April 2023 Report
Baltimore Metro
Baltimore | April 2023
Home Demand Index
The Bright MLS | T3 Home Demand Index for the Baltimore Metro area increased 1.2 percent in March to 83 reflecting a continued pace of Slow demand. The Index was 32 percent lower than the same month last year.
The Bright MLS | T3 Home Demand Index was down slightly for entry-level single-family homes and townhouses but higher among the other types of homes. Demand rose the most for luxury single-family homes with the Index up by 26 percent in March. Except for the luxury condo segment, demand in all other segments of the market was in the Slow or Steady range. The months supply decreased for all types of homes, mostly reflecting an increase in sales relative to the number of listings on the market. The months supply ranged from 1.1 months for mid-market single-family homes to 3.1 months for luxury condos.
Monthly Statistics for April 2023
Home Demand
Index
Index
83
(Slow)
Home Demand Index
from prior month
from prior month
82
Home Demand Index
from prior year
from prior year
122
Index change
from prior month
from prior month
1.2%
Index change from
same time last year
same time last year
-32%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | April 2023
Home Demand Index | Historical Year-over-Year Comparison
Unlike last year, when demand rose in the early months of the year, the Index has been virtually unchanged during the past two months. While the pace of demand was Slow in March, the level of buyer interest was Moderate one year ago. Many factors have contributed to the shortfall compared to last year, but higher mortgage interest rates along with speculation about the possibility of an economic slowdown also have been at play.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | April 2023
Home Demand Map
In the Baltimore Metro area, demand for homes was Moderate in Howard County and Steady in Baltimore County. The Index was in the Slow category across the rest of the metro area. Buyer interest was Steady in the DelMar Coastal market area and Slow in the Maryland Eastern Shore area. Across the Greater Baltimore area, demand in two-thirds of ZIP codes was in the Slow or Limited range, down from just over 70 percent in February. The Index in one-fifth of ZIP codes was in the High or Moderate category, a marginally higher share than the month before.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | April 2023
Demand and Inventory by Home Type
The Bright MLS | T3 Home Demand Index was down slightly for entry-level single-family homes and townhouses but higher among the other types of homes. Demand rose the most for luxury single-family homes with the Index up by 26 percent in March. Except for the luxury condo segment, demand in all other segments of the market was in the Slow or Steady range. The months supply decreased for all types of homes, mostly reflecting an increase in sales relative to the number of listings on the market. The months supply ranged from 1.1 months for mid-market single-family homes to 3.1 months for luxury condos.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | April 2023
Single Family Home Below $330k
Buyer interest in entry-level single-family homes eased in March. The Index fell seven percent to 71 and remained in the Slow category. Demand was in the Steady range one year earlier. The months supply of homes on the market fell from 1.9 months in February to 1.2 months in March, suggesting that already tight inventory conditions became even more challenging for buyers.
Monthly Statistics for Single Family Home Below $330k
Home Demand
Index
Index
71
(Slow)
Home Demand Index
from prior month
from prior month
76
Home Demand Index
from prior year
from prior year
98
Months of
inventory
inventory
1.2
Average daily inventory last month
381
Inventory sold
last month
last month
320
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | April 2023
Single Family Home $330k - $750k
The Bright MLS | T3 Home Demand Index for mid-market single-family homes was up slightly in March and continued to reflect a Slow pace of demand. The Index, at 78, was 36 percent lower than the same month one year ago, however. The months supply of homes fell to 1.1 months from 1.6 months in February due to a decrease in the number of listings along with a bump in sales.
Monthly Statistics for Single Family Home $330k - $750k
Home Demand
Index
Index
78
(Slow)
Home Demand Index
from prior month
from prior month
76
Home Demand Index
from prior year
from prior year
121
Months of
Inventory
Inventory
1.1
Average daily inventory last month
771
Inventory sold
last month
last month
674
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | April 2023
Single Family Home Above $750k
Demand for luxury single-family homes rose in March. The Index increased 26 percent to 97 reflecting Steady demand compared with the Slow pace of buyer interest in February. Still, the March Index was 30 percent lower than one year earlier. There was a 2.3 months supply of homes for sales in March, a drop from the three-month supply in February.
Monthly Statistics for Single Family Home Above $750k
Home Demand
Index
Index
97
(Steady)
Home Demand Index
from prior month
from prior month
77
Home Demand Index
from prior year
from prior year
140
Months of
Inventory
Inventory
2.3
Average daily inventory last month
354
Inventory sold
last month
last month
153
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | April 2023
Condo Below $375k
Demand for entry-level condos rose in March, with the Bright MLS | T3 Home Demand Index increasing 10 percent to 97, a level consistent with Steady buyer interest. While demand in all segments of the Baltimore Metro area market was lower than one year earlier, demand for entry-level condos held up relatively well with the Index just 11 percent below last year compared with a 32 percent gap for the overall Baltimore Metro area market. The inventory of homes for sales was at 1.3 months in March, down slightly from 1.5 months in February.
Monthly Statistics for Condo Below $375k
Home Demand
Index
Index
97
(Steady)
Home Demand Index
from prior month
from prior month
88
Home Demand Index
from prior year
from prior year
109
Months of
Inventory
Inventory
1.3
Average daily inventory last month
196
Inventory sold
last month
last month
154
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | April 2023
Condo Above $375k
Buyer interest in luxury condos remained strong with the Index at 143, a level of demand in the High category. Even with an elevated level of demand in March, the Index was still 31 percent lower than one year earlier. Compared with the previous month, the inventory of homes for sales was unchanged at 3.1 months in March.
Monthly Statistics for Condo Above $375k
Home Demand
Index
Index
143
(High)
Home Demand Index
from prior month
from prior month
127
Home Demand Index
from prior year
from prior year
208
Months of
Inventory
Inventory
3.1
Average daily inventory last month
88
Inventory sold
last month
last month
28
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | April 2023
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
Demand for townhouses was down slightly in March with the Bright MLS | T3 Home Demand Index falling to 89, a level of demand in the Slow category. The inventory of homes for sale fell to 1.7 months from 2.3 months supply in February. The decrease was driven by an uptick in sales while the number of listings decreased.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
89
(Slow)
Home Demand Index
from prior month
from prior month
92
Home Demand Index
from prior year
from prior year
134
Months of
Inventory
Inventory
1.7
Average daily inventory last month
1,766
Inventory sold
last month
last month
1,053
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 April 2023 period with data collected from the previous month.
Released: April 11, 2023
Reference ID: 1810
Baltimore | April 2023
Home Demand Map (Zip Codes)
In the Baltimore Metro area, demand for homes was Moderate in Howard County and Steady in Baltimore County. The Index was in the Slow category across the rest of the metro area. Buyer interest was Steady in the DelMar Coastal market area and Slow in the Maryland Eastern Shore area. Across the Greater Baltimore area, demand in two-thirds of ZIP codes was in the Slow or Limited range, down from just over 70 percent in February. The Index in one-fifth of ZIP codes was in the High or Moderate category, a marginally higher share than the month before.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com