August 2023 Report
Baltimore Metro
Baltimore | August 2023
Home Demand Index
Demand Index. The Index, at 86, was 11.3 percent lower over the month and reflected a Slow pace of buyer activity. Compared with one year earlier, the Index was 25.2 percent lower.
Demand was lower for all types of homes compared with June. The Index for entry-level single-family homes fell 20 percent followed by luxury condos with a decline of 18 percent. Despite the large decrease, buyer interest in luxury condos remained in the High range while demand for luxury single-family homes continued at a Moderate pace. The months supply rose marginally for each type of home largely due to a decrease in sales combined with stable inventory levels. The months supply ranged from 1.2 months for mid-market single-family homes to 2.4 months for luxury condos.
Monthly Statistics for August 2023
Home Demand
Index
Index
86
(Slow)
Home Demand Index
from prior month
from prior month
97
Home Demand Index
from prior year
from prior year
115
Index change
from prior month
from prior month
-11.3%
Index change from
same time last year
same time last year
-25.2%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | August 2023
Home Demand Index | Historical Year-over-Year Comparison
The Index fell in July following a period of little change since the April seasonal peak. The continued lack of inventory along with home price gains and higher mortgage rates contributed to deteriorating affordability and lower buyer activity. The cumulative impact is evident when comparing July’s Slow pace of buyer demand with the Moderate level of demand one year earlier.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | August 2023
Home Demand Map
Buyer interest in homes was Moderate in Howard County and Steady in Anne Arundel, Baltimore and Harford counties. In Carroll County, buyer activity was Slow and in Baltimore City it was in the Limited category. The Index was lower in each metro area county over the month. Demand was Steady in the DelMar Coastal and Maryland Eastern Shore market areas. Across the Greater Baltimore area demand in 21 percent of ZIP codes was High, unchanged from June. There was, however, a shift toward lower demand in many communities. Buyer interest in 55 percent of ZIP codes was in the Slow or Limited range in July, an increase from 46 percent the previous month.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | August 2023
Demand and Inventory by Home Type
Demand was lower for all types of homes compared with June. The Index for entry-level single-family homes fell 20 percent followed by luxury condos with a decline of 18 percent. Despite the large decrease, buyer interest in luxury condos remained in the High range while demand for luxury single-family homes continued at a Moderate pace. The months supply rose marginally for each type of home largely due to a decrease in sales combined with stable inventory levels. The months supply ranged from 1.2 months for mid-market single-family homes to 2.4 months for luxury condos.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | August 2023
Single Family Home Below $330k
The Bright MLS | T3 Home Demand Index for entry-level single-family homes dropped 20 percent in July to 61 reflecting a Limited level of buyer interest. Demand was Slow in June and Steady one year earlier. Moreover, demand was weaker than any other segment of the Baltimore Metro area market. Although the months supply of homes rose, at 1.4 months it remained very low, limiting the options for would-be home buyers at this price point.
Monthly Statistics for Single Family Home Below $330k
Home Demand
Index
Index
61
(Limited)
Home Demand Index
from prior month
from prior month
76
Home Demand Index
from prior year
from prior year
92
Months of
inventory
inventory
1.4
Average daily inventory last month
346
Inventory sold
last month
last month
246
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | August 2023
Single Family Home $330k - $755k
The Index for mid-market single-family homes was down 9 percent in July indicating demand in the Slow category. The Index was 25 percent lower compared with one year earlier when demand was in the Moderate category. The months supply, at 1.2, was up marginally but lower than any other segment of the metro area market.
Monthly Statistics for Single Family Home $330k - $755k
Home Demand
Index
Index
87
(Slow)
Home Demand Index
from prior month
from prior month
96
Home Demand Index
from prior year
from prior year
116
Months of
Inventory
Inventory
1.2
Average daily inventory last month
974
Inventory sold
last month
last month
782
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | August 2023
Single Family Home Above $755k
Demand for luxury single-family homes was down somewhat in July according to the Bright MLS | T3 Home Demand Index. At 112, the Index was consistent with a Moderate pace of buyer interest in July. There was a two-month supply of homes available for sales, up from 1.6 months in June.
Monthly Statistics for Single Family Home Above $755k
Home Demand
Index
Index
112
(Moderate)
Home Demand Index
from prior month
from prior month
123
Home Demand Index
from prior year
from prior year
151
Months of
Inventory
Inventory
2
Average daily inventory last month
466
Inventory sold
last month
last month
232
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | August 2023
Condo Below $385k
Buyer interest in entry-level condos remained in the Steady range in July with the Index declining marginally over the month to 90. Compared with one year earlier, the Index was 22 percent lower, somewhat less than the 25.2 percent decrease for the overall metro area. The months supply rose in July, but at 1.4 months was among the lowest of any segment of the metro area market.
Monthly Statistics for Condo Below $385k
Home Demand
Index
Index
90
(Steady)
Home Demand Index
from prior month
from prior month
92
Home Demand Index
from prior year
from prior year
116
Months of
Inventory
Inventory
1.4
Average daily inventory last month
209
Inventory sold
last month
last month
148
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | August 2023
Condo Above $385k
The Index for luxury condos remained in the High category despite a drop of 18 percent in July. Buyer interest in this segment of the metro area market was stronger than any other, although it accounts for only about 2 percent of sales and listings. The months supply was unchanged at 2.4 months.
Monthly Statistics for Condo Above $385k
Home Demand
Index
Index
139
(High)
Home Demand Index
from prior month
from prior month
169
Home Demand Index
from prior year
from prior year
176
Months of
Inventory
Inventory
2.4
Average daily inventory last month
99
Inventory sold
last month
last month
41
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | August 2023
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
Demand for townhouses was lower in July, with the Index decreasing 11 percent over the month to 92, a level consistent with a Steady pace of buyer interest. Compared with one year earlier, the Index was 24 percent lower. The months supply was up marginally to 1.8 months reflecting a slight rise in listings and a decrease in sales.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
92
(Steady)
Home Demand Index
from prior month
from prior month
103
Home Demand Index
from prior year
from prior year
121
Months of
Inventory
Inventory
1.8
Average daily inventory last month
1,880
Inventory sold
last month
last month
1,020
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 August 2023 period with data collected from the previous month.
Released: August 10, 2023
Reference ID: 1875
Baltimore | August 2023
Home Demand Map (Zip Codes)
Buyer interest in homes was Moderate in Howard County and Steady in Anne Arundel, Baltimore and Harford counties. In Carroll County, buyer activity was Slow and in Baltimore City it was in the Limited category. The Index was lower in each metro area county over the month. Demand was Steady in the DelMar Coastal and Maryland Eastern Shore market areas. Across the Greater Baltimore area demand in 21 percent of ZIP codes was High, unchanged from June. There was, however, a shift toward lower demand in many communities. Buyer interest in 55 percent of ZIP codes was in the Slow or Limited range in July, an increase from 46 percent the previous month.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com