Greater Baltimore
Q3 2024
MARKET REPORT
THIRD QUARTER
MARKET REPORT
The Greater Baltimore market in Q3 2024 reflected balance and recalibration. Overall closed sales and volume eased modestly, while median pricing softened slightly and days on market inched higher. Inventory crept upward, creating breathing room for buyers without tipping leverage away from sellers. The result was a quarter defined less by frenzy and more by focus—a disciplined pace that still rewarded well-positioned listings. This wasn’t a retreat; it was a reset, as the market aligned with broader economic rhythms heading into year’s end.
INDICATORS
STOCK MARKET (DOW JONES)
CONSUMER CONFIDENCE
MORTGAGE RATE (US 30 YR)
UNEMPLOYMENT RATE
3/31/24
$39,807.37
104.7
6.79%
3.8%
9/30/23
$33,507.50
103.0
7.18%
3.8%
9/30/24
$42,330.15
98.7
6.23%
4.1%
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DATES
9/30/24
3/31/24
9/30/23
GDP
3.1%
1.3%
4.9%
Economic Factors
Impact On The Market
By Q3 2024, the market settled into a more deliberate pace. Nationally, GDP growth remained strong and mortgage rates eased slightly, giving buyers breathing room. Locally, sales and volume softened modestly, median prices dipped slightly, and inventory rose across most regions—signs of normalization rather than weakness. Days on market crept higher, but homes still moved briskly when priced and presented well. Luxury and waterfront properties continued to show resilience, though activity lengthened at the top end. Entry-level buyers welcomed more options, while mid-tier and move-up segments remained healthy. Q3 was not about frenzy—it was about recalibration, with balance returning to the market.
For Sellers:
Market pace slowed, but well-positioned listings still commanded attention.
Luxury and mid-tier homes held strong, though patience was sometimes required.
Rising inventory emphasized the importance of presentation.
For Buyers:
More options meant greater room to negotiate.
Less urgency allowed for thoughtful decisions—except in high-demand tiers.
Selectivity was rewarded, especially in waterfront and luxury markets.
year over year
Trends For The Quarter
REGIONS
Greater Baltimore
Greater Annapolis
Eastern Shore
Southern Maryland
CLOSED UNITS
5174
2063
460
1355
TOTAL
VOLUME
$2,107,146,375
$1,183,628,213
$286,604,768
$648,182,321
EOM INVENTORY
2.2
1.5
3.2
1.9
CURRENT INVENTORY
3,979
15.8%
YOY CHANGE
QTD CLOSED VOLUME
$2,107,146,375
2.5%
YOY CHANGE
QTD CLOSED SALES
5174
-2.5%
YOY CHANGE
12-MO AVERAGE SALES PRICE
$325,000
1.6%
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
.
Q2 2024
5720
$2,326,118,151
9
$336,583
1.9
.
Q3 2024
5174
$2,107,146,375
11
$336,500
2.2
.
CHANGE
-9.5%
-9.4%
26.9%
0.0%
15.8%
$2,625,000 | Owings Mills, MD
210 Golf Course Rd
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+
.
Q3 2023
1207
795
137
24
15
2
.
Q3 2024
1184
777
162
25
13
5
.
CHANGE
-1.9%
-2.3%
18.2%
4.2%
-13.3%
150.0%
$2,450,000 | Lutherville-Timonium, MD
1906 Broadway Rd
$3,300,000 | Sparks Glencoe, MD
15625 Chilcoat 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+
.
Q3 2023
2424
223
4
0
0
0
.
Q3 2024
2264
283
3
0
0
0
.
CHANGE
-6.6%
26.9%
-25.0%
0.0%
0%
0%
$3,000,000 |. OWINGS MILLS, MD
10600 Park Heights Ave
$4,200,000 | OWINGS MILLS, MD
11316 John Carroll 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+
.
Q3 2023
409
23
1
1
0
0
.
Q3 2024
380
34
2
0
1
0
.
CHANGE
-7.1%
47.8%
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
.
Q3 2023
56
$655,736
$311.25
96.0%
20
.
Q3 2024
54
$624,386
$296.96
95.9%
24
.
CHANGE
-3.6%
-4.8%
-4.6%
-0.1%
19.7%
LUXURY MARKET
DATA POINT
CLOSED SALES
AVERAGE SALES PRICE
MEDIAN PRICE PER SQFT
LIST TO SALE PRICE RATIO
MEDIAN DAYS ON MARKET
.
Q3 2023
184
$1,377,217
$313.84
100.0%
9
.
Q3 2024
213
$1,390,320
$320.46
100.0%
11
.
CHANGE
15.8%
1.0%
2.1%
0.0%
14.3%
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