November 2023 Report
Baltimore Metro
Baltimore | November 2023
Home Demand Index
The Bright MLS | T3 Home Demand Index for the Baltimore Metro area increased 18.5 percent to 64, a level consistent with Limited buyer demand. The Index was 28.9 percent lower than one year earlier.
Buyer interest in most types of metro area homes was higher in October. The Index for entry-level condos increased the most, rising 41 percent to 83, a level of demand in the Slow category. Buyer interest was strongest for luxury condos, despite a slight decrease in the Index over the month. Demand was weakest for entry-level single-family homes, with the Index one-third lower than a year earlier. The inventory of homes for sale remained very lean with 3 months or less inventory among all types of homes. The months supply ranged from 1.6 months for entry-level single-family homes to 3 months for luxury single-family homes.
Monthly Statistics for November 2023
Home Demand
Index
Index
64
(Limited)
Home Demand Index
from prior month
from prior month
54
Home Demand Index
from prior year
from prior year
90
Index change
from prior month
from prior month
18.5%
Index change from
same time last year
same time last year
-28.9%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | November 2023
Home Demand Index | Historical Year-over-Year Comparison
Demand for homes in the Baltimore Metro area was up in October after decreasing in each of the three previous months. Despite the increase, buyer interest remained in the Limited range as home buyers and sellers confront a market characterized by elevated mortgage rates and lower affordability.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | November 2023
Home Demand Map
Demand for homes in the Baltimore Metro area was strongest in Baltimore, Harford and Howard counties, each with a Slow pace of buyer activity in October. Limited demand characterized the rest of the metro area counties. Demand was Slow in the DelMar Coastal and the Maryland Eastern Shore market area. Across the Greater Baltimore area, demand in just over 75 percent of ZIP codes was in the Slow or Limited range, a slight decrease from September. Buyer activity in 15 percent of communities was High or Moderate, up marginally from the previous month.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | November 2023
Demand and Inventory by Home Type
Buyer interest in most types of metro area homes was higher in October. The Index for entry-level condos increased the most, rising 41 percent to 83, a level of demand in the Slow category. Buyer interest was strongest for luxury condos, despite a slight decrease in the Index over the month. Demand was weakest for entry-level single-family homes, with the Index one-third lower than a year earlier. The inventory of homes for sale remained very lean with 3 months or less inventory among all types of homes. The months supply ranged from 1.6 months for entry-level single-family homes to 3 months for luxury single-family homes.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | November 2023
Single Family Home Below $335k
The Index for entry-level single-family homes remained in the Limited category even after a 20 increase over the month. Buyer interest in this segment of the metro area market was weaker than any other as well. The months supply, at 1.6, was marginally higher than the previous month.
Monthly Statistics for Single Family Home Below $335k
Home Demand
Index
Index
54
(Limited)
Home Demand Index
from prior month
from prior month
45
Home Demand Index
from prior year
from prior year
81
Months of
inventory
inventory
1.6
Average daily inventory last month
409
Inventory sold
last month
last month
256
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | November 2023
Single Family Home $335k - $775k
The Bright MLS | T3 Home Demand Index for mid-market single-family homes increased 15 percent in October reflecting a Limited level of buyer interest. Moreover, demand was weaker than any other segment of the metro area market except entry-level single-family homes. The months supply of homes, at 1.8 months, was up from 1.5 months in September.
Monthly Statistics for Single Family Home $335k - $775k
Home Demand
Index
Index
62
(Limited)
Home Demand Index
from prior month
from prior month
54
Home Demand Index
from prior year
from prior year
86
Months of
Inventory
Inventory
1.8
Average daily inventory last month
1,164
Inventory sold
last month
last month
654
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | November 2023
Single Family Home Above $775k
The Index for luxury single-family homes rose 6 percent to 67 in October, a pace consistent with Limited buyer activity. The Index was 28 percent lower compared with one year earlier. The inventory of homes for sale, at a 3 months supply, was up from 2.1 months in September.
Monthly Statistics for Single Family Home Above $775k
Home Demand
Index
Index
67
(Limited)
Home Demand Index
from prior month
from prior month
63
Home Demand Index
from prior year
from prior year
93
Months of
Inventory
Inventory
3
Average daily inventory last month
463
Inventory sold
last month
last month
157
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | November 2023
Condo Below $390k
The Index for entry-level condos jumped 41 percent to 83, a level consistent with Slow buyer activity and higher than the previous months’ Limited pace of buyer interest. Moreover, the Index was 9 percent lower than one year earlier, a smaller year-to-year gap than any other segment of the metro area market. The months supply, at 1.9, rose over the month from 1.3 in September.
Monthly Statistics for Condo Below $390k
Home Demand
Index
Index
83
(Slow)
Home Demand Index
from prior month
from prior month
59
Home Demand Index
from prior year
from prior year
91
Months of
Inventory
Inventory
1.9
Average daily inventory last month
263
Inventory sold
last month
last month
138
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | November 2023
Condo Above $390k
Buyer interest in luxury condos was marginally lower in October according to the Bright MLS | T3 Home Demand Index. The Index, at 99, indicated a Steady pace of demand. There was a 2.8 months supply of homes available for sale, down from 3 months in September.
Monthly Statistics for Condo Above $390k
Home Demand
Index
Index
99
(Steady)
Home Demand Index
from prior month
from prior month
101
Home Demand Index
from prior year
from prior year
126
Months of
Inventory
Inventory
2.8
Average daily inventory last month
97
Inventory sold
last month
last month
35
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | November 2023
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
Demand for townhouses was higher in October, with the Index increasing 19 percent over the month to 68, a level consistent with a Limited pace of buyer interest. Compared with one year earlier, the Index was 31 percent lower. The months supply, at 2.5 months, was up from 2.2 months in September.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
68
(Limited)
Home Demand Index
from prior month
from prior month
57
Home Demand Index
from prior year
from prior year
99
Months of
Inventory
Inventory
2.5
Average daily inventory last month
2,179
Inventory sold
last month
last month
861
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 2023 period with data collected from the previous month.
Released: November 11, 2023
Reference ID: 1935
Baltimore | November 2023
Home Demand Map (Zip Codes)
Demand for homes in the Baltimore Metro area was strongest in Baltimore, Harford and Howard counties, each with a Slow pace of buyer activity in October. Limited demand characterized the rest of the metro area counties. Demand was Slow in the DelMar Coastal and the Maryland Eastern Shore market area. Across the Greater Baltimore area, demand in just over 75 percent of ZIP codes was in the Slow or Limited range, a slight decrease from September. Buyer activity in 15 percent of communities was High or Moderate, up marginally from the previous month.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com