December 2023 Report
Baltimore Metro
Baltimore | December 2023
Home Demand Index
Demand for homes in the Baltimore Metro area decreased marginally in November according to the Bright MLS | T3 Home Demand Index. The Index, at 65, was 1.5 percent lower over the month and reflected a Limited pace of buyer activity. Compared with one year earlier, the Index was 16.7 percent lower.
Buyer interest in nearly all types of homes fell in November. In contrast to other segments of the metro market, the Index for townhouses rose slightly while the Index for luxury single-family homes fell 15 percent. Demand was strongest for luxury condos, which attracted a Steady level of buyer interest, followed by entry-level condos and townhouses each with Slow demand. Demand was weakest for entry-level and luxury single-family homes with buyer interest in the Limited range. The inventory of homes available for sale remained low in November. The months supply of luxury single-family homes decreased slightly and increased for all other types of homes, The months supply ranged from 1.9 months for entry-level and mid-market single-family homes to 3.3 months for luxury condos.
Monthly Statistics for December 2023
Home Demand
Index
Index
65
(Limited)
Home Demand Index
from prior month
from prior month
66
Home Demand Index
from prior year
from prior year
78
Index change
from prior month
from prior month
-1.5%
Index change from
same time last year
same time last year
-16.7%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | December 2023
Home Demand Index | Historical Year-over-Year Comparison
The Index for the Baltimore Metro area was nearly unchanged in November following a steep drop in September and a partial rebound in October. The continued lack of inventory along with elevated mortgage rates contributed to deteriorating affordability and somewhat lower buyer activity. The cumulative impact is evident when comparing the Limited level of activity in November with the somewhat stronger Slow pace of demand one year earlier.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | December 2023
Home Demand Map
Buyer interest in Baltimore Metro area homes was Slow in Baltimore and Howard counties and Limited in the other metro counties. Demand was weakest in Baltimore City. Homes in the DelMar Coastal area and the Maryland Eastern Shore attracted Slow buyer interest. Across the Greater Baltimore area, demand in roughly 80 percent of ZIP codes was in the Slow or Limited range, up slightly from October.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | December 2023
Demand and Inventory by Home Type
Buyer interest in nearly all types of homes fell in November. In contrast to other segments of the metro market, the Index for townhouses rose slightly while the Index for luxury single-family homes fell 15 percent. Demand was strongest for luxury condos, which attracted a Steady level of buyer interest, followed by entry-level condos and townhouses each with Slow demand. Demand was weakest for entry-level and luxury single-family homes with buyer interest in the Limited range. The inventory of homes available for sale remained low in November. The months supply of luxury single-family homes decreased slightly and increased for all other types of homes, The months supply ranged from 1.9 months for entry-level and mid-market single-family homes to 3.3 months for luxury condos.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | December 2023
Single Family Home Below $338k
Demand for entry-level single-family homes was unchanged in November with the Index at 56, a level consistent with a Limited pace of buyer interest. Compared with one year earlier, the Index was 18 percent lower. The inventory of homes for sale, at 1.9 months supply, was up from 1.6 months in October.
Monthly Statistics for Single Family Home Below $338k
Home Demand
Index
Index
56
(Limited)
Home Demand Index
from prior month
from prior month
56
Home Demand Index
from prior year
from prior year
68
Months of
inventory
inventory
1.9
Average daily inventory last month
424
Inventory sold
last month
last month
224
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | December 2023
Single Family Home $338k - $775k
The Bright MLS | T3 Home Demand Index for mid-market single-family homes fell 3 percent in November to 62 reflecting a Limited level of buyer interest. Moreover, the Index was 19 percent lower than one year earlier. The months supply of homes, at 1.9 months, was up from 1.8 months in October.
Monthly Statistics for Single Family Home $338k - $775k
Home Demand
Index
Index
62
(Limited)
Home Demand Index
from prior month
from prior month
64
Home Demand Index
from prior year
from prior year
77
Months of
Inventory
Inventory
1.9
Average daily inventory last month
1,140
Inventory sold
last month
last month
594
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | December 2023
Single Family Home Above $775k
The Index for luxury single-family homes was down 15 percent in November and remained in the Limited category. The decrease over the month was greater than any other segment of the metro area market. The Index was 22 percent lower compared with one year earlier, a larger year-over-year gap than any other segment of the metro area market. The months supply, at 2.9, was slightly lower than the previous month.
Monthly Statistics for Single Family Home Above $775k
Home Demand
Index
Index
58
(Limited)
Home Demand Index
from prior month
from prior month
68
Home Demand Index
from prior year
from prior year
74
Months of
Inventory
Inventory
2.9
Average daily inventory last month
417
Inventory sold
last month
last month
146
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | December 2023
Condo Below $390k
Buyer interest in entry level condos was down marginally in November according to the Bright MLS | T3 Home Demand Index. The Index, at 83, reflected a Slow pace of demand. There was a 2.1 months supply of homes available for sale, up from 1.9 months in October.
Monthly Statistics for Condo Below $390k
Home Demand
Index
Index
83
(Slow)
Home Demand Index
from prior month
from prior month
85
Home Demand Index
from prior year
from prior year
85
Months of
Inventory
Inventory
2.1
Average daily inventory last month
278
Inventory sold
last month
last month
134
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | December 2023
Condo Above $390k
Demand for luxury condos was down somewhat in November according to the Bright MLS | T3 Home Demand Index. At 95, the Index was consistent with a Steady pace of buyer interest and greater than any other type of metro area home. There was a 3.3 months supply of homes available for sale, up from 2.8 months in October.
Monthly Statistics for Condo Above $390k
Home Demand
Index
Index
95
(Steady)
Home Demand Index
from prior month
from prior month
99
Home Demand Index
from prior year
from prior year
102
Months of
Inventory
Inventory
3.3
Average daily inventory last month
97
Inventory sold
last month
last month
29
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | December 2023
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
The Index for townhouses rose 4 percent to 73 in November signaling a Slow pace of buyer interest. It also was the only type of home in the Baltimore Metro area with a higher level of demand over the month. The months supply, at 2.9, was up from 2.5 months in October.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
73
(Slow)
Home Demand Index
from prior month
from prior month
70
Home Demand Index
from prior year
from prior year
88
Months of
Inventory
Inventory
2.9
Average daily inventory last month
2,324
Inventory sold
last month
last month
807
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 December 2023 period with data collected from the previous month.
Released: December 11, 2023
Reference ID: 1942
Baltimore | December 2023
Home Demand Map (Zip Codes)
Buyer interest in Baltimore Metro area homes was Slow in Baltimore and Howard counties and Limited in the other metro counties. Demand was weakest in Baltimore City. Homes in the DelMar Coastal area and the Maryland Eastern Shore attracted Slow buyer interest. Across the Greater Baltimore area, demand in roughly 80 percent of ZIP codes was in the Slow or Limited range, up slightly from October.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com