July 2022 Report
Baltimore Metro
Baltimore | July 2022
Home Demand Index
Demand for homes in the Baltimore Metro areas was down marginally in June according to the Bright MLS | T3 Home Demand Index. The Index fell 0.9 percent to 116 reflecting a Moderate level of buyer interest.
Demand for each type of Baltimore Metro area home changed little in June although it was lower than one year earlier for each segment of the market. Among the types of homes tracked by the Index, buyer interest was strongest for higher-priced single-family homes and higher-priced condos, both of which remained in the High demand category. Lower-priced single-family homes exhibited the weakest demand. The months supply rose for all types of homes except higher-priced condos but continued to be exceptionally low among all segments. The inventory of homes for sale ranged from a one-month supply for mid-priced single-family homes and lower-priced condos to 1.6 months for higher-priced condos.
Monthly Statistics for July 2022
Home Demand
Index
Index
116
(Moderate)
Home Demand Index
from prior month
from prior month
117
Home Demand Index
from prior year
from prior year
146
Index change
from prior month
from prior month
-0.9%
Index change from
same time last year
same time last year
-20.5%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | July 2022
Home Demand Index | Historical Year-over-Year Comparison
Home demand in the Baltimore Metro area has eased from the spring market peak in April but remained at a Moderate pace. The cumulative effects of rising home prices, higher mortgage rates and the resulting impact on affordability contributed to the lower level of demand this year compared with last year at this time. In June, the Index was slightly more than 20 percent below the level one year earlier.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | July 2022
Home Demand Map
Across the Baltimore Metro area, demand for homes remained High in Baltimore and Howard counties and in the Moderate range in Anne Arundel, Carroll and Harford counties. Buyer interest in Baltimore City homes was Slow. Outside the metro area, demand was Moderate in the Maryland Eastern Shore and DelMar Coastal area. Across the Greater Baltimore area, demand for homes was High in 38 percent of ZIP codes and Moderate in an additional 15 percent, both slightly lower than May. In 17 percent of communities demand was Limited, up from 14 percent in May.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | July 2022
Demand and Inventory by Home Type
Demand for each type of Baltimore Metro area home changed little in June although it was lower than one year earlier for each segment of the market. Among the types of homes tracked by the Index, buyer interest was strongest for higher-priced single-family homes and higher-priced condos, both of which remained in the High demand category. Lower-priced single-family homes exhibited the weakest demand. The months supply rose for all types of homes except higher-priced condos but continued to be exceptionally low among all segments. The inventory of homes for sale ranged from a one-month supply for mid-priced single-family homes and lower-priced condos to 1.6 months for higher-priced condos.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | July 2022
Single Family Home Below $250k
Buyer interest in lower-priced single-family homes was unchanged in June. The Index, at 36, reflected a Limited pace of demand. The inventory of homes was up marginally to 1.3 months supply. Buyer interest in single-family homes priced below $250,000 has been weak for several months despite generally strong buyer demand in most other segments. Compared to one year earlier, the Index was 50 percent lower and remained the weakest segment of the Baltimore Metro area market.
Monthly Statistics for Single Family Home Below $250k
Home Demand
Index
Index
36
(Limited)
Home Demand Index
from prior month
from prior month
36
Home Demand Index
from prior year
from prior year
74
Months of
inventory
inventory
1.3
Average daily inventory last month
198
Inventory sold
last month
last month
147
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | July 2022
Single Family Home $250k - $590k
The Bright MLS | T3 Home Demand Index for mid-priced single-family homes fell marginally in June but remained at a Moderate level. The headwinds of rising home prices and higher mortgage rates contributed to a lower level of demand in this segment compared with last year at this time. The June Index was 23 percent lower than one year earlier. There was a one-month supply of homes available for sale, up marginally from May.
Monthly Statistics for Single Family Home $250k - $590k
Home Demand
Index
Index
119
(Moderate)
Home Demand Index
from prior month
from prior month
122
Home Demand Index
from prior year
from prior year
154
Months of
Inventory
Inventory
1
Average daily inventory last month
1,136
Inventory sold
last month
last month
1,093
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | July 2022
Single Family Home Above $590k
Buyer interest in higher-priced single-family homes remained at an elevated level. The Index, at 262, reflected a High level of demand, marking the fifth consecutive month in this category. Moreover, demand increased slightly in June. The months supply rose to 1.3 months from a one-month supply in May.
Monthly Statistics for Single Family Home Above $590k
Home Demand
Index
Index
262
(High)
Home Demand Index
from prior month
from prior month
252
Home Demand Index
from prior year
from prior year
270
Months of
Inventory
Inventory
1.3
Average daily inventory last month
761
Inventory sold
last month
last month
590
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | July 2022
Condo Below $310k
Demand for lower-priced condos rose somewhat in June. The Index, at 103, was five percent higher over the month and was consistent with a Steady level of buyer interest. With a one-month supply, buyers’ search options were constrained by the relatively small number of homes on the market. The months supply was as low, or lower, than any other segment of the Baltimore Metro market.
Monthly Statistics for Condo Below $310k
Home Demand
Index
Index
103
(Steady)
Home Demand Index
from prior month
from prior month
98
Home Demand Index
from prior year
from prior year
131
Months of
Inventory
Inventory
1
Average daily inventory last month
196
Inventory sold
last month
last month
195
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | July 2022
Condo Above $310k
Buyer interest in higher-priced condos was stronger than any other segment of the Baltimore Metro market. The Bright MLS | T3 Home Demand Index for this segment, at 273, was well above the threshold indicating a High level of demand. There was a 1.6 months supply of homes, down from 1.9 months in May.
Monthly Statistics for Condo Above $310k
Home Demand
Index
Index
273
(High)
Home Demand Index
from prior month
from prior month
262
Home Demand Index
from prior year
from prior year
286
Months of
Inventory
Inventory
1.6
Average daily inventory last month
145
Inventory sold
last month
last month
91
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | July 2022
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
Demand for townhouses fell slightly in June but remained in the Moderate range. The Bright MLS | T3 Home Demand Index, at 119, was 21 percent lower than one year earlier, however. The months supply of homes was 1.4 in June, up from 1.2 months in May.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
119
(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
1.4
Average daily inventory last month
2,065
Inventory sold
last month
last month
1,458
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 2022 period with data collected from the previous month.
Released: July 11, 2022
Reference ID: 1645
Baltimore | July 2022
Home Demand Map (Zip Codes)
Across the Baltimore Metro area, demand for homes remained High in Baltimore and Howard counties and in the Moderate range in Anne Arundel, Carroll and Harford counties. Buyer interest in Baltimore City homes was Slow. Outside the metro area, demand was Moderate in the Maryland Eastern Shore and DelMar Coastal area. Across the Greater Baltimore area, demand for homes was High in 38 percent of ZIP codes and Moderate in an additional 15 percent, both slightly lower than May. In 17 percent of communities demand was Limited, up from 14 percent in May.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com