November 2022 Report
Baltimore Metro
Baltimore | November 2022
Home Demand Index
Demand for Baltimore Metro area homes fell in October according to the Bright MLS | T3 Home Demand Index. The Index decreased 10.9 percent to 90, reflecting a Steady pace of buyer interest, and was 24.4 percent lower than one year earlier.
Demand eased among all types of homes in October. The Index for mid-priced and higher-priced single-family homes, along with higher-priced condos and townhouses, decreased by more than 10 percent over the month. Buyer interest was strongest for higher-priced single-family homes and higher-priced condos, both of which remained in the High demand category. The months supply rose for all types of homes except higher-priced condos. The inventory of homes for sale ranged from a 1.8 months supply for mid-priced single-family homes to 2.5 months for higher-priced single-family homes. The months supply rose the most for higher-priced single-family homes, up from 1.8 months in September to 2.5 months.
Monthly Statistics for November 2022
Home Demand
Index
Index
90
(Steady)
Home Demand Index
from prior month
from prior month
101
Home Demand Index
from prior year
from prior year
119
Index change
from prior month
from prior month
-10.9%
Index change from
same time last year
same time last year
-24.4%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | November 2022
Home Demand Index | Historical Year-over-Year Comparison
Demand for homes has fallen for three consecutive months. Some of the decline reflected the usual seasonal slowdown in buyer interest heading into the last months of the year. Also contributing to the decrease were higher mortgage interest rates and elevated inflation, which have reduced affordability for buyers.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | November 2022
Home Demand Map
The Bright MLS | T3 Home Demand Index for homes across the Baltimore Metro area was Moderate in Howard County, Steady in Anne Arundel, Baltimore and Harford counties and Slow in Carroll County and Baltimore City. The Index was lower in each Baltimore Metro area county in October compared with September. Demand was Steady in the DelMar Coastal area and the Maryland Eastern Shore area. The slower pace of activity was apparent at the ZIP code as well. Across the Greater Baltimore Metro area, demand was in the High or Moderate range in 31 percent of ZIP codes in October compared with 43 percent in September.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | November 2022
Demand and Inventory by Home Type
Demand eased among all types of homes in October. The Index for mid-priced and higher-priced single-family homes, along with higher-priced condos and townhouses, decreased by more than 10 percent over the month. Buyer interest was strongest for higher-priced single-family homes and higher-priced condos, both of which remained in the High demand category. The months supply rose for all types of homes except higher-priced condos. The inventory of homes for sale ranged from a 1.8 months supply for mid-priced single-family homes to 2.5 months for higher-priced single-family homes. The months supply rose the most for higher-priced single-family homes, up from 1.8 months in September to 2.5 months.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | November 2022
Single Family Home Below $250k
Demand for lower-priced single-family homes changed little in October and remained in the Limited category. The Index was more than one-third lower compared with one year earlier. The months supply rose marginally to 2.2 months from two months in September.
Monthly Statistics for Single Family Home Below $250k
Home Demand
Index
Index
34
(Limited)
Home Demand Index
from prior month
from prior month
36
Home Demand Index
from prior year
from prior year
53
Months of
inventory
inventory
2.2
Average daily inventory last month
245
Inventory sold
last month
last month
109
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | November 2022
Single Family Home $250k - $590k
The Bright MLS | T3 Home Demand Index for mid-priced single-family homes fell 12 percent to 90 in October, a level reflecting a Steady pace of demand. Like most other segments of the Baltimore Metro area market, buyer interest was significantly below the level one year earlier. Although the months supply rose over the month, it was lower than any other type of home at just 1.8 months.
Monthly Statistics for Single Family Home $250k - $590k
Home Demand
Index
Index
90
(Steady)
Home Demand Index
from prior month
from prior month
102
Home Demand Index
from prior year
from prior year
129
Months of
Inventory
Inventory
1.8
Average daily inventory last month
1,306
Inventory sold
last month
last month
743
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | November 2022
Single Family Home Above $590k
Buyer interest in higher-priced single-family homes remained elevated in October. The Index, at 168, was down 15 percent over the month but was consistent with a High level of demand. Notably, the Index was 13 percent lower than one year earlier, a smaller decrease than any other type of Baltimore Metro area home. The months supply jumped to 2.5 months from 1.8 months in September largely due to a lower level of sales and little change in the number of listings.
Monthly Statistics for Single Family Home Above $590k
Home Demand
Index
Index
168
(High)
Home Demand Index
from prior month
from prior month
197
Home Demand Index
from prior year
from prior year
192
Months of
Inventory
Inventory
2.5
Average daily inventory last month
784
Inventory sold
last month
last month
311
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | November 2022
Condo Below $310k
The Bright MLS | T3 Home Demand Index for lower-priced condos was down marginally over the month and continued to reflect a Slow pace of demand. The months supply rose from 1.2 months in September to 1.5 months in October but despite the increase was lower than any other Baltimore Metro area home segment.
Monthly Statistics for Condo Below $310k
Home Demand
Index
Index
77
(Slow)
Home Demand Index
from prior month
from prior month
80
Home Demand Index
from prior year
from prior year
111
Months of
Inventory
Inventory
1.5
Average daily inventory last month
198
Inventory sold
last month
last month
131
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | November 2022
Condo Above $310k
Demand for higher-priced condos remained strong in October. The Index, at 200 was down 11 percent over the month but continued to reflect a High level of buyer interest. Unlike other segments of the Baltimore Metro area market, the months supply fell in October, as sales increased marginally while the number of listings decreased.
Monthly Statistics for Condo Above $310k
Home Demand
Index
Index
200
(High)
Home Demand Index
from prior month
from prior month
225
Home Demand Index
from prior year
from prior year
249
Months of
Inventory
Inventory
1.9
Average daily inventory last month
122
Inventory sold
last month
last month
65
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | November 2022
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
Buyer interest in townhouses eased in October with the Index falling 13 percent to 98, a level reflecting Steady demand. Compared with one year earlier, the Index was 25 percent lower. The months supply rose marginally to 2.4 months from 2.2 months in September.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
98
(Steady)
Home Demand Index
from prior month
from prior month
112
Home Demand Index
from prior year
from prior year
131
Months of
Inventory
Inventory
2.4
Average daily inventory last month
2,454
Inventory sold
last month
last month
1,016
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 November 2022 period with data collected from the previous month.
Released: November 11, 2022
Reference ID: 1711
Baltimore | November 2022
Home Demand Map (Zip Codes)
The Bright MLS | T3 Home Demand Index for homes across the Baltimore Metro area was Moderate in Howard County, Steady in Anne Arundel, Baltimore and Harford counties and Slow in Carroll County and Baltimore City. The Index was lower in each Baltimore Metro area county in October compared with September. Demand was Steady in the DelMar Coastal area and the Maryland Eastern Shore area. The slower pace of activity was apparent at the ZIP code as well. Across the Greater Baltimore Metro area, demand was in the High or Moderate range in 31 percent of ZIP codes in October compared with 43 percent in September.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com