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Welcome to our quarterly real estate market report. This comprehensive review covers key insights and data from the Greater Baltimore region, which we are defining as Baltimore City, Baltimore County, and Howard County. Known for its mix of vibrant urban centers, historic neighborhoods, and sought-after suburban enclaves, the Greater Baltimore area offers a wide array of luxury living options. The market continues to evolve, with shifts in inventory, pricing trends, and buyer preferences. In this report, we delve into these dynamics while also featuring community spotlights, luxury market trends, buyer insights, and a quarterly forecast to give you a forward-looking perspective. Whether you're seeking a chic urban lifestyle or a sprawling suburban estate, this report provides everything you need to make informed decisions in the Greater Baltimore market.
Table of Contents
What You’ll Find in This Report
This report offers a deep dive into the real estate trends in Greater Baltimore, which we are defining as properties in Baltimore City, Baltimore County and Howard County worth over $1M.
Key Insights Covered:
Market Performance: Quarter-over-quarter and year-over-year comparisons on transactions, sales value, price per square foot (PPSF), and days on market.
Community Spotlights: Deep dives into the top-performing neighborhoods, highlighting local trends, new developments, and buyer demand.
Luxury Market Analysis: Breakdown of notable luxury sales, including the top sales, and what factors are driving premium prices.
Buyer Insights: A closer look at who is buying, including demographic data, preferences for waterfront vs. non-waterfront properties, and shifts in cash vs. financed purchases.
Visual Data: Graphs and charts to make key data points accessible, such as trends in inventory, average sale price growth, and notable sales over time.
Quarterly Forecast: Expert predictions for the next quarter based on current data, interest rate trends, and inventory projections.
Greater baltimore Market Analysis
The luxury market in Greater Baltimore is robust, with rising transaction volume and sales value, while pricing remains relatively stable. The faster pace of sales and higher price per square foot underscores the desirability of luxury properties, especially those offering unique amenities and prime locations. Buyers in this market are acting swiftly, and competition remains strong for high-end homes.
Key Metrics
Metric | Q2 2024 | Q2 2023 | % Change Year Over Year |
|---|---|---|---|
Total Transactions | 237 | 208 | +13.94% |
Total Sales Value | $322,094,776 | $286,035,267 | +12.61% |
Average Sales Price | $1,359,050 | $1,375,170 | -0.01% |
Price Per Square Foot | $344.43 | $322.48 | +6.81% |
Days on Market (Average) | 26 | 32 | -18.75% |
luxury Lifestyle Feature
The data paints a picture of a luxury market with strong demand, relatively stable pricing, and periodic fluctuations in inventory and DOM. The increase in inventory, combined with stable median prices and robust transaction volumes, suggests that while competition is high, there is still enough supply to satisfy buyer demand. However, the recent spike in DOM should be monitored, as it may indicate a temporary slowdown or buyer hesitation in certain luxury price brackets.
Buyers in the market are largely using conventional financing, with a notable percentage of cash buyers, suggesting that the luxury market is fueled by affluent individuals and families looking for long-term investments in desirable neighborhoods. For sellers, this is an opportune time to list, especially as inventory continues to climb.
Curious what your waterfront property is worth? We do private consultations regularly and happy to do one for you as well. They don't always mean you're interested in selling. You can use our valuations to help with estate planning, financial forecasting or just for your own information.
Community Spotlights
The luxury market in Maple Lawn continues to thrive, with impressive sales and swift transaction times reflecting the strong demand for homes in this premier community. These figures highlight Maple Lawn’s status as a competitive and desirable location for high-end buyers.
Q2 2024 Key Metrics:
Total Sales Value: $11,361,115
Average Sales Price: $1,262,346
Number of Transactions: 9
Average Days on Market: 20
Lifestyle Feature:
Maple Lawn offers a balanced lifestyle, combining modern convenience with a village-like atmosphere. Its walkable design includes parks, walking trails, and green spaces, while a vibrant business district offers dining, shopping, and essential services. Residents enjoy top-tier amenities like a clubhouse, swimming pools, tennis courts, and fitness centers, as well as year-round community events that foster a strong sense of belonging. Maple Lawn is ideal for those seeking suburban living with urban conveniences, perfect for families, professionals, and retirees.
The Ruxton community continues to demonstrate its appeal to high-end buyers, as reflected by strong market performance in the second quarter of 2024. With an average sales price nearing $1.8 million, Ruxton remains one of the most exclusive and sought-after neighborhoods in Baltimore County. The limited number of transactions (7) indicates the exclusivity and low inventory typical of this area, where properties are highly prized and rarely stay on the market for long.
Q2 2024 Key Metrics:
Total Sales Value: $12,529,396
Average Sales Price: $1,789,913
Number of Transactions: 7
Average Days on Market: 35
Lifestyle Feature:
Known for its tree-lined streets and spacious, private estates, Ruxton provides a peaceful suburban retreat while still being conveniently close to Towson and Baltimore City. The area is prized for its top-rated schools, lush landscapes, and close-knit community feel, attracting families and professionals seeking privacy, space, and easy access to amenities. Its mix of classic architecture and exclusive living creates an unmatched, refined suburban atmosphere.
Village of River Hill is a master-planned village with access to top-rated schools, parks, and recreational facilities, including miles of walking trails and green spaces that integrate seamlessly with the area's natural surroundings. The Village of River Hill continues to perform exceptionally well in Howard County’s luxury market, with impressive key metrics for the second quarter of 2024:
Q2 2024 Key Metrics:
Total Sales Value: $7,104,500
Average Sales Price: $1,184,083
Number of Transactions: 6
Average Days on Market: 3
lifestyle Insight:
The nearby village center provides essential services, dining, and shopping options, making daily life both convenient and enjoyable.
Luxury Sales
The luxury market in Greater Baltimore saw significant activity in Q2 2024, with demand for large estates driving the top sales. Conversely, the highest-priced transaction was a condo at the Four Seasons in Harbor East, selling for $3.85M. Several other properties sold quickly in this competitive segment, particularly those with exquisite finishes.
Luxury Real Estate as an Investment
Greater Baltimore’s luxury market continues to offer strong investment opportunities, with properties appreciating steadily and seeing swift movement. High-end homes in sought-after areas like Ruxton, Clarksville, and the Inner Harbor often sell quickly, reflecting high demand. The diversity of property types—from historic estates to modern waterfront condos—provides a wide range of options for luxury buyers. Whether seeking suburban peace or urban sophistication, buyers are investing in both lifestyle and long-term value in this competitive market.
Buyer Insights
The buyer profile in Greater Baltimore reflects a mix of high-net-worth individuals and professionals seeking both primary residences and investment properties. The market remains highly competitive, especially in suburban areas like Ruxton and Clarksville, as well as urban locations such as Baltimore’s Inner Harbor. The demand for privacy, spacious lots, and access to modern amenities is driving much of the activity in Q2 2024.
Key Insights
Buyer Demographics: Many buyers are moving from nearby areas such as Washington, D.C., and northern Virginia, with a significant number of professionals, families, and retirees seeking high-end homes. The luxury market attracts a mix of those looking for suburban estates or chic urban residences in Baltimore City.
Property Preferences:
Suburban estates and privacy: Large, private lots in areas like Ruxton and Clarksville remain highly sought after, particularly among families and retirees who value space and tranquility.
Urban luxury: High-end condos and townhomes in the Inner Harbor continue to draw buyers seeking a cosmopolitan lifestyle with waterfront views and proximity to cultural hubs.
Modern amenities: Homes with turnkey, updated finishes are in high demand, especially in suburban areas where buyers are looking for convenience and luxury.
Cash purchases: The upper end of the market is dominated by cash buyers, many of whom are looking for both primary residences and investment properties.
Financed purchases: Mid-to-high-end buyers in the $1M-$2M range continue to take advantage of favorable mortgage rates, particularly in the suburban segments of Baltimore County and Howard County.
Eco-friendly and sustainable living: The demand for eco-friendly homes is growing in Greater Baltimore, especially among luxury buyers. New construction properties with energy-efficient features, solar panels, and sustainable materials are becoming more popular as environmentally conscious buyers seek homes that combine luxury with sustainability.
Quarterly Forecast (Q3 2024)
Market Outlook for Q3 2024
Continued Demand for Suburban and Luxury Properties: The demand for luxury properties in Greater Baltimore is expected to remain strong throughout Q3 2024. High-net-worth buyers from Washington, D.C., and northern Virginia will likely continue to seek larger, more private residences in suburban communities like Ruxton and Clarksville. Urban buyers, on the other hand, will keep driving interest in high-end condos and townhomes in Baltimore’s Inner Harbor. We anticipate a slight increase in the average price per square foot for luxury homes, particularly in these highly desirable areas.
Stable Inventory Levels with Increased Competition: Inventory in the luxury market is expected to remain limited, especially in sought-after neighborhoods. The tight inventory will likely lead to more competitive bidding, which could drive prices up slightly. Homes in premier communities like Towson, Ellicott City, and Columbia are expected to see increased buyer activity, with properties moving quickly once listed.
Impact of Interest Rates on the Mid-Range Market: Favorable interest rates should continue to support the mid-range segment ($1M-$2M), especially in suburban parts of Baltimore County and Howard County. However, any potential rise in rates toward the end of Q3 could slightly dampen demand in this segment, particularly among first-time luxury buyers or those financing larger portions of their purchase.
Seasonal Buyer Activity: Q3 traditionally sees a boost in buyer activity, especially from families looking to settle before the start of the school year. Suburban communities like Clarksville and Reisterstown, known for their excellent school systems and family-friendly environments, may see higher-than-usual demand. Expect an uptick in activity during the summer months as buyers aim to secure their homes before fall.
Exclusive Offerings for Buyers
Private Consultations and Home Tours
Interested in finding your perfect Baltimore area estate? Schedule a private consultation with us for a tailored home tour or to discuss investment opportunities. We offer exclusive access to some of the most desirable properties in the region.
As we conclude this quarterly analysis of the Greater Baltimore luxury real estate market, it is clear that the region continues to appeal to high-end buyers seeking a blend of luxury and lifestyle. With strong demand for suburban estates and urban luxury properties, Greater Baltimore has maintained solid sales figures, even in the face of broader economic fluctuations.
The rising prices in both listed and sold luxury homes demonstrate the ongoing desirability of this market. Key trends such as quick turnover times and increased competition among buyers underscore the competitiveness of the luxury segment. Looking ahead, the market is expected to remain strong as we move toward the final quarter of the year. Buyers and sellers should be prepared for sustained demand, particularly in neighborhoods offering spacious estates, modern amenities, and proximity to urban conveniences.
Our forecast indicates that interest in Greater Baltimore’s luxury properties will remain high, driven by low inventory and lifestyle-focused purchases. We recommend that buyers and sellers stay attuned to these market trends and work with knowledgeable real estate professionals to navigate the opportunities in this dynamic market.
We hope this report has provided valuable insights to assist in your real estate decisions. If you have any questions or need further guidance, our team is always here to help.
Thank you for trusting us with your real estate needs, and we look forward to providing you with continued market expertise and support.
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