.png)
As we turn our attention to the Greater Baltimore real estate market in August 2024, both the luxury and waterfront segments continue to shape the landscape of this dynamic region. Covering Baltimore City, Baltimore County, and Howard County, this report delves into key trends, including shifts in pricing, sales volume, and buyer behavior. With evolving market conditions, Greater Baltimore remains a focal point for high-end and waterfront real estate, offering valuable insights into how these segments are performing. Let’s dive into the data to explore what August has revealed about the luxury and waterfront markets in this thriving area.
Exploring Market Metrics
The Greater Baltimore luxury market remained robust in August 2024, with average prices rising to $1,424,321, up from $1,361,849 in July and slightly higher than the $1,403,984 recorded in August 2023. This steady price growth suggests ongoing demand for high-end properties across Baltimore City, Baltimore County, and Howard County.
However, luxury homes took longer to sell in August, with the days on market increasing to 36 days, more than double the 17 days seen in July. This return to a more typical pace, comparable to the 35 days in August 2023, may indicate that the market is normalizing after a period of faster sales.
In terms of sales volume, 76 luxury homes were sold in August, down from 80 in July but slightly above the 74 sales recorded in August 2023. This slight dip suggests that while demand remains strong, the market may be cooling off slightly compared to earlier in the summer.
The list price to sales price ratio came in at 99.6%, a slight decrease from the 100.5% in July but still higher than the 98.7% in August 2023. This indicates that sellers are still getting very close to their asking prices, showing the competitive nature of the market even as the pace of sales slows.
greater baltimore luxury | august 2024 | July 2024 | august 2023 |
Average Price | $1,424,321 | $1,361,849 | $1,403,984 |
Days on Market | 36 | 17 | 35 |
Total Sales | 76 | 80 | 74 |
List Price To Sales Price | 99.6% | 100.5% | 98.7 % |
The Greater Baltimore waterfront market saw some fluctuations in August 2024. Average prices rose to $661,340, up from $611,093 in July, but almost on par with the $663,395 recorded in August 2023. This slight increase from the previous month suggests steady demand for waterfront properties, though pricing remains relatively stable year-over-year.
Days on market increased sharply to 45 days in August, up from 18 days in July but still faster than the 56 days seen in August 2023. This extended timeframe could indicate that while waterfront homes are still moving, buyers are taking longer to close deals compared to earlier in the summer.
Total sales ticked up, with 20 waterfront homes sold in August, compared to 15 in July and 19 in August 2023. This small increase points to continued interest in waterfront properties, especially around Baltimore Harbor and some of the area’s more secluded lakes.
The list price to sales price ratio fell slightly to 94.3%, down from 96.4% in July but higher than the 93.1% recorded in August 2023. This suggests that while sellers may be negotiating a bit more, they are still receiving competitive offers close to their asking prices, reflecting solid demand in this niche market.
greater baltimore WATERFRONT | august 2024 | July 2024 | august 2023 |
|---|---|---|---|
Average Price | $661,340 | $611,093 | $663,395 |
Days on Market | 45 | 18 | 56 |
Total Sales | 20 | 15 | 19 |
List Price To Sales Price | 94.3% | 96.4% | 93.1% |
let's look at the average property in each market in july '24
MARKET | BEDS | BATHS | SQUARE FEET | PPSF |
GREATER BALTIMORE LUXURY | 5 | 5 | 5,400 | $323.73 |
GREATER BALTIMORE WATERFRONT | 3 | 3 | 2,184 | $299.62 |
Target Demographic for These Properties
Luxury Market Buyers:
Affluent Professionals and Families: Buyers are likely in their mid-40s to mid-60s, established in careers with a high disposable income. These buyers are likely to be professionals in fields like law, finance, or healthcare, and may own their own businesses.
Dual-Income Families: Many buyers in this market are dual-income households seeking both luxury and comfort. Proximity to good schools, country clubs, and cultural amenities makes these homes appealing to families with children.
Upsizers/Second-Home Buyers: These buyers are often moving up in the market from smaller luxury homes or upgrading their lifestyle. Some may also be purchasing second homes, using them as part-time residences or for investment purposes.
Waterfront Market Buyers:
Empty Nesters/Retirees: Many buyers for waterfront properties are older, perhaps in their late 50s to 70s, looking for a peaceful retreat near the water, either as a primary residence or a vacation home. They are likely to have accumulated wealth and are interested in a more relaxed lifestyle.
Younger Professionals Seeking Vacation Properties: Some younger professionals in their 30s and 40s may be looking for second homes or weekend getaways. They may prioritize proximity to water for recreational activities like boating or fishing.
Investors/Short-Term Rental Seekers: There could also be interest from investors looking for vacation rentals or Airbnb properties in the waterfront segment. The proximity to Baltimore’s urban core or local lakes makes these homes attractive for short-term rental opportunities.
Top 10 Sold Listings
Intrigued by the top 10 listings that set the real estate market abuzz in August? Here are some of the standout properties that resonated with buyers:
Swipe right to see all of the top 10 sales. Explore these listings here to uncover more details about each sale.
Top 10 New Listings
The excitement doesn't end with the sold properties. Here are the top 10 new listings that made a grand entrance into the real estate arena, poised to capture the attention of eager house hunters:
Don't miss out on the exclusive details of these new listings that have redefined the standard of modern living.
In Conclusion
The Greater Baltimore luxury market is clearly targeting affluent families and professionals seeking spacious, high-end homes with ample room for entertainment and comfort, while the waterfront market focuses on buyers who prioritize location and lifestyle, often with smaller properties but unique access to waterfront amenities. The price per square foot and size of these homes reflect the different priorities of buyers in each segment, from those desiring expansive luxury to those seeking the tranquility and prestige of waterfront living.
Yorumlar