Greater Baltimore

the quarter in review

Q4 2025 in Greater Baltimore was defined by steady underlying demand paired with a subtle shift toward buyer discretion. Closed sales and total volume softened compared with the prior quarter, and median days on market increased — a clear signal that homes were taking longer to transact as buyers grew more selective. Inventory held at roughly three months year-end, giving buyers slightly more choice than in the tighter conditions of early 2025, and allowing comparisons across a broader set of properties before moving forward.

Despite the slower cadence, pricing in the Greater Baltimore region remained resilient. Median sales prices were modestly lower quarter-over-quarter but held near historical levels, while the 12-month average sales price climbed year-over-year. This stability affirms that demand did not evaporate, but rather that buyers calibrated their offers to align with value, particularly in segments where condition, features, or pricing were outpaced by expectations.

Across price bands, behavior varied. The most affordable tiers continued to draw interest from first-time and cost-conscious buyers, who remained active even as market pace moderated. Mid-range properties experienced longer marketing times and more negotiation, reflecting increased emphasis on condition and long-term ownership cost as buyers weighed each opportunity more deliberately. Higher-end listings, while fewer in volume, also demonstrated the trend toward patience over immediacy, with select luxury homes performing well when positioned competitively.

Single-family homes in the sub-$500,000 band remained a focal point for activity, driven by affordability constraints and stronger comparative demand, while above-entry price points faced more scrutiny. Condos and townhomes mirrored this pattern, with greater absorption in units priced attractively and those offering strong lifestyle appeal. Overall, days on market in the broader Baltimore area trended upward relative to earlier in the year, consistent with regional data indicating homes in Baltimore sold after longer periods compared with prior cycles.

In lifestyle-oriented and walkable neighborhoods, interest stayed steady, but buyers continued to apply more analytical rigor to inspections, pricing, and neighborhood attributes before transacting. This quarter’s market was not marked by broad retreat, but by a disciplined pace of deal-making: sellers who calibrated price, presentation, and value secured results, while those anchored to past urgency saw longer marketing timelines and more adjustments.

Ultimately, Q4 2025 in Greater Baltimore did not signify deterioration — it marked a normalizing interlude, where value alignment and informed buyer behavior set the rhythm. The market rewarded strategy and preparation, and laid the groundwork for thoughtful decision-making into 2026.