September 2024 Report
Baltimore Metro
Baltimore | September 2024
Home Demand Index
The Home Demand Index (HDI) for Baltimore this report period stands at 84, indicating a decrease from last month’s 89 and consistent with a similar level last year of 86. This decline suggests a continuation of the market softening, with cautious buyer engagement amidst prevailing economic uncertainties. Market conditions remain influenced by fluctuating economic factors, including mortgage rates and inventory levels.
During this report period in Baltimore, entry-level single-family homes saw declining demand, categorized as Limited, with constrained inventory levels. Mid-market single-family homes exhibited modest improvement, moving towards Steady demand, while luxury single-family homes experienced a slight decrease but continued to maintain Moderate buyer interest. Demand for entry-level condos remained steady, supported by low inventory levels. Luxury condos continue to attract strong interest, despite a 15% decrease in the index. Townhouses showed increased demand, indicating steady buyer activity amid tight inventory conditions.
Monthly Statistics for September 2024
Home Demand
Index
Index
84
(Slow)
Home Demand Index
from prior month
from prior month
89
Home Demand Index
from prior year
from prior year
86
Index change
from prior month
from prior month
-5.6%
Index change from
same time last year
same time last year
-2.3%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | September 2024
Home Demand Index | Historical Year-over-Year Comparison
From September 2023 to August 2024, the Home Demand Index (HDI) for Baltimore reflects a slight year-over-year decrease, moving from 86 to 84, indicating a gradual decline in buyer interest. This trend is indicative of broader economic challenges, such as rising mortgage rates and limited inventory, which have tempered market activity. The most recent months show a sharper decline, suggesting continued caution among buyers.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | September 2024
Home Demand Map
In the Baltimore Metro area this report period, Howard County maintains the strongest demand for homes with Moderate buyer interest. Baltimore, Anne Arundel, and Harford counties have transitioned from Slow to Steady demand, indicating a potential market recovery. However, Baltimore City and Carroll County remain in the “Limited to Slow” category, reflecting weaker buyer activity relative to other regions.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | September 2024
Demand and Inventory by Home Type
During this report period in Baltimore, entry-level single-family homes saw declining demand, categorized as Limited, with constrained inventory levels. Mid-market single-family homes exhibited modest improvement, moving towards Steady demand, while luxury single-family homes experienced a slight decrease but continued to maintain Moderate buyer interest. Demand for entry-level condos remained steady, supported by low inventory levels. Luxury condos continue to attract strong interest, despite a 15% decrease in the index. Townhouses showed increased demand, indicating steady buyer activity amid tight inventory conditions.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | September 2024
Single Family Home Below $350k
The index for entry-level single-family homes priced below $350K stands at 67 this month, down from last month’s 73 and slightly below last year’s 69. This decline indicates weakening buyer interest, possibly due to affordability issues and limited inventory. The market continues to reflect subdued demand in this price segment.
Monthly Statistics for Single Family Home Below $350k
Home Demand
Index
Index
67
(Limited)
Home Demand Index
from prior month
from prior month
73
Home Demand Index
from prior year
from prior year
69
Months of
inventory
inventory
1.8
Average daily inventory last month
484
Inventory sold
last month
last month
264
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | September 2024
Single Family Home $350k - $805k
The index for single-family homes priced between $350K and $805K stands at 84, a decrease from last month’s 88 and unchanged from last year. This reflects a stable yet slightly cooling market for mid-range homes, with demand remaining consistent year-over-year. Economic conditions may be contributing to the recent fluctuations.
Monthly Statistics for Single Family Home $350k - $805k
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
84
Months of
Inventory
Inventory
1.6
Average daily inventory last month
1,251
Inventory sold
last month
last month
804
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | September 2024
Single Family Home Above $805k
The index for luxury single-family homes priced above $805K is 90 this month, a decline from last month’s 101 and slightly below last year’s 95. This reduction suggests softening buyer interest, likely influenced by broader economic concerns. Despite the decline, demand in this segment remains relatively steady.
Monthly Statistics for Single Family Home Above $805k
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
95
Months of
Inventory
Inventory
2.4
Average daily inventory last month
518
Inventory sold
last month
last month
216
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | September 2024
Condo Below $400k
The index for entry-level condos priced below $400K is 100 this month, down from last month’s 105 and consistent with last year’s 104. This suggests sustained buyer interest despite minor fluctuations, reflecting stable demand. Market competitiveness continues due to limited inventory.
Monthly Statistics for Condo Below $400k
Home Demand
Index
Index
100
(Steady)
Home Demand Index
from prior month
from prior month
105
Home Demand Index
from prior year
from prior year
104
Months of
Inventory
Inventory
2.2
Average daily inventory last month
339
Inventory sold
last month
last month
156
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | September 2024
Condo Above $400k
The index for luxury condos priced above $400K is 138 this month, a significant drop from last month’s 158 but unchanged from the previous year. This indicates stable demand in the luxury condo market despite recent declines in buyer activity. Tight inventory conditions contribute to a competitive environment.
Monthly Statistics for Condo Above $400k
Home Demand
Index
Index
138
(High)
Home Demand Index
from prior month
from prior month
158
Home Demand Index
from prior year
from prior year
138
Months of
Inventory
Inventory
2.7
Average daily inventory last month
111
Inventory sold
last month
last month
41
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | September 2024
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
The index for townhouses, rowhouses, and twins is 89 this month, down from last month’s 93 and unchanged from last year. This decline suggests a slight cooling in buyer interest, but overall demand remains steady year-over-year. Market conditions are balanced, with moderate inventory levels maintaining steady activity.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
89
(Slow)
Home Demand Index
from prior month
from prior month
93
Home Demand Index
from prior year
from prior year
93
Months of
Inventory
Inventory
2.4
Average daily inventory last month
2,476
Inventory sold
last month
last month
1,041
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 2024 period with data collected from the previous month.
Released: September 11, 2024
Reference ID: 2108
Baltimore | September 2024
Home Demand Map (Zip Codes)
In the Baltimore Metro area this report period, Howard County maintains the strongest demand for homes with Moderate buyer interest. Baltimore, Anne Arundel, and Harford counties have transitioned from Slow to Steady demand, indicating a potential market recovery. However, Baltimore City and Carroll County remain in the “Limited to Slow” category, reflecting weaker buyer activity relative to other regions.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com