.png){kind=small}
GREATER BALTIMORE
MARKET REPORt
BALTIMORE CITY, BALTIMORE COUNTY, HOWARD COUNTY
FOREWARD
The Greater Baltimore real estate market has experienced a period of significant growth and dynamism, as detailed in this comprehensive report. This analysis examines key market indicators, revealing a robust landscape characterized by heightened activity and notable price appreciation.
In the period covered by this report, the total sales volume in Greater Baltimore reached an impressive $7.74 billion, marking a substantial 34.34% increase compared to the prior year's $5.76 billion. This surge in sales volume underscores a strong and active market with considerable buyer interest.
Accompanying this increase in sales volume was a healthy rise in average sales prices. The average sale price climbed to $393,056, reflecting an 8.01% year-over-year gain from $363,901. This price appreciation suggests robust demand within the market, further solidifying the trend of a competitive landscape.
The number of transactions also saw a significant uptick, with 19,701 sales recorded, a 24.38% increase from the previous year's 15,839 transactions. This growth in transaction volume reinforces the picture of a thriving market with increased buyer participation.
While the average days on market experienced a slight increase of 3.7%, rising from 27 to 28 days, this figure remains relatively low, indicating that properties are still moving quickly.
This report also highlights the diversity of the Greater Baltimore market by examining top-performing neighborhoods. By number of sales, Canton led the way with 357 transactions, followed by Federal Hill with 265. In terms of average sale price, Kingsley Woods in Ellicott City commanded the top spot at $2,019,480, demonstrating the range of price points within the region.
This report provides a detailed analysis of these and other important market trends, offering valuable insights for buyers, sellers, investors, and anyone interested in understanding the dynamics of the Greater Baltimore real estate market.
Total Sales Volume
$7,743,595,510
+ 34.34%
prior year
$5,763,821,558
Average Sales Price
$393,056
+ 8.01%
prior year
$363,901
Number of Transactions
19,701
+ 24.38%
prior year
15,839
Average Days On Market
28
+ 3.7%
prior year
27
The Big Picture
lets take a look at a breakdown of the full market segment
what & how
lets take a look at what and how people are buying in all market segments
BEDROOM BREAKDOWN
0-2 Bedrooms
3,771
$2,33,625
121.24%
UNITS
AVERAGE PRICE
LIST TO SALES PRICE
3 Bedrooms
9,105
$322,388
105.21%
UNITS
AVERAGE PRICE
LIST TO SALES PRICE
4+ Bedrooms
6,824
$575,460
116.14%
UNITS
AVERAGE PRICE
LIST TO SALES PRICE
TYPE BREAKDOWN
single families
8,022
$551,111
100.78%
UNITS
AVERAGE PRICE
LIST TO SALES PRICE
townhouses
9,928
$282,224
99.97%
UNITS
AVERAGE PRICE
LIST TO SALES PRICE
condos
1,531
$296,138
98.8%
UNITS
AVERAGE PRICE
LIST TO SALES PRICE
FINANCING BREAKDOWN
conventional
10,059
va
952
cash
4,690
FHA
2,971
private
368
usda
0
trade
10
owner financed
17
other
634
location data
lets take a look at where people are buying in all market segments
BALTIMORE, MD
Top Units By Town
BALTIMORE
COLUMBIA
ELLICOTT CITY
PARKVILLE
DUNDALK
OWINGS MILLS
LUTHERVILLE TIMONIUM
MIDDLE RIVER
CATONSVILLE
TOWSON
8,513
1,012
905
614
589
546
534
472
459
450
#1
#2
#3
#4
#5
#6
#7
#8
#9
#10
Top VOLUME By Town
Baltimore
Ellicott City
Columbia
Lutherville-Timonium
Owings Mills
Laurel
Towson
Catonsville
Parkville
Elkridge
$2,235,882,793
$663,355,544
$509,455,441
$294,127,666
$264,017,950
$258,693,787
$225,962,002
$207,720,128
$200,550,558
$179,339,313
#1
#2
#3
#4
#5
#6
#7
#8
#9
#10
hot spots
lets take a look at where people want to be the most
BY NUMBER OF SALES
Canton (Baltimore, MD) - 357
Federal Hill (Baltimore, MD) - 265
Patterson Park (Baltimore, MD) - 173
Belair-Edison (Baltimore, MD) - 172
Hampden (Baltimore, MD) - 150
Locust Point (Baltimore, MD) - 95
Wellington Farms (Laurel, MD) - 84
Fells Point (Baltimore, MD) - 82
Broadway East (Baltimore, MD) - 82
Village of Long Reach (Columbia, MD) - 81
BY AVERAGE PRICE
Kingsley Woods (Ellicott City, MD) - $2,019,480
Worthington Valley (Glyndon, MD) - $1,672,333
Greenspring Valley (Owings Mills, MD) - $1,423,409
Maple Lawn South (Fulton, MD) - $1,398,000
Westmount (Ellicott City, MD) - $1,391,616
Laurelford (Cockeysville, MD) - $1,324,583
Kalmia Farms (Dayton, MD) - $1,290,000
Big Branch Overlook (Dayton, MD) - $1,244,750
The Warfields II (Glenelg, MD) - $1,242,500
Overlook (Cokceysville, MD) - $1,216,643
takeaways
_edited_edited_edited.png)
The Greater Baltimore real estate market is currently experiencing a period of significant expansion, as evidenced by substantial increases in key market indicators. The impressive 34.34% surge in total sales volume, reaching $7.74 billion, coupled with a 24.38% rise in the number of transactions to 19,701, clearly points to a highly active market with robust buyer demand. This surge in activity suggests a healthy and competitive environment, indicating strong interest in properties across the region.
This heightened demand is further reflected in the upward trajectory of average sales prices. The 8.01% increase, bringing the average sale price to $393,056, demonstrates that the market is experiencing price appreciation, likely due to demand outpacing available supply. While the average days on market saw a minor increase of 3.7% to 28 days, this figure remains relatively low, indicating that properties are still selling at a brisk pace. These combined factors solidify the observation of a seller's market, where conditions generally favor those selling properties.
The market's diversity is another key takeaway, illustrated by the contrasting performance of different neighborhoods. While urban areas like Canton and Federal Hill experience a high volume of sales, demonstrating their popularity and affordability, more affluent suburban areas such as Kingsley Woods and Worthington Valley command significantly higher average sale prices. This disparity highlights the market's ability to cater to a broad spectrum of buyers, from those seeking accessible urban living to those desiring luxurious suburban estates. Further analysis, using more detailed data segmented by property type, price range, and specific geographic areas, would provide even more granular insights into the complex dynamics of the Greater Baltimore real estate landscape.
Average Sales Price
$1,377,861
- 0.73%
prior year
$1,388,001
Average List To Sales Price
100.0 %
--
prior year
100.0%
Number of Transactions
prior year
712
+ 16.34%
612
Average Days On Market
31
- 8.82%
prior year
34
THE LUX SPACE
lets take a look at the million dollar markets
WHAT SOLD THIS year
THE TOP 10 SALES
get graphic
lets take a look at the data in the million dollar markets
LUX takeaways
The Greater Baltimore luxury real estate market, defined here as sales over $1 million, presents a nuanced picture when compared to the overall market. While the broader market experienced significant price appreciation, the luxury segment saw a slight 0.73% decrease in average sales price, from $1,388,001 to $1,377,861. This subtle price correction suggests a possible stabilization or cooling at the very high end, potentially indicating a limit to rapid price escalation in this segment. However, the consistent average list-to-sales price ratio of 100% signifies a balanced negotiation landscape where homes are, on average, selling at their asking price, suggesting neither buyers nor sellers hold a distinct advantage in price negotiations.
Despite the minor price adjustment, the luxury market demonstrates continued strength in transaction volume. The number of luxury transactions increased by a notable 16.34%, rising from 612 to 712. This increase in sales, coupled with a faster sales pace as evidenced by an 8.82% decrease in average days on market (from 34 to 31 days), indicates sustained robust demand for high-end properties. These metrics suggest that even with the slight price softening, the demand for luxury homes remains healthy and competitive, possibly driven by increased inventory or shifting buyer preferences.
This divergence from the overall market, which saw both price appreciation and increased transaction volume, is a crucial observation. Possible explanations for this difference include market saturation at the high end, where buyer affordability may be reaching a limit; shifting buyer preferences toward more discerning or price-sensitive purchasing; or the influence of external economic factors like interest rates or stock market fluctuations, which could disproportionately impact the luxury segment. Further investigation into these factors would provide a more comprehensive understanding of the specific dynamics at play within the Greater Baltimore luxury real estate market.
THE LUX SPACE
lets take a look at the million dollar markets
