Greater Baltimore
Q1 2025
MARKET REPORT
FIRST QUARTER
MARKET REPORT
The first quarter of 2025 opened on a slower, more deliberate note. Closed sales and volume softened, homes lingered longer, and buyers acted with greater patience. Yet prices held their ground, and inventory provided more choice without overwhelming supply. The shift marked a season of recalibration rather than retreat — a pause that gave participants room to breathe. Greater Baltimore entered the year not with volatility, but with balance, setting the stage for selective but confident engagement.
INDICATORS
STOCK MARKET (DOW JONES)
CONSUMER CONFIDENCE
MORTGAGE RATE (US 30 YR)
UNEMPLOYMENT RATE
9/30/24
$42,330.15
98.7
6.23%
4.1%
3/31/24
$39,807.37
104.7
6.79%
3.8%
3/31/25
$42,001.76
92.9
6.75%
4.2%
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DATES
3/31/25
9/30/24
3/31/24
GDP
- 0.5%
3.1%
1.3%
Economic Factors
Impact On The Market
The opening quarter of 2025 carried the imprint of national contraction—GDP fell 0.5% and consumer sentiment slipped—but Maryland’s housing markets responded with balance. Sales and volume declined from late 2024 levels, yet median pricing held steady across most regions. Inventory expanded, giving buyers more choice, while days on market lengthened modestly. Luxury homes still commanded strong list-to-sale ratios and quick turnarounds, showing resilience at the top. For many, Q1 felt like a recalibration: fewer deals, but a steadier rhythm, with value preserved even as pace slowed.
For Sellers:
Pricing held, especially in mid-to-luxury homes.
Expanded inventory meant presentation was key to standing out.
Luxury properties still benefited from strong buyer demand.
For Buyers:
More inventory offered better selection and negotiating windows.
Slower pace provided room to be thoughtful in offers.
Opportunities remained strong in the $1M–$3M tier and selective waterfronts.
year over year
Trends For The Quarter
REGIONS
Greater Baltimore
Greater Annapolis
Eastern Shore
Southern Maryland
CLOSED UNITS
3977
1397
318
995
TOTAL
VOLUME
$1,467,610,229
$825,953,329
$205,178,786
$473,297,380
EOM INVENTORY
2.9
2.3
4.3
2.9
CURRENT INVENTORY
3,669
38.1%
YOY CHANGE
QTD CLOSED VOLUME
$1,467,610,229
4.0%
YOY CHANGE
QTD CLOSED SALES
3977
0.7%
YOY CHANGE
12-MO AVERAGE SALES PRICE
$330,000
0.2%
YOY CHANGE
Greater Baltimore
AT A GLANCE
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YEAR
CLOSED SALES
CLOSED SALES VOLUME
MEDIAN DAYS ON MARKET
MEDIAN SALES PRICE
INVENTORY
.
Q4 2024
4858
$1,900,579,553
14
$335,917
2.1
.
Q1 2025
3977
$1,467,610,229
19
$311,333
2.9
.
CHANGE
-18.1%
-22.8%
33.3%
-7.3%
38.1%
12211 Worthington Rd
$2,500,000 | Owings Mills, MD
SINGLE FAMILY HOME SALES & INVENTORY BY RANGE
PRICE POINT
UNDER $500,000
$500,000-$999,999
$1,000,000-$1,499,999
$1,500,000-$1,999,999
$2,000,000-$2,999,999
$3,000,000+
.
Q1 2024
960
487
74
15
6
1
.
Q1 2025
909
438
72
18
10
4
.
CHANGE
-5.3%
-10.1%
-2.7%
20.0%
66.7%
300.0%
$3,250,000 | Highland, MD
7122 Deer Valley Rd
$4,990,000 | Pikesville, MD
3622 Anton Farms Rd
TOWNHOME SALES & INVENTORY BY RANGE
PRICE POINT
UNDER $500,000
$500,000-$999,999
$1,000,000-$1,499,999
$1,500,000-$1,999,999
$2,000,000-$2,999,999
$3,000,000+
.
Q1 2024
1911
154
2
0
0
0
.
Q1 2025
1952
201
8
0
0
0
.
CHANGE
2.1%
30.5%
300.0%
0.0%
0%
0%
$2,850,000 | Highland, MD
13540 Paternal Gift Dr
$2,850,000 | Owings Mills, MD
3137 Blendon Rd
CONDO SALES & INVENTORY BY RANGE
PRICE POINT
UNDER $500,000
$500,000-$999,999
$1,000,000-$1,499,999
$1,500,000-$1,999,999
$2,000,000-$2,999,999
$3,000,000+
.
Q1 2024
303
17
3
0
0
0
.
Q1 2025
309
28
1
0
1
0
.
CHANGE
2.0%
64.7%
-66.7%
0%
0%
0%
WATERFRONT MARKET
DATA POINT
CLOSED SALES
AVERAGE SALES PRICE
MEDIAN PRICE PER SQFT
LIST TO SALE PRICE RATIO
MEDIAN DAYS ON MARKET
.
Q1 2024
26
$544,467
$287.34
95.9%
25
.
Q1 2025
29
$600,860
$291.82
95.5%
50
.
CHANGE
11.5%
10.4%
1.6%
-0.5%
96.1%
LUXURY MARKET
DATA POINT
CLOSED SALES
AVERAGE SALES PRICE
MEDIAN PRICE PER SQFT
LIST TO SALE PRICE RATIO
MEDIAN DAYS ON MARKET
.
Q1 2024
101
$1,367,234
$312.88
100.6%
5
.
Q1 2025
113
$1,542,394
$345.59
101.2%
11
.
CHANGE
11.9%
12.8%
10.5%
0.6%
112.5%
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