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The real estate spotlight is shining brightly on the Greater Baltimore region, encompassing Baltimore City, Baltimore County, and Howard County, as the luxury market trends for July 2024 unfold. In this comprehensive market report, we’ll explore key highlights, including average pricing, total sales, days on market, and much more. Join us as we dive into the latest data and gain insights into the dynamic luxury real estate landscape in one of Maryland's most sought-after regions.
Exploring Market Metrics
The luxury market in the Greater Baltimore region, defined by sales of $1M and above, continues to demonstrate strong demand and resilient pricing. Average prices held steady in July, coming in at $1,361,849, down slightly from June’s $1,383,468 but still above the $1,310,213 mark seen in July 2023. This steady growth reflects ongoing strength in the region's high-end market.
Homes are moving faster than ever, with the days on market dropping to just 17 days, compared to 27 days in June and 24 days in July of last year. This suggests that luxury buyers are acting quickly, likely driven by competitive offers and limited inventory.
Sales volume remains robust, with 80 transactions in July, down from 92 in June but significantly higher than the 58 luxury sales seen this time last year. This increase in year-over-year sales shows that demand for high-end properties in Baltimore City, Baltimore County, and Howard County remains strong despite some monthly fluctuations.
A key indicator of market competitiveness, the list price to sales price ratio, stood at 100.5% in July. While this is slightly lower than June's 101.7%, it’s still a strong number and represents an improvement over the 99.7% ratio in July 2023. This means many luxury properties are still selling at or above their asking prices, reflecting the overall health and competitiveness of the luxury market.
greater baltimore luxury | July 2024 | june 2024 | july 2023 |
Average Price | $1,361,849 | $1,383,468 | $1,310,213 |
Days on Market | 17 | 27 | 24 |
Total Sales | 80 | 92 | 58 |
List Price To Sales Price | 100.5% | 101.7% | 99.7% |
The Greater Baltimore waterfront market, which includes some of the region's most coveted properties, has seen significant shifts this month. Average prices fell to $611,093 in July, down from $758,595 in June, signaling a notable month-over-month decline. However, compared to July 2023, when the average price was $598,413, prices are still up slightly, showing long-term resilience.
Homes are selling faster than ever along the waterfront, with the days on market dropping dramatically to just 18 days, compared to 54 days last month and 29 days in July 2023. This sharp decrease reflects increased buyer urgency and a competitive market for waterfront properties.
The total number of sales has also decreased, with 15 properties sold in July, down from 22 in June and 24 in July 2023. This could indicate that while demand remains strong, fewer properties are available, or buyers are waiting for more attractive pricing.
The list price to sales price ratio came in at 96.4% for July, a significant drop from the 102.9% seen in June but consistent with July 2023's 96.2%. This suggests that buyers are gaining more negotiation power, and sellers are adjusting expectations in light of changing market conditions.
greater baltimore WATERFRONT | July 2024 | JUNE 2024 | JULY 2023 |
|---|---|---|---|
Average Price | $611,093 | $758,595 | $598,413 |
Days on Market | 18 | 54 | 29 |
Total Sales | 15 | 22 | 24 |
List Price To Sales Price | 96.4% | 102.9 % | 96.2 % |
let's look at the average property in each market in july '24
MARKET | BEDS | BATHS | SQUARE FEET | PPSF |
GREATER BALTIMORE LUXURY | 5 | 5 | 5,424 | $333.90 |
GREATER BALTIMORE WATERFRONT | 3 | 3 | 2,179 | $308.77 |
Top 10 Sold Listings
Intrigued by the top 10 listings that set the real estate market abuzz in July? 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 real estate market, both in the luxury and waterfront segments, is showing signs of resilience amidst shifting dynamics. In the luxury market, prices are holding steady, with strong sales volume and quick turnaround times, signaling continued demand for high-end properties. Buyers are acting swiftly, and properties are still commanding close to their list prices, despite slight softening.
Meanwhile, the waterfront market tells a slightly different story. While prices have seen a significant month-over-month decline, homes are selling faster than before, and the year-over-year price growth remains positive. Sales have dipped, but the market remains competitive, with buyers negotiating more than they did last month.
As we move forward, the luxury and waterfront markets in Greater Baltimore will continue to provide opportunities for both buyers and sellers. Keeping an eye on pricing trends, inventory levels, and the pace of sales will be crucial for understanding how these markets evolve in the months ahead.
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