June 2023 Report
Baltimore Metro
Baltimore | June 2023
Home Demand Index
Buyer interest in Baltimore Metro area homes eased in May with the Bright MLS | T3 Home Demand Index decreasing by 7.1 percent. Although declining over the month, demand remained in the Steady range. The Index was 22.2 percent lower than one year earlier.
The Index decreased for all types of Baltimore Metro area homes over the month. Demand for entry-level condos fell the most, 23 percent, while demand for mid-market single-family homes and luxury condos was down marginally. Buyer interest was weakest for entry-level single-family homes with demand in the Slow category. The months supply of homes on the market was very low in May ranging from 1.7 months for luxury single-family homes and luxury condos to just 0.9 months for entry-level condos. The months supply was lower for each type of home due to a jump in sales and only a small increase in the number of homes available for sale.
Monthly Statistics for June 2023
Home Demand
Index
Index
91
(Steady)
Home Demand Index
from prior month
from prior month
98
Home Demand Index
from prior year
from prior year
117
Index change
from prior month
from prior month
-7.1%
Index change from
same time last year
same time last year
-22.2%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | June 2023
Home Demand Index | Historical Year-over-Year Comparison
Following four months of consecutive increases, the Index fell in May, consistent with a seasonal decline in buyer interest as the spring homebuying market winds down. Unlike last year, when demand rose strongly through the first months of the year, the pace of demand this year was more subdued as the impact of still-low inventory and higher mortgage rates weighed on buyer activity.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | June 2023
Home Demand Map
Demand for homes at the county level across the Baltimore Metro area was generally in the Steady range, although buyer interest in Howard County was Moderate and demand for homes in Baltimore City remained Slow. Demand was Steady in the DelMar Coastal and Maryland Eastern Shore market areas. Across the Greater Baltimore area, demand in one-third of ZIP codes was in the High or Moderate category in May, unchanged from the previous month. In nearly half of ZIP codes, buyer interest was in the Slow or Limited range, a slight uptick from April.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | June 2023
Demand and Inventory by Home Type
The Index decreased for all types of Baltimore Metro area homes over the month. Demand for entry-level condos fell the most, 23 percent, while demand for mid-market single-family homes and luxury condos was down marginally. Buyer interest was weakest for entry-level single-family homes with demand in the Slow category. The months supply of homes on the market was very low in May ranging from 1.7 months for luxury single-family homes and luxury condos to just 0.9 months for entry-level condos. The months supply was lower for each type of home due to a jump in sales and only a small increase in the number of homes available for sale.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | June 2023
Single Family Home Below $327k
Demand for entry-level homes dropped in May with the Bright MLS | T3 Home Demand Index decreasing by 14 percent to 70. The Index reflected a Slow pace of buyer demand and was weaker than any other segment of the Baltimore Metro area market in May. Limited inventory may have contributed to the weakness in buyer interest with just 1.1 months supply, down slightly from April.
Monthly Statistics for Single Family Home Below $327k
Home Demand
Index
Index
70
(Slow)
Home Demand Index
from prior month
from prior month
81
Home Demand Index
from prior year
from prior year
88
Months of
inventory
inventory
1.1
Average daily inventory last month
345
Inventory sold
last month
last month
327
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | June 2023
Single Family Home $327k - $750k
Buyer interest in mid-market single-family homes was down slightly over the month with an Index value of 91 reflecting Steady demand. There was a one month supply of homes on the market, down marginally from April largely stemming from a rise in sales and only a modest rise in listings. Compared with one year earlier, the Index was 20 percent lower.
Monthly Statistics for Single Family Home $327k - $750k
Home Demand
Index
Index
91
(Steady)
Home Demand Index
from prior month
from prior month
95
Home Demand Index
from prior year
from prior year
121
Months of
Inventory
Inventory
1
Average daily inventory last month
869
Inventory sold
last month
last month
875
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | June 2023
Single Family Home Above $750k
The Bright MLS | T3 Home Demand Index for luxury single-family homes fell by just over 10 percent in May. The Index, at 106, was consistent with a Steady pace of buyer interest, which was in sharp contrast to the High level of demand one year earlier. There was a 1.7 months supply of homes available for sale, down from the two-month supply in April.
Monthly Statistics for Single Family Home Above $750k
Home Demand
Index
Index
106
(Steady)
Home Demand Index
from prior month
from prior month
119
Home Demand Index
from prior year
from prior year
149
Months of
Inventory
Inventory
1.7
Average daily inventory last month
438
Inventory sold
last month
last month
260
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | June 2023
Condo Below $375k
Demand for entry-level condos dropped in May to a level reflecting a Slow pace of buyer interest. The Index, at 83, was 23 percent lower than the month before and more than one-quarter lower than a year earlier. Lack of available inventory may have been one reason with just 0.9 months supply of homes available for sale in May.
Monthly Statistics for Condo Below $375k
Home Demand
Index
Index
83
(Slow)
Home Demand Index
from prior month
from prior month
108
Home Demand Index
from prior year
from prior year
114
Months of
Inventory
Inventory
0.9
Average daily inventory last month
190
Inventory sold
last month
last month
204
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | June 2023
Condo Above $375k
In contrast to other segments of the Baltimore Metro area market, demand for luxury condos remained very strong. The Index, at 155, was consistent with a High level of demand and was only slightly lower than the previous month. The was a 1.7 months supply in May, down from 3.2 months in April.
Monthly Statistics for Condo Above $375k
Home Demand
Index
Index
155
(High)
Home Demand Index
from prior month
from prior month
164
Home Demand Index
from prior year
from prior year
177
Months of
Inventory
Inventory
1.7
Average daily inventory last month
87
Inventory sold
last month
last month
50
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | June 2023
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
Buyer interest in townhouses was down slightly in May. The Index, at 97, remained in the Steady category of demand. There was a 1.6 months supply of homes on the market, down from 1.9 months in April, largely due to a rise in sales and a marginal increase in the number of homes for sale.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
97
(Steady)
Home Demand Index
from prior month
from prior month
105
Home Demand Index
from prior year
from prior year
123
Months of
Inventory
Inventory
1.6
Average daily inventory last month
1,867
Inventory sold
last month
last month
1,155
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 June 2023 period with data collected from the previous month.
Released: June 11, 2023
Reference ID: 1843
Baltimore | June 2023
Home Demand Map (Zip Codes)
Demand for homes at the county level across the Baltimore Metro area was generally in the Steady range, although buyer interest in Howard County was Moderate and demand for homes in Baltimore City remained Slow. Demand was Steady in the DelMar Coastal and Maryland Eastern Shore market areas. Across the Greater Baltimore area, demand in one-third of ZIP codes was in the High or Moderate category in May, unchanged from the previous month. In nearly half of ZIP codes, buyer interest was in the Slow or Limited range, a slight uptick from April.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com