.png){kind=small}
As we delve into the Greater Baltimore real estate market for October 2024, both the luxury and waterfront segments reveal fascinating dynamics. This report highlights key insights into pricing, sales activity, and market behavior across Baltimore City, Baltimore County, and Howard County. With year-over-year gains in some areas and shifting trends in others, the market continues to adapt to evolving buyer and seller expectations. Let’s explore the data to better understand how these trends are shaping the real estate landscape in Greater Baltimore.
Greater Baltimore Market Overview
October 2024 brought a mix of steady sales activity and notable price shifts across the Greater Baltimore market. Both the luxury and waterfront segments reflect strong demand, with some softening in specific metrics such as days on market and list price to sale price ratios. Key highlights from October 2024 include:
Luxury Segment: The average sale price slightly declined compared to September, but total sales grew year-over-year, demonstrating enduring interest in high-end properties.
Waterfront Properties: The waterfront segment showed a dramatic year-over-year rise in average prices but experienced a dip in total sales from the previous month, signaling potential inventory challenges.
These data points suggest a competitive but evolving market that continues to attract discerning buyers while presenting opportunities for sellers.
Luxury Market
The luxury segment, defined as properties priced at $1M+, demonstrated steady activity in October:
Pricing: The average price for luxury homes was $1,447,879, down 6% from $1,536,224Â in September but 5% higher than $1,380,032Â in October 2023.
Days on Market: Properties averaged 45 days on the market, slightly higher than 42 days in September and significantly longer than the 23 days recorded in October 2023, reflecting increased buyer deliberation.
Total Sales: A total of 53 luxury homes sold, up from 52 in September and 47 in October 2023, indicating robust demand despite slightly longer timelines.
Negotiation Trends: The list price-to-sale price ratio softened to 97.7%, down from 100% in September and 99.8% in October 2023, showing buyers’ increased ability to negotiate.
These trends underscore a balanced market, where sellers must price strategically, and buyers can exercise more caution while remaining active.
Baltimore LUXURY | OCt 2024 | sept 2024 | OCt 2023 |
Average Price | $1,447,879 | $1,536,224 | $1,380,032 |
Days on Market | 45 | 42 | 23 |
Total Sales | 53 | 52 | 47 |
List Price To Sales Price | 97.7% | 100% | 99.8% |
Waterfront Properties
The waterfront market in Baltimore exhibited notable strength in October, with robust year-over-year price growth and steady buyer interest:
Pricing: The average sale price climbed to $697,825, a 16% increase from $600,724 in September and a dramatic 60% jump from $436,000 in October 2023.
Days on Market: Properties spent an average of 46 days on market, a decrease from 57 days in September but slightly shorter than the 52 days recorded in October 2023.
Sales Volume: A total of 12 waterfront properties sold in October, down from 19 in September but higher than the 10 sales recorded in October 2023.
Negotiation Power: The list price-to-sale price ratio dipped slightly to 93.9%, compared to 94.3% in September and 93.1% in October 2023, signaling stable pricing expectations with modest buyer leverage.
The waterfront market’s strong price growth reflects the enduring appeal of Baltimore’s waterfront properties, though limited inventory may be constraining transaction volume.
Baltimore waterfront | OCt 2024 | sept 2024 | OCt 2023 |
|---|---|---|---|
Average Price | $697,825 | $600,724 | $436,000 |
Days on Market | 46 | 57 | 52 |
Total Sales | 12 | 19 | 10 |
List Price To Sales Price | 93.9% | 94.3% | 93.1% |
let's look at the average property in each market in Oct '24
MARKET | BEDS | BATHS | SQUARE FEET | PPSF |
BALTIMORE LUXURY | 5 | 5 | 5,448 | $383.66 |
BALTIMORE WATERFRONT | 4 | 3 | 2,315 | $320.20 |
Top 10 Sold Listings
Intrigued by the top 10 listings that set the real estate market abuzz in October? 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.
Buyer & Seller Insights
For Buyers
Luxury Market: Buyers have opportunities to negotiate more favorable terms as sellers adjust expectations amidst longer days on market.
Waterfront Market: Waterfront buyers should anticipate higher prices but can take advantage of reduced competition to evaluate options more thoroughly.
For Sellers
Luxury Market: Sellers should prioritize competitive pricing and invest in quality staging to attract serious offers in a market with extended timelines.
Waterfront Market: Sellers can leverage strong pricing trends but should be prepared for potentially longer timelines to secure the right buyer.
Forecast & Recommendations
As the year approaches its close, the Baltimore real estate market is expected to continue its gradual adjustments:
Seasonal Impact: The upcoming holiday season may lead to tighter inventory levels, favoring sellers who list now with competitive pricing and strong marketing.
Market Trends: Pricing trends may stabilize, with transaction timelines remaining extended as buyers weigh their options.
Recommendations: Buyers should act decisively when opportunities arise, while sellers should focus on presenting properties effectively to stand out in a competitive landscape.
In Conclusion
The Baltimore real estate market in October 2024 reflects a period of adjustment and opportunity. The luxury segment showed steady demand but longer timelines, while the waterfront market exhibited robust pricing growth despite reduced sales volume. Buyers and sellers alike must remain adaptable to navigate these evolving conditions effectively.
For tailored guidance on buying or selling in Baltimore, contact our team today. Whether you’re seeking a waterfront retreat or a luxury estate, we’re here to help you achieve your real estate goals.Greater Annapolis region. We're here to help you navigate the complexities of this dynamic market with confidence.