January 2024 Report
Baltimore Metro
Baltimore | January 2024
Home Demand Index
The Bright MLS | T3 Home Demand Index for the Baltimore Metro area fell 17.9 percent in December to 55, a level consistent with Limited buyer demand. The Index was also in the Limited category in November and 12.7 percent lower than one year earlier.
The Bright MLS | T3 Home Demand Index for all types of homes decreased in December. The Index for luxury condos fell the most with a 31 percent drop followed by a 27 percent decrease for luxury single-family homes. Among the remaining home types, the Index fell by rates ranging from 13 percent to 21 percent over the month. Overall, buyer interest was in the Limited category for all types of homes except entry-level condos, which posted a Slow pace of buyer activity. The months supply of homes for sale was lower for most types of homes and ranged from 1.5 months for entry-level single-family homes to 4 months for luxury condos.
Monthly Statistics for January 2024
Home Demand
Index
Index
55
(Limited)
Home Demand Index
from prior month
from prior month
67
Home Demand Index
from prior year
from prior year
63
Index change
from prior month
from prior month
-17.9%
Index change from
same time last year
same time last year
-12.7%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | January 2024
Home Demand Index | Historical Year-over-Year Comparison
Following a 2-month increase, the Index fell in December. During the past year, demand has been consistently below year-earlier levels, although following the same overall trend of lower activity since the spring peak. Several forces have been at play in the market including elevated mortgage rates, still above the 6 percent threshold, and unfavorable inventory conditions, both of which continued to drive market activity through year-end.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | January 2024
Home Demand Map
Buyer interest in Baltimore Metro area homes was in the Limited range in each metro area county. Among the metro counties, the Index was highest in Baltimore County and lowest in Baltimore City. Homes in the DelMar Coastal area and the Maryland Eastern Shore attracted Limited buyer interest as well. Buyer interest in nearly 90 percent of Greater Baltimore area ZIP codes was in the Slow or Limited range, an increase from 80 percent in November.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | January 2024
Demand and Inventory by Home Type
The Bright MLS | T3 Home Demand Index for all types of homes decreased in December. The Index for luxury condos fell the most with a 31 percent drop followed by a 27 percent decrease for luxury single-family homes. Among the remaining home types, the Index fell by rates ranging from 13 percent to 21 percent over the month. Overall, buyer interest was in the Limited category for all types of homes except entry-level condos, which posted a Slow pace of buyer activity. The months supply of homes for sale was lower for most types of homes and ranged from 1.5 months for entry-level single-family homes to 4 months for luxury condos.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | January 2024
Single Family Home Below $340k
Demand for entry-level single-family homes was down in December according to the Bright MLS | T3 Home Demand Index. At 48, the Index was consistent with a Limited pace of buyer interest. There was a 1.5 months supply of homes available for sale, down from 1.9 months in November.
Monthly Statistics for Single Family Home Below $340k
Home Demand
Index
Index
48
(Limited)
Home Demand Index
from prior month
from prior month
59
Home Demand Index
from prior year
from prior year
63
Months of
inventory
inventory
1.5
Average daily inventory last month
378
Inventory sold
last month
last month
250
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | January 2024
Single Family Home $340k - $785k
Buyer interest in mid-market single-family homes was 21 percent lower in December according to the Bright MLS | T3 Home Demand Index. At 50, the Index reflected a Limited pace of demand. There was a 1.7 months supply of homes available for sale, down from 1.9 months in November.
Monthly Statistics for Single Family Home $340k - $785k
Home Demand
Index
Index
50
(Limited)
Home Demand Index
from prior month
from prior month
63
Home Demand Index
from prior year
from prior year
58
Months of
Inventory
Inventory
1.7
Average daily inventory last month
985
Inventory sold
last month
last month
566
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | January 2024
Single Family Home Above $785k
The Index for luxury single-family homes was down 27 percent in December reflecting demand in the Limited category. The Index was 20 percent lower compared with one year earlier as well. The months supply, at 2.5, was lower than the 2.9 reading the previous month.
Monthly Statistics for Single Family Home Above $785k
Home Demand
Index
Index
43
(Limited)
Home Demand Index
from prior month
from prior month
59
Home Demand Index
from prior year
from prior year
54
Months of
Inventory
Inventory
2.5
Average daily inventory last month
343
Inventory sold
last month
last month
138
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | January 2024
Condo Below $390k
The Bright MLS | T3 Home Demand Index for entry-level condos decreased 13 percent in December to 75 reflecting a Slow level of buyer interest. Despite the subdued pace of activity, demand was stronger than any other segment of the Baltimore Metro area market. The 2-month supply of homes was marginally lower than November.
Monthly Statistics for Condo Below $390k
Home Demand
Index
Index
75
(Slow)
Home Demand Index
from prior month
from prior month
86
Home Demand Index
from prior year
from prior year
65
Months of
Inventory
Inventory
2
Average daily inventory last month
259
Inventory sold
last month
last month
131
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | January 2024
Condo Above $390k
Demand for luxury condos was lower in December, with the Index decreasing 31 percent over the month to 67, a level consistent with a Limited pace of buyer interest. Compared with one year earlier, the Index was 9 percent lower, a smaller year-to-year gap than any other type of Baltimore Metro area home. The months supply, at 4 months, was up from 3.3 months in November.
Monthly Statistics for Condo Above $390k
Home Demand
Index
Index
67
(Limited)
Home Demand Index
from prior month
from prior month
97
Home Demand Index
from prior year
from prior year
74
Months of
Inventory
Inventory
4
Average daily inventory last month
84
Inventory sold
last month
last month
21
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | January 2024
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
The Index for townhouses fell from the Slow to the Limited category in December, reflecting a 17 percent decrease over the month. Compared with one year earlier, the Index was 15 percent lower. The months supply, at 2.4, was down from 2.9 the previous month.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
62
(Limited)
Home Demand Index
from prior month
from prior month
75
Home Demand Index
from prior year
from prior year
73
Months of
Inventory
Inventory
2.4
Average daily inventory last month
2,112
Inventory sold
last month
last month
889
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 January 2024 period with data collected from the previous month.
Released: January 11, 2024
Reference ID: 1958
Baltimore | January 2024
Home Demand Map (Zip Codes)
Buyer interest in Baltimore Metro area homes was in the Limited range in each metro area county. Among the metro counties, the Index was highest in Baltimore County and lowest in Baltimore City. Homes in the DelMar Coastal area and the Maryland Eastern Shore attracted Limited buyer interest as well. Buyer interest in nearly 90 percent of Greater Baltimore area ZIP codes was in the Slow or Limited range, an increase from 80 percent in November.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com