Greater Baltimore
Q2 2024
MARKET REPORT
SECOND QUARTER
MARKET REPORT
Greater Baltimore experienced a powerful spring reset in Q2 2024. Closed sales surged nearly 45% year-over-year, total volume jumped 64.8%, and median sales price climbed 11.6% — all while homes flew off the market in just 9 days, and inventory tightened noticeably. The velocity and value gains were evident across segments, from single-family to townhomes and condos, making it a quarter defined not by frenzy but by conviction. This was a moment the market leaned in—not holding back, but leaning forward with clarity and purpose.
INDICATORS
STOCK MARKET (DOW JONES)
CONSUMER CONFIDENCE
MORTGAGE RATE (US 30 YR)
UNEMPLOYMENT RATE
12/31/23
$37,689.54
110.7
6.90%
3.7%
6/30/23
$34,407.60
109.7
6.81%
3.6%
6/30/24
$39,169.52
100.4
6.62%
4.1%
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DATES
6/30/24
12/31/23
6/30/23
GDP
2.8%
2.5%
2.4%
Economic Factors
Impact On The Market
Spring 2024 brought a surge of energy to Maryland’s housing markets. National growth and stable rates fueled decisive action, translating into double-digit gains in sales, volume, and median pricing across regions. Homes moved at record speed—often in a week or less—underscoring strong buyer urgency. Luxury and waterfront markets delivered some of the sharpest growth, both in units and pricing, while mid-tier homes ($1M–$3M) continued to expand their share. Entry-level supply thinned further, challenging affordability. Across the board, Q2 was defined by conviction: buyers acted decisively, and sellers held firm.
For Sellers:
Exceptional conditions favored strong pricing and quick sales.
Luxury and waterfront homes captured premium attention.
Supply constraints created competition across most tiers.
For Buyers:
Urgency and preparedness were key in securing homes.
Competition was fiercest under $1M; mid-tier saw heavy activity.
Waterfront and luxury remained competitive but offered strong long-term value.
year over year
Trends For The Quarter
REGIONS
Greater Baltimore
Greater Annapolis
Eastern Shore
Southern Maryland
CLOSED UNITS
5720
2104
498
1428
TOTAL
VOLUME
$2,326,118,151
$1,282,227,936
$337,709,629
$678,287,594
EOM INVENTORY
1.9
1.3
3
1.9
CURRENT INVENTORY
3,781
-24.0%
YOY CHANGE
QTD CLOSED VOLUME
$2,326,118,151
2.1%
YOY CHANGE
QTD CLOSED SALES
5720
-3.1%
YOY CHANGE
12-MO AVERAGE SALES PRICE
$320,000
2.2%
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
.
Q1 2024
3949
$1,411,154,119
14
$301,667
2.5
.
Q2 2024
5720
$2,326,118,151
9
$336,583
1.9
.
CHANGE
44.8%
64.8%
-36.6%
11.6%
-24.0%
$3,250,000 | HIGHLAND, MD
13525 Paternal Gift Dr
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+
.
Q2 2023
1378
840
156
27
12
3
.
Q2 2024
1240
874
183
36
9
3
.
CHANGE
-10.0%
4.0%
17.3%
33.3%
-25.0%
0.0%
$3,850,000 | BALTIMORE, MD
300 International Dr, Unit 2302
$2,895,000 | OWINGS MILLS, MD
12426 Hunters Glen
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+
.
Q2 2023
2665
269
3
0
0
0
.
Q2 2024
2536
318
5
0
0
0
.
CHANGE
-4.8%
18.2%
66.7%
0.0%
0%
0%
$2,200,000 | Sparks Glencoe, MD
15 Starlight Farm Dr
$2,225,000 | Lutherville-Timonium, MD
1607 Broadway 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+
.
Q2 2023
481
22
3
2
0
1
.
Q2 2024
440
25
0
0
1
1
.
CHANGE
-8.5%
13.6%
-100.0%
-100%
0%
0%
WATERFRONT MARKET
DATA POINT
CLOSED SALES
AVERAGE SALES PRICE
MEDIAN PRICE PER SQFT
LIST TO SALE PRICE RATIO
MEDIAN DAYS ON MARKET
.
Q2 2023
52
$578,106
$303.36
97.5%
16
.
Q2 2024
62
$655,384
$288.68
95.4%
17
.
CHANGE
19.2%
13.4%
-4.8%
-2.1%
8.5%
LUXURY MARKET
DATA POINT
CLOSED SALES
AVERAGE SALES PRICE
MEDIAN PRICE PER SQFT
LIST TO SALE PRICE RATIO
MEDIAN DAYS ON MARKET
.
Q2 2023
208
$1,381,424
$307.53
100.3%
5
.
Q2 2024
238
$1,356,657
$331.69
101.5%
5
.
CHANGE
14.4%
-1.8%
7.9%
1.2%
6.7%
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