September 2023 Report
Baltimore Metro
Baltimore | September 2023
Home Demand Index
Demand for homes in the Baltimore Metro area decreased in August according to the Bright MLS | T3 Home Demand Index. The Index, at 84, was 4.5 percent lower over the month and reflected a Slow pace of buyer activity. Compared with one year earlier, the Index was 22.2 percent lower.
Buyer interest in most types of homes fell in August. The Index for luxury single-family homes decreased the most, falling by 18 percent, followed by a 9 percent decrease for mid-market single-family homes. Demand was strongest for luxury condos, which attracted a High level of buyer interest, followed by entry-level condos with Steady demand. Demand was weakest for entry-level single-family homes with buyer interest in the Limited range. The inventory of homes available for sale remained very low in August. The months supply ranged from 1.2 months for mid-market single-family homes to 3.5 months for luxury condos.
Monthly Statistics for September 2023
Home Demand
Index
Index
84
(Slow)
Home Demand Index
from prior month
from prior month
88
Home Demand Index
from prior year
from prior year
108
Index change
from prior month
from prior month
-4.5%
Index change from
same time last year
same time last year
-22.2%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | September 2023
Home Demand Index | Historical Year-over-Year Comparison
The Index fell in August continuing a downward trajectory following the April peak. The continued lack of inventory along with higher mortgage rates contributed to deteriorating affordability and lower buyer activity. The cumulative impact is evident when comparing the Slow level of activity in August with the Steady level of demand one year earlier.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | September 2023
Home Demand Map
Buyer interest in homes was Steady in Howard and Baltimore counties and Slow in the other counties in the metro area. Demand was Moderate in the DelMar Coastal region and Steady in the Maryland Eastern Shore market area. Across the Greater Baltimore area, demand in one-fourth of ZIP codes was in the High or Moderate categories, down from nearly one-third of communities in July. Demand in roughly half of ZIP codes was either Slow or Limited, unchanged from the previous month.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | September 2023
Demand and Inventory by Home Type
Buyer interest in most types of homes fell in August. The Index for luxury single-family homes decreased the most, falling by 18 percent, followed by a 9 percent decrease for mid-market single-family homes. Demand was strongest for luxury condos, which attracted a High level of buyer interest, followed by entry-level condos with Steady demand. Demand was weakest for entry-level single-family homes with buyer interest in the Limited range. The inventory of homes available for sale remained very low in August. The months supply ranged from 1.2 months for mid-market single-family homes to 3.5 months for luxury condos.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | September 2023
Single Family Home Below $330k
The Bright MLS | T3 Home Demand Index for entry-level single-family homes was unchanged in August at 64 reflecting a Limited level of buyer interest. Moreover, demand was weaker than any other segment of the Baltimore Metro area market. The months supply of homes, at 1.4 months, was unchanged from the previous month.
Monthly Statistics for Single Family Home Below $330k
Home Demand
Index
Index
64
(Limited)
Home Demand Index
from prior month
from prior month
64
Home Demand Index
from prior year
from prior year
88
Months of
inventory
inventory
1.4
Average daily inventory last month
345
Inventory sold
last month
last month
251
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | September 2023
Single Family Home $330k - $760k
The Index for mid-market single-family homes fell 9 percent in August and reflected demand in the Slow category. The Index was 25 percent lower compared with one year earlier. The months supply, at 1.2 months, was unchanged from July.
Monthly Statistics for Single Family Home $330k - $760k
Home Demand
Index
Index
81
(Slow)
Home Demand Index
from prior month
from prior month
89
Home Demand Index
from prior year
from prior year
108
Months of
Inventory
Inventory
1.2
Average daily inventory last month
1,012
Inventory sold
last month
last month
820
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | September 2023
Single Family Home Above $760k
Demand for luxury single-family homes was down 18 percent in August according to the Bright MLS | T3 Home Demand Index. At 94, the Index was consistent with a Steady pace of buyer interest. There was a two-month supply of homes available for sale, unchanged from the previous month.
Monthly Statistics for Single Family Home Above $760k
Home Demand
Index
Index
94
(Steady)
Home Demand Index
from prior month
from prior month
115
Home Demand Index
from prior year
from prior year
127
Months of
Inventory
Inventory
2
Average daily inventory last month
454
Inventory sold
last month
last month
229
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | September 2023
Condo Below $385k
The Index for entry-level condos was 6 percent higher over the month and continued to reflect a Steady level of demand. The level of buyer interest in this segment of the metro area market was second only to luxury condos in August. The months supply, at 1.6, was up from 1.4 months in July.
Monthly Statistics for Condo Below $385k
Home Demand
Index
Index
100
(Steady)
Home Demand Index
from prior month
from prior month
94
Home Demand Index
from prior year
from prior year
111
Months of
Inventory
Inventory
1.6
Average daily inventory last month
244
Inventory sold
last month
last month
148
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | September 2023
Condo Above $385k
Buyer interest in luxury condos was down slightly in August, with the Index decreasing 4 percent over the month to136, a level consistent with High demand. Compared with one year earlier, the Index was 23 percent lower. The months supply, at 3.5 months, was up from 2.4 months in July.
Monthly Statistics for Condo Above $385k
Home Demand
Index
Index
136
(High)
Home Demand Index
from prior month
from prior month
141
Home Demand Index
from prior year
from prior year
177
Months of
Inventory
Inventory
3.5
Average daily inventory last month
99
Inventory sold
last month
last month
28
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | September 2023
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
Buyer interest in townhouses was down marginally in August according to the Bright MLS | T3 Home Demand Index. The Index, at 91 reflected a Steady pace of demand. There was a 1.7 months supply of homes available for sale, down from 1.8 months in July.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
91
(Steady)
Home Demand Index
from prior month
from prior month
94
Home Demand Index
from prior year
from prior year
115
Months of
Inventory
Inventory
1.7
Average daily inventory last month
1,902
Inventory sold
last month
last month
1,089
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 September 2023 period with data collected from the previous month.
Released: September 11, 2023
Reference ID: 1891
Baltimore | September 2023
Home Demand Map (Zip Codes)
Buyer interest in homes was Steady in Howard and Baltimore counties and Slow in the other counties in the metro area. Demand was Moderate in the DelMar Coastal region and Steady in the Maryland Eastern Shore market area. Across the Greater Baltimore area, demand in one-fourth of ZIP codes was in the High or Moderate categories, down from nearly one-third of communities in July. Demand in roughly half of ZIP codes was either Slow or Limited, unchanged from the previous month.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com