong interest, maintaining a robust level of buyer activity. Meanwhile, entry-level condos experienced steady demand.
Monthly Statistics for July 2024
Home Demand
Index
Index
77
(Slow)
Home Demand Index
from prior month
from prior month
90
Home Demand Index
from prior year
from prior year
97
Index change
from prior month
from prior month
-14.4%
Index change from
same time last year
same time last year
-20.6%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | July 2024
Home Demand Index | Historical Year-over-Year Comparison
The Home Demand Index (HDI) for Baltimore in the current report period shows a decrease to 77, down from 90 last month and 97 in the same period last year. This trend reflects a consistent decline in buyer interest over the past year, indicating a softer market. The year-over-year comparison highlights challenges such as higher mortgage rates and limited inventory that continue to impact the housing market.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | July 2024
Home Demand Map
In the Baltimore Metro area, the HDI of 77 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 90, categorized as “Steady”, indicating stable buying activity. DelMar Coastal stands out with the highest HDI of 96, categorized as “Steady,” reflecting a modest interest from buyers. In all instances, the overall interest fell since last month across the three metro areas.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | July 2024
Demand and Inventory by Home Type
In the current report period, Baltimore’s housing market exhibited diverse buyer interest across different home types. The demand for entry-level single-family homes remained steady, reflecting a consistent interest from buyers despite market fluctuations. Mid-range single-family homes saw a notable surge in demand, with the Index rising significantly from last month’s 90 to 72, indicating heightened buyer activity in this segment. Luxury single-family homes continued to attract strong interest, maintaining a robust level of buyer activity. Meanwhile, entry-level condos experienced steady demand.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | July 2024
Single Family Home Below $350k
The index for entry-level single-family homes stands at 60 this month, reflecting a continued decline in demand. This represents a decrease from last month’s index of 72 and a significant drop from last year’s 78, indicating persistent challenges in buyer interest due to affordability and limited inventory. The ongoing trend highlights a softening in the market for homes below $350k.
Monthly Statistics for Single Family Home Below $350k
Home Demand
Index
Index
60
(Limited)
Home Demand Index
from prior month
from prior month
72
Home Demand Index
from prior year
from prior year
78
Months of
inventory
inventory
1.4
Average daily inventory last month
358
Inventory sold
last month
last month
262
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | July 2024
Single Family Home $350k - $800k
The index for mid-range single-family homes is currently at 79, indicating a decline from last month’s index of 90 and last year’s 96. This cooling trend suggests a gradual softening of buyer interest in this segment, influenced by broader economic factors. Despite the decrease, the demand remains relatively stable, reflecting continued interest in mid-range homes.
Monthly Statistics for Single Family Home $350k - $800k
Home Demand
Index
Index
79
(Slow)
Home Demand Index
from prior month
from prior month
90
Home Demand Index
from prior year
from prior year
96
Months of
Inventory
Inventory
1.1
Average daily inventory last month
961
Inventory sold
last month
last month
867
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | July 2024
Single Family Home Above $800k
The index for luxury single-family homes stands at 89 this month, down from 109 last month and 123 last year. This significant decline indicates a cooling trend in buyer interest in the high-end market segment. Inventory levels continue to be a factor, with luxury homes experiencing a more competitive market environment.
Monthly Statistics for Single Family Home Above $800k
Home Demand
Index
Index
89
(Slow)
Home Demand Index
from prior month
from prior month
109
Home Demand Index
from prior year
from prior year
123
Months of
Inventory
Inventory
1.7
Average daily inventory last month
445
Inventory sold
last month
last month
261
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | July 2024
Condo Below $390k
The index for entry-level condos is 83 this month, down from 108 last month and slightly lower than 92 last year. This decline suggests a significant decrease in buyer interest within this price segment. The market conditions remain competitive, with a relatively low supply of entry-level condos contributing to the subdued demand.
Monthly Statistics for Condo Below $390k
Home Demand
Index
Index
83
(Slow)
Home Demand Index
from prior month
from prior month
108
Home Demand Index
from prior year
from prior year
92
Months of
Inventory
Inventory
1.5
Average daily inventory last month
245
Inventory sold
last month
last month
166
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | July 2024
Condo Above $390k
The index for luxury condos is 133 this month, up from 129 last month but significantly lower than 169 last year. This indicates high 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 $390k
Home Demand
Index
Index
133
(High)
Home Demand Index
from prior month
from prior month
129
Home Demand Index
from prior year
from prior year
169
Months of
Inventory
Inventory
4.2
Average daily inventory last month
89
Inventory sold
last month
last month
21
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | July 2024
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
The index for townhouses, rowhouses, and twins is currently at 79, reflecting demand in the Slow category, down from 91 last month and 103 last year. This indicates a decline in buyer interest over the year, likely due to broader market conditions. The months supply marginally increased but remains low, contributing to the competitive market environment for these home types.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
79
(Slow)
Home Demand Index
from prior month
from prior month
91
Home Demand Index
from prior year
from prior year
103
Months of
Inventory
Inventory
2
Average daily inventory last month
1,972
Inventory sold
last month
last month
1,001
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 July 2024 period with data collected from the previous month.
Released: July 10, 2024
Reference ID: 2074
Baltimore | July 2024
Home Demand Map (Zip Codes)
In the Baltimore Metro area, the HDI of 77 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 90, categorized as “Steady”, indicating stable buying activity. DelMar Coastal stands out with the highest HDI of 96, categorized as “Steady,” reflecting a modest interest from buyers. In all instances, the overall interest fell since last month across the three metro areas.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com